-- イランとの戦争の影響で、各社は現状の事業状況に対する評価は改善したものの、今後数カ月の見通しについては悲観的になり、ドイツ自動車業界の士気は4月に低下した。 ifo経済研究所が月曜日に発表したところによると、景況感指数は3月のマイナス19.0ポイントからマイナス23.8ポイントに低下した。企業景況感指数もマイナス15.3ポイントからマイナス30.7ポイントに低下した。 ifoの景況感調査では、ヘリウムなどの主要中間製品の不足に直面している自動車メーカーの割合が、3月の1%から4月には9.3%に増加したことも明らかになった。一方、企業はエネルギー価格の高騰が自動車販売に影響を与えると予想している。
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US Markets
Taiwan's Manufacturing Activity Expands at Fastest Pace Since December 2021, S&P Global Says
Taiwan's manufacturing sector strengthened in April, with the S&P Global Taiwan Manufacturing Purchasing Managers' Index (PMI) rising to 55.3, the highest level since December 2021.The PMI increased from 53.3 in March, signaling a fifth consecutive month of expansion and a sharper improvement in business conditions.The rise was driven by stronger output and new business, with firms citing higher demand as well as efforts to build inventories ahead of expected supply disruptions and price increases linked to the Middle East conflict."The war contributed to the greatest disruption to supply chains since the COVID-19 pandemic and a substantial rise in input costs at the start of Q2," said Annabel Fiddes, Economics Associate Director at S&P Global Market Intelligence.Taiwanese manufacturers reported a sharp increase in new orders, including export demand from the U.S., Europe, mainland China, Japan, and Southeast Asia, with stockpiling activity supporting growth.Purchasing activity rose at one of the fastest rates in nearly four-and-a-half years, although supplier delivery times lengthened at the quickest pace in just over four years, reflecting heightened supply chain strain.Input prices increased at one of the fastest rates since the survey began in 2004, driven by higher raw material and energy costs, while output charges rose at the steepest pace since late 2021 as firms passed on cost pressures."Expenses rose at one of the fastest rates since the survey began 22 years ago amid widespread reports of supplier price hikes, with rising oil prices a key driver of inflation. These higher costs were often passed on to clients, with selling prices also rising at a substantial pace," Fiddes added.Employment declined slightly as firms chose not to replace voluntary leavers, while backlogs of work increased at one of the quickest rates since late 2021.Business confidence remained positive but eased to a three-month low, with firms citing uncertainty linked to the Middle East conflict, according to S&P Global.The strength in manufacturing aligns with broader economic momentum, as Taiwan's gross domestic product expanded 13.7% year-on-year in the first quarter, driven by strong external demand tied to artificial intelligence, according to the Directorate General of Budget, Accounting and Statistics.
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Asia
Australia, Japan Elevate Critical Minerals as Core Pillar of Economic Security Cooperation
The Prime Ministers of Australia and Japan elevated critical minerals as a core pillar of their economic security relationship as part of the Australia-Japan Joint Declaration on Economic Security Cooperation, according to a Monday statement.The countries are committed to strengthening collaboration on investment and diversification of critical mineral supply chains.The Australian government will provide support of up to AU$1.3 billion through the Critical Minerals Facility and Export Finance Australia, including non-binding letters of support, to critical minerals projects involving Japan. The Japanese government provided around AU$370 million in investments and grants to certain projects.The key projects identified by the governments include Lynas Rare Earths' (ASX:LYC) project, Tivan's (ASX:TVN) Speewah fluorite project in Western Australia, Ardea Resources' (ASX:ARL) Kalgoorlie nickel project in Western Australia, as well as a project in which Alcoa (ASX:AII) is working with Japan Australia Gallium Associates to develop gallium recovery at one of Alcoa's operating alumina refineries in Western Australia.
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Research
Research Alert: CFRA Keeps Hold Rating On Shares Of C.h. Robinson Worldwide, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Following Q1 results, we lower our 12-month target to $195 from $198, 25.8x our 2027 EPS estimate, in line with CHRW's three-year historical forward P/E average of 24.7x. We decrease our 2026 EPS view by $0.41 to $6.20 and 2027's by $0.26 to $7.56. Our respective revenue forecasts are $16.87B (+4%) and $17.95B (+6%). In our view, CHRW demonstrates strong operational execution with AI-driven productivity gains and sustained market share capture, but faces near-term working capital pressures from rising truckload costs that reduced Q1 2026 operating cash flow by 36% despite 15% EPS growth. The company's aggressive share repurchase program ($280.7M in Q1 2026) while operating cash flow declined raises questions about capital allocation sustainability, though leverage remains manageable at 1.32x net debt/EBITDA. Overall, concerns are moderate, reflecting a company in transformation with strong underlying fundamentals but near-term cash conversion challenges that warrant monitoring.
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