End-of-month transactions before GW
April 30, 2021 (Friday)晴れ
・President Joe Biden delivered his first policy address to Congress since taking office late on the 28th (Japan time on the 29th).
Prioritizing addressing inequality, he declared, "Now is the time to lift up the bottom, start growing the economy from the middle class."
He stated, "We are competing with China and other countries to win the 21st century," clearly signaling a stance against China.
・As of the 29th, Biden marks 100 days in office and boasted about achievements such as the rollout of the COVID-19 vaccine,
emphasizing, "Turn danger into possibility, turn crisis into opportunity, convert antibodies into strength."
He declared, "America is back in motion. America will lead the world again."
He reiterated plans to lead resolutions of international issues such as climate change by coordinating with allies.
In shaping future economic policy, he clarified a path that advances both tax increases and increased spending, aiming for growth through a larger government with strong economic involvement.
・The Biden administration's first pillar of economic policy is the "American Jobs Plan," which would fund infrastructure and more with corporate tax increases, totaling over $2 trillion (about 220 trillion yen) over eight years.
The second pillar is the “American Family Plan,” which would allocate $1.8 trillion over ten years for child care and education through increased taxes on individual wealth.
Biden said he wants “a fair share of the burden on corporations and the wealthiest 1%,” seeking cross-party appeal for a $4 trillion plan.
Another emphasis for Biden is a heightened sense of crisis regarding China.
He stressed the importance that, “including China, all countries must compete on the same rules in the global economy.”
He indicated the perception that China is rapidly closing the gap with the U.S. in technology and urged to “take the lead in the next generation of technology.”
・Apple Inc. is seeing momentum in its results.
On the 28th, for the January–March 2021 quarter, revenue rose 1.5 times year-on-year to $89.584 billion, and net income more than doubled to $23.63 billion.
Both revenue and net income reached record highs for the January–March quarter.
・In India, production stoppages among Japanese carmakers and others have occurred in succession.
The Indian government ordered the diversion of industrial oxygen for medical use, affecting manufacturing operations.
Suzuki <7269> [closing price 4,304 yen] The subsidiary, India's largest automaker Maruti Suzuki, announced on the 28th that
its factories in Gurgaon, Haryana, and Manesar will halt from May 1 to May 9.
Honda <7267> [closing price 3,265.0 yen] On the 29th, from May 1 to 15, will halt motorcycle production at all four plants in Haryana and Karnataka, etc.
production for four-wheeled vehicles will continue.
Toyota <7203> [closing price 8,299 yen] Halt planned for operations at the four-wheeled plant in Karnataka from April 26 to May 14 under “maintenance.”
Panasonic <6752> [closing price 1,316.5 yen] halted some home appliance factories.
・In Tokyo, 1,027 new COVID-19 infections were confirmed on the 29th.
The number exceeding 1,000 for the first time in three months; Osaka Prefecture also reported 1,172, continuing above 1,000, with 30 more deaths, totaling a record 44.
・The third state of emergency is being issued to four prefectures during the Golden Week (GW) starting on the 29th.
National daytime crowds at major sites have decreased from the last Sunday before the declaration, but are 1.2–3.3 times higher than the same day of the previous year during the first declaration.
・The U.S. Federal Reserve (Fed) decided on the 28th to continue large-scale monetary easing at the Federal Open Market Committee (FOMC).
While signaling expectations for earlier easing by the market,
the U.S. Commerce Department on the 29th reported that real GDP for January–March 2021 grew at an annual rate of 6.4%, indicating demand recovery.
The long-run line, with inflationary pressures rising, remains precarious as it risks overheating the economy.
・The U.S. Commerce Department on the 29th reported that real GDP for January–March 2021 grew at an annual rate of 6.4% from the previous quarter.
Behind the fiscal stimulus and vaccine rollout, personal consumption rose at a double-digit pace.
GDP size has recovered to about 99% of the level seen in late 2019 (October–December).
・SBI Holdings <8473> [closing price 3,075 yen] is attracting many former high-level government and business executives.
As of June 29, it will appoint former Ministry of Finance Deputy Minister Junichi Fukuda and former MAFF Deputy Minister Hiroyuki Suematsu as outside directors.
Former Financial Services Agency Commissioner Hirofumi Gomi also served on the board from 2017–2019.
Former Financial Minister Masayoshi Takemoto is also listed as a director.
・In the post-COVID era, discussions on tax increases or new taxes in the U.S. and Europe have intensified.
President Biden is proposing increases for corporations and the wealthy, and the EU is also considering introducing new environmental taxes.
These moves could alter global tax systems.
・China has begun constructing its own space station.
On the 29th, successful launch of a core facility by rocket.
China aims to become a "space power" capable of challenging the U.S. through the China National Space Administration (CNSA).
・The National Bureau of Statistics of China on the 29th announced that "the total population increased in 2020".
Amid ongoing concerns about population decline, attention to population dynamics has grown.
In 2020, a decennial census was conducted; concrete results will be announced soon.
・Global COVID-19 infection counts (daily death changes) as of 4/29 4:00 PM, Johns Hopkins University tally: World total 1,496.3 million (15,650 new deaths)
United States 32230011 (948) India 18376421 (3645) Brazil 14521289 (3163) France 5626985 (315) Turkey 4751026 (341) Russia 4732981 (380)
United Kingdom 4427394 (29) Italy 3994894 (344) Spain 3504799 (88) Germany 3366627 (263) Argentina 2928890 (348) Colombia 2824626 (490)
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