[Morning Report] Semiconductor device KOKUSAI to be listed in October, receives orders from the US manufacturing industry with an estimated market value of 400 billion yen, down 2.1% for the first time in 5 months in July

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British Arm to go public on a scale of 52 billion dollars, valuation value falls short of expectations
$SoftBank Group (9984.JP)$Arm, a semiconductor design company under its umbrella, announced on the 5th that preliminary conditions for the public price of US Depositary Shares applying for listing on the US stock exchange NASDAQ have been set at 47 to 51 dollars. In the case of a price cap, the total market value would be approximately 52 billion dollars, making it the biggest listing project of the year. Arm will release 95.5 million American Depositary Receipts (ADR) units. 1 ADR is equivalent to 1 common stock.
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The semiconductor device KOKUSAI will be listed in October with an estimated market value of 400 billion yen
old $Hitachi (6501.JP)$It became known on the 5th that KOKUSAI ELECTRIC (Tokyo, Chiyoda), a semiconductor manufacturing equipment manufacturer, will also be listed on the Tokyo Stock Exchange in October. The total market value at the time of listing is expected to exceed 400 billion yen, making it the first large-scale listing in 5 years.

Decline in US bonds, heavy issuance of large amounts of corporate bonds - the dollar is in the latter half of the 147 yen range
US bonds fell in the US financial market on the 5th. Ahead of this month's major economic indicators and policy decisions by the Federal Open Market Committee (FOMC), the fact that corporate bonds were issued one after another became weighty. Stock prices have declined. The dollar rose, and against yen, 1 dollar = the latter half of the 147 yen range. The background is that crude oil prices have risen and concerns about inflation have intensified.

Rice manufacturing orders fell 2.1% in July and were negative for the first time in 5 months
The amount of manufacturing orders received in July, which was announced by the U.S. Department of Commerce on the 5th, fell 2.1% from the previous month, and turned negative for the first time in 5 months. The economist forecast compiled by the Wall Street Journal (WSJ) was down 2.3%.

Fed doesn't need to act quickly = Director Waller
Director Christopher Waller of the US Federal Reserve (Fed) discussed monetary policy and expressed the idea that there is no need for immediate action. Until now, they have insisted on continuing interest rate hikes as a countermeasure against inflation. “There's nothing that requires immediate action, and we can afford to just wait and see the data,” he said.
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Major US securities strategist AI-related stocks are not in a bubble
There are some indications that AI-related stocks are in a bubble, but strategists at major US securities companies argue against the view that these valuations are not that extreme, and that they are in a bubble. Fundamentals are strong and valuations are high, but it is said that it is not excessive.
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Tesla rebounded, and shipments in China recovered in August
What is the 5th $Tesla (TSLA.US)$There is a backlash, and they support the NASDAQ. It became clear during the consecutive holidays that the company greatly increased the number of units shipped in China in August. The company lowered sales prices and announced the long-awaited improved version “Model 3.”
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Affordable Chinese-made EV breakthrough, Western market share reduced by 20% - UBS

ECB Nagel made a mistake in predicting that interest rates would be cut early after interest rate peaks
Deutsche Bundesbank President Nagel, a member of the European Central Bank (ECB) policy committee, said in an interview with the German newspaper Handelsblatt dated 5th that “it would be wrong to speculate that interest rates will peak and then be reduced at an early stage.”

Goldman further lowers the probability of a US recession
US Goldman Sachs reduced the probability that the US economy will enter a recession (recession) over the next year to 15%. The bank's chief economist, Jan Hatzius, has set a baseline forecast of the US gross domestic product (GDP) growth rate until the end of 2024 at 2%. The probability of entering a recession was 35% as of March, but it was lowered to 20% as of July, and this time it was further reduced.
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Saudi Arabia unexpectedly extends voluntary production cuts by 3 months, Russia continues - Brent crude oil rises
According to the state-run Saudi News Agency (SPA), Saudi Arabia will continue to voluntarily cut production by 1 million barrels per day until December. Oil production is at a low level of about 9 million barrels per day for the first time in 7 years. Russia will also continue to cut exports by 300,000 barrels per day by the end of the year.