US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. Key terms: (1) US$39bn for semis manufacturing incentives, including US$2bn on mature nodes and up to US$3bn per project; (2) US$11bn for R&D funding, including a National Semi Technology Center, and US$4.2bn for industry development for telecom, defense and workforce training; and (3) 25% investment tax credit for semis fab construction, fab equipment, and semi-cap investment. Our Tactical Indicators for AxJ have jumped to bullish territory at >2Y high. For the first time in three years, the fear of Covid-19 has abated in China now. Latest mobility data indicates that current activity levels are only 28% below pre-COVID levels vs a 51% decline in Apr-2020. The COVID-19 is gradually getting under control in China, excluding Hubei. Markets were already jittery after the SVB news over the weekend (and the failure of Signature Bank of New York), and Credit Suisse's struggles have been . Amid Covid resurgence and consequent lockdowns, the latest economic data in April worsened, including value-added industrial output, manufacturing output and retail sales. We see 2H recovery catalysts from leaner inventory, easing inflation, lower BOM costs from panels/memory and now depreciating USD, Chinas normalization and recent push-outs on mature foundry and memory. China Cosmetics Sector: CS monthly online tracker Jan-2023: Sentiment to gradually pick up. More than half of China's population still generates GDP per capita
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