Morning News & Views - Asia: A Summary of Select Global Markets Research

Research evidence excerpt

Morning News & Views - Asia: A Summary of Select Global Markets Research

Jio IPO is live: Jio Platforms' board approved the DRHP, filed with SEBI the same day. Listing

likely by end-2026; valuation band: USD117-127bn, as per media reports. AI a new growth engine: Reliance Intelligence moves

from plan to execution, with the Jamnagar sovereign AI hub targeting the first 120MW by end-FY26E. It represents an early-stage,

capex-heavy optionality play for Reliance. Monetisation still to be proven as Reliance to target affordable, multilingual AI services

across consumers, enterprises, and government. New Energy turns on: Solar cells and modules already commissioned, first phase

of 40GWh battery gigafactory to be commissioned this year. New Energy to report first revenue from FY27E.

AROUND THE WORLD

Matsuzawa Morning Report - Two perspectives on timing of FX Intervention

Naka Matsuzawa - NSC

Wait for US rates to stabilize, or prioritize stability in Japanese rates?

Stable outlook on US policy rate is essential to enhance the effectiveness of FX interventions; should authorities wait for the key US

job report? If JPY weakness and steepening along the curve begin to reinforce each other, intervention may become unavoidable

even before US rates stabilize; it may also be necessary to signal an earlier BOJ rate hike. As long as there are no signs of a

change in Prime Minister Takaichi's stance, it will be difficult to keep the exchange rate at a certain level; Japan may have no

choice but to accept exchange-rate levels driven by overseas interest rates. Today's Japanese market. In Japanese markets on

Friday, this author expects equities to continue rising and bonds to remain in a decline (in overnight futures trading, bonds were

down 17 sen and equities were up JPY760 over OSE).