Fights in Mickey’s club house

Actors dressed as Walt Disney characters Mickey Mouse (left) and Minnie Mouse (right) perform during a press preview for the “Minnie Besties Bash!” parade at Tokyo Disneyland on January 17, 2023 in Urayasu, Japan.

Tomohiro Ohsumi | Getty Images Entertainment | Getty Images

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What you need to know today

Tentative Asia
Hong Kong shares led gains in Asia-Pacific on Tuesday after returning from an extended Easter long weekend. The Hang Seng Index jumped 2%, outpacing slim gains for Japan’s Nikkei 225 and Korea’s Kospi, which closed up 0.1% and 0.2%, respectively. China’s CSI 300 was down 0.5%. U.S. stocks got off to a tentative start for the second quarter as Treasury yields rose on Monday. Investors weighed Federal Reserve Chair Jerome Powell’s Friday comments that there is no hurry to cut rates even though economic growth remains strong and inflation is still above target.

Xiaomi EV love
Shares of Chinese smartphone maker Xiaomi surged as much as 16% after the company launched its SU7 electric car. As of Tuesday morning, Xiaomi’s online store showed wait times of at least 5 months for a basic version of the SU7. The company had said it received orders for more than 50,000 cars in the 27 minutes after sales started at 10 p.m. Beijing time Thursday.

Making Japan great again
Tokyo smells an opportunity for Japan to reclaim its former world-leading position in chip making. With the U.S. and China at odds, the Kishida government is eager to reinsert Japan into the chip manufacturing conversation, which is dominated by Korea and Taiwan in Asia. On Tuesday, Japan announced 590 billion yen ($3.89 billion) in additional subsidies for Rapidus Corporation, a fresh Japanese venture to spearhead this ambition in Hokkaido.

Rumbling signs of life
The IPO market in the U.S. is showing signs of revival after more than two years. Rubrik, a 9-year-old data security software vendor, filed to go public on Monday, the latest venture-backed company to make moves toward the public market after an extended lull dating back to late 2021.

[PRO] Top 2Q bets
Bank of America names its top picks for the second quarter, including one Big Tech company.

The bottom line

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