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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 5 January 2024. BDN financial editor Roger Willis reports.

USA — NEW YEAR BLUES

An unexpected string of hawkish comments from analysts and strong US jobs data for December suddenly introduced the possibility that American interest rates might stay higher for longer, pushing Wall Street stocks on course for one of the worst starts to the year in a decade. Weak service sector figures steadied markets as the weekend approached but weren’t enough to shrug off negativity across all indices.

The blue-chip S&P 500 and Dow Jones Industrial Average respectively closed 1.5% and 0.6% down. S&P’s MidCap 400 fell by 2.5%, with leading MidCap powersports contenders Harley-Davidson and Polaris both taking sharp retreats. Techie shares on the NASDAQ Composite took a particularly hard hammering, 3.2% down.

Currency: dollarPriceWeekMonth
Harley-Davidson35.26-4.3%+9.8%
Polaris Industries89.17-5.9%-0.8%
Textron78.60-2.3%+3.5%
Ideanomics

(Energica)

2.04+2.5%+18.6%
Niu Technologies2.08-5%-3.7%
LiveWire11.18-1.1%+2.2%

 

EUROPE — RATE CUT ON HOLD

Annualised eurozone inflation figures for December came in below expectations, actually increasing to 2.9% from 2.4% in November. In response, markets are now pricing in a less than 50% probability of the first European Central Bank interest rate cut, originally anticipated in March.

That gloomy news immediately took the edge off key market indices. Frankfurt’s Xetra Dax declined by 0.9% but the FTSE MIB in Milan managed to retain a narrow 0.3% weekly rise. However, in Austria, where the Wiener Börse ATX fell by a marginal 0.1%, KTM parent Pierer Mobility’s domestic stock quote continued to recover, outpacing the index by a substantial degree.

Currency: euroPriceWeekMonth
BMW100.66-0.1%-0.3%
Volkswagen119.60+1%-0.4%
Pierer Mobility51.20+3%-2.3%
Piaggio Group2.94-1.3%+3.9%

 

JAPAN — SHORT ON CLUES

Japanese New Year sentiment was difficult to discern, against the background of a quite serious earthquake rattling investors’ teeth. The Nikkei 225 stock index covering exchanges in Tokyo and Osaka turned modestly negative, finishing 0.3% in arrears. But all four motorcycle manufacturing brands prospered by various amounts, as their quarterly results statements approached.

Currency: yenPriceWeekMonth
Honda1530+4.4%+4.9%
Yamaha1309.5+4%+5.3%
Suzuki6055+0.4%+5.4%
Kawasaki3255+4.4%+6.7%

 

INDIA — SLOW STARTER

Recent solid market indices gains in Mumbai disappeared. The BSE Sensex 30 and NSE Nifty 50 ended their first trading week of 2024 with fairly minor respective losses of 0.3% and 0.1%. Overall, motorcycle producers fared worse. Only leading global exporter Bajaj Auto, which has now added Triumph to its KTM and Husqvarna contract manufacturing roster, cheerfully bucked that trend.

Currency: rupeePriceWeekMonth
Hero MotoCorp3990.30-3.6%+7.4%
Bajaj Auto6978.50+2.7%+14.9%
TVS Motor1979.30-2.3%+4%
Eicher Motors3877.05-6.4%-4.4%
Mahindra1642.00-5.1%-1.6%

 

CHINA — NOTHING TO LAUGH ABOUT?

With an absence of redeeming economic features to brighten a freezing New Year landscape, the investment mood in China continued to darken and market indices retreated once more. Shanghai’s all-share SSE Composite finished 1.5% down and the blue-chip CSI 300 spanning both Shanghai and Shenzhen sank by 3%.

Only two of the ten listed Chinese motorcycle manufacturers were shiny side up. Consistent loser Guangzhou Automobile Group is a typical basket case. Although its Wuyang Honda motorcycle JV soldiers on, exporting most of its output, the company has recently shut down some long-established JV Honda and Toyota car production lines, as domestic sales slumped to a pathetic level in the face of China’s homespun EV revolution.

Currency: yuanPriceWeekMonth
Qianjiang12.05-3.4%-5%
Zongshen6.66+0.5%+1.5%
Sundiro2.87-3%+1.8%
CETC (Jialing)13.19-5.7%-4.4%
Lifan3.38-5.6%-12.2%
Loncin5.14-0.4%-3.9%
Linhai9.98-2.3%-2.7%
Guangzhou Auto8.51-2.7%-8.6%
CFMoto101.61-0.6%+17.1%
Xinri E-Vehicle12.75+1.9%-4.9%

 

 

 

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