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加拿大豐業銀行預測,2026年第一季銷售量維持穩定後,加拿大新車銷售量將於今年逐步成長,2027年達到高峰。

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-- 根據加拿大豐業銀行(Scotiabank)的數據,Omdia提供的數據顯示,3月加拿大汽車銷售經季節性調整後的年化率(SAAR)較上季小幅下降0.1%,至181萬輛。 由於1月和2月的數據向上修正,第一季平均銷量為179萬輛(SAAR),高於先前預期,但仍比2025年第四季下降0.2%。 Omdia提供的數據顯示,3月未經季節性調整(NSA)的銷量為17.06萬輛,年減7.8%,但與去年同期相比有所回落。去年年初銷售相對強勁,之後新加徵的關稅開始擾亂全球貿易。 經季節性調整後的新車銷售與往年同期相比,第一季銷量年減6.5%,較去年同期下降2.3%。 加拿大豐業銀行表示,近期經季節性調整後的新車銷售下滑可能已經觸底,因為過去兩個月的銷售成長已與歷史趨勢相符。然而,最終結果仍需時間檢驗,因為仍有許多因素會影響需求。 加拿大1月和2月的整體就業水準有所下降,失業率在6.7%的三個月移動平均值附近橫盤整理。由於中東衝突持續,全球油價居高不下,預計將推高整體通膨。加拿大央行將密切關注投入成本上漲是否會影響核心通膨。 儘管加拿大央行估計油價上漲可能對加拿大國內生產毛額成長略有利好,但短期內更高的加油成本可能會抑制汽車需求。同時,新的聯邦電動車價格承受能力計畫可能會在未來幾個月內提振電動車的銷售。 加拿大豐業銀行預測,今年加拿大輕型車的銷售量將達到181萬輛。該行預計,需求將在今年和明年逐步改善,到2027年將增至187萬輛,但鑑於高企且波動劇烈的油價給前景蒙上了一層不確定性。

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Sectors

Crude Oil Prices Rise on Stalled U.S.-Iran Peace Talks

Crude oil prices rose on Monday as talks to end the war between the U.S. and Iran remain frozen and flows through the crucial Strait of Hormuz continue to be disrupted.Brent crude at last look gained 2.7% to US$108.17/barrel and West Texas Intermediate crude climbed 2.4% to $96.63/barrel. The U.S. and Iran appear to still be far apart on issues including Iran's nuclear ambitions and the reopening of the strait, Reuters said in a Monday report."The diplomatic stand-off means that every day 10-13 million barrels of oil fail to get to the international market, worsening an already tight oil balance. Therefore, there is only one direction for oil prices to go," Reuters quoted PVM Oil Associates analyst Tamas Varga as saying.Goldman Sachs raised its fourth-quarter oil price forecasts to $90/barrel for Brent and $83/barrel for WTI, citing reduced output from the Middle East, the report said.

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Commodities

Japan Resorts to More Coal, Nuclear During Energy Crisis Sidelines Renewables, Says IEEFA

Japan is leaning on higher nuclear output and ramping up use of coal in power generation as contingency measures in the face of the global energy crisis, but these measures are simultaneously smothering renewables, the Institute for Energy Economics and Financial Analysis said on Monday.Temporary increased use of coal was decided upon to reduce the need for now-scarce LNG while the restart of some nuclear power plants is also providing additional resilience to supply shocks which have hit Asian nations hardest.IEEFA said this risks displacing domestic renewable energy which can supply just as much energy security but lower cost and it could also increase curtailment and undermine investment in more renewables, up-ending progress on decarbonization.Most of Japan's coal imports, about 71%, come from Australia, making it a safe option that reduces exposure to disrupted Middle Eastern logistics, the IEEFA report noted.But a shortage of diesel for plant operations at J-Power's Matsuura 2 gigawatt coal-fired power station slashed its output by 50% while the JFE Steel Fukuyama facility was halted over a shortage of heavy oil, underscoring that coal is not fully detached from oil and gas's geopolitical risk.Japan typically imports 4 million tons of LNG that pass through the Strait of Hormuz each year, representing about 6% of its total imports.As of March, 15 of Japan's 36 nuclear reactors were operating, as that sector recovers from the multiple impacts of the Fukushima disaster.They generate a combined 37 GW. Bringing the remainder online could cut Japan's LNG needs by 12.5 million tonnes, IEEFA said. Regulatory changes in early April were introduced, facilitating more restarts.Backing up its argument that more coal and nuclear, both less flexible power sources, could increase curtailment of renewables, IEEFA said that each nuclear restart in Japan has been followed by a reduction in renewables generation.Curtailments in Japan have risen to 1.9 terrawatt hours by 2023, up from 100 GWh in 2018. In the first half of 2025, curtailments were faster still at 1.7 terrawatt hours for a six-month period.The fact that output from coal and nuclear can not rapidly be increased or slowed means it can be difficult to make room for renewable supply on the grid when its output rises.IEEFA said that limitations in Japan's grid infrastructure is an additional constraint that limits absorption of renewable power and led to a situation in March where it curtailed renewables while importing power from abroad.IEEFA suggests that the addition of battery storage to the grid could go some way to boosting its flexibility.Curtailment of renewables output has another inherent problem in that it leads to a less favourable economic case for later additions of zero carbon generation capacity, the report said, all the more so because Japan does not compensate renewables suppliers for curtailments, a practice common in Europe.Developers are adding battery storage as a work-around to that, securing contracts that remunerate battery-discharged electricity instead of directly generated then consumed electricity.The addition of batteries adds to project costs however at a time when investor interest has yet to turn into large scale deployment, with erosion of revenue support measures a further deterrent, IEEFA said.

Research

UOB Kay Hian Upgrades Hana Microelectronics to Buy from Hold; Price Target is THB38

Hana Microelectronics (BKK:HANA) has an average rating of overweight and mean price target of 25.44 Thai baht, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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