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SHARE PRICES AND MARKET ANALYSIS

A snapshot of motorcycle and ATV industry share performance across key manufacturers and major global markets at the trading week closure on Friday 24 November 2023. BDN financial editor Roger Willis reports.

USA — THANKSGIVING DISTRACTION

American equities trading continued to rally over three sessions, until markets closed abruptly for roast turkey consumption during the Thanksgiving holiday on Thursday. An extremely curtailed swansong, with very little activity, followed on Friday. Nevertheless, the sum total was a fourth consecutive week of gains, on the back of confidence that further interest rates were safely off the Federal Reserve’s agenda.

New York market indices movements were inevitably modest but consistently positive. Blue-chip S&P 500 stocks added 1% and the Dow Jones Industrial Average finished 1.3% up. Both S&P’s MidCap 400 and the NASDAQ Composite put on 0.9%.

Against this fairly subdued enthusiasm, Harley-Davidson finally recovered from most of its losses incurred after shabby Q3 results, narrowly clawing its way back up into the 30-buck firmament. Harley’s LiveWire electric bike spin-off did much better. Elsewhere in powersports listings on NASDAQ, Energica parent Ideanomics took severe punishment.

Currency: dollarPriceWeekMonth
Harley-Davidson30.50+2.2%+16.5%
Polaris Industries90.57-1.7%+6.2%
Textron78.39+1.8%+4.2%
Ideanomics

(Energica)

1.89-13.3%-11.3%
Niu Technologies2.36N/A+19.8%
LiveWire10.98+13.1%+15.5%

 

EUROPE — POSITIVE FOR SOME

Blue-chip stocks across Europe generally moved higher, heading for their strongest monthly performance since the start of this year. Driving force was investor confidence that eurozone central bank interest rates have peaked. But market indices messages were mixed.

In Germany, Frankfurt’s Xetra Dax rose by 0.7%. However, both Teutonic automotives with motorcycling sidelines lost ground. Conversely, KTM parent Pierer Mobility’s value surged in Austria, even though the Wiener Börse ATX fell by 0.6%. The Borsa Italiana FTSE MIB in Milan suffered a minor 0.2% decline and Piaggio shares were also negative.

Currency: euroPriceWeekMonth
BMW94.05-1.3%+6.3%
Volkswagen119.45-1.4%+12.3%
Pierer Mobility61.20+3.4%-0.3%
Piaggio Group2.69-0.4%+2.7%

 

JAPAN — HERE WE GO AGAIN

The yen rallied over four consecutive days, to reach its strongest level against the US dollar since early September. Such news introduced speculation that the Bank of Japan might tighten its ultra-loose monetary policy next year, suddenly upsetting the apple-cart of carefully calculated forex translation planning by exporters.

Stock traders on the Tokyo and Osaka exchanges were not amused and the Nikkei 225 index covering both sank to marginal positivity of just 0.1%. The consensus across biker stocks was a losing streak…

Currency: yenPriceWeekMonth
Honda1570-3.4%-1.6%
Yamaha3766+0.3%+0.4%
Suzuki6038-5.3%+3.4%
Kawasaki3458+0.9%+2.8%

 

INDIA — HERO OFF THE HOOK

Hero MotoCorp chairman Pawan Munjal breathed a huge sigh of relief, after the Delhi High Court stayed proceedings against him on money laundering and tax evasion charges. Evidently India’s Customs, Excise and Service Tax Tribunal has exonerated Munjal and his domestic motorcycle market-leading company from culpability on a range of dodgy deals.

Although Mumbai’s S&P BSE Sensex stock index tempered its response to such news with a relatively mild 0.3% weekly gain, the top-three indigenous Indian bike producers (Hero, Bajaj and TVS) made much stronger advances.

Currency: rupeePriceWeekMonth
Hero MotoCorp3548.60+6.4%+14%
Bajaj Auto5930.30+5.3%+10.4%
TVS Motor1799.95+3%+13.1%
Eicher Motors3849.05-0.4%+13.4%
Mahindra1553.20-2%+2.8%

 

CHINA — BELIEVE WHAT YOU LIKE

There are two sorts of economic news coming out of China. Revelations from the Beijing government are typically upbeat and taken with a pinch of salt. The opposite tend to emerge from independent sources, predicting further gloom and doom. It was the latter’s turn to be believed this week, as indicated by market indices’ response.

Shanghai’s all-share SSE Composite declined by 0.5%. The blue-chip CSI 300, covering big players quoted in Shanghai and Shenzhen, suffered a a greater 0.8% retreat. Among the ten listed Chinese motorcycle manufacturers, seven of them copped reductions in value. The three biggest losers were all purely private enterprises — Benelli and Keeway parent Qianjiang, BMW Motorrad associate Loncin and CFMoto, which has extensive commercial relationships with KTM and Yamaha.

Currency: yuanPriceWeekMonth
Qianjiang13.83-3.7%+6.5%
Zongshen6.73-1.3%+0.6%
Sundiro2.80+1.8%+9.8%
CETC (Jialing)14.70-3%+0.3%
Lifan4.26+7%+12.4%
Loncin5.62-5.4%-1.6%
Linhai10.02+1%+10.2%
Guangzhou Auto9.80-1.3%-6.1%
CFMoto99.97-4.2%-3.4%
Xinri E-Vehicle14.02-1.2%+0.1%

 

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