Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

The S&P/ASX 200 measures the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalization. Representative liquid and tradable, it is widely considered Australia's preeminent benchmark index. The index is float-adjusted. The index was launched in April 2000.

<ul>
<li>Very quiet trading this week with a weekly closing range near the lows for the year.</li>
<li>Breadth deteriorated from last week’s elevated readings as the market tries to push higher. </li>
<li>Quiet earnings calendar with only six companies issuing earnings reports in the coming week.</li>
</ul>


Very quiet trading this week with a weekly closing range near the lows for the year.
Breadth deteriorated from last week’s elevated readings as the market tries to push higher. 
Quiet earnings calendar with only six companies issuing earnings reports in the coming week.


Australia Single Stock Options (Dec 01 – 05): Narrow Range and Mixed Implieds

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>RBI's MPC cut 25bp as expected, but it remains behind the curve, with the real policy rate now excessively high at +5%. RBI inflation forecasts were and remain too high. </li>
<li>Food deflation is likely to be shortlived, with vegetable prices rising MoM since May'25. But all other food and non-food inflation components are moderating, and GST cuts impart further disinflation. </li>
<li>We expect inflation to be 1.8%YoY in Q4FY26 (vs RBI's 2.9%YoY forecast), 2.3% and 2.5% in Q1 and Q2FY27, so expect another 75bp reduction in repo rate by Aug'26. </li>
</ul>


RBI's MPC cut 25bp as expected, but it remains behind the curve, with the real policy rate now excessively high at +5%. RBI inflation forecasts were and remain too high. 
Food deflation is likely to be shortlived, with vegetable prices rising MoM since May'25. But all other food and non-food inflation components are moderating, and GST cuts impart further disinflation. 
We expect inflation to be 1.8%YoY in Q4FY26 (vs RBI's 2.9%YoY forecast), 2.3% and 2.5% in Q1 and Q2FY27, so expect another 75bp reduction in repo rate by Aug'26. 


India: RBI Cuts 25bp but the Real Policy Rate Is Still Too High at +5%

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li><strong>This is our 11th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma. </strong></li>
<li>This insight features 40 of the biggest potential IPOs in Korea in 2026.</li>
<li>Some of the largest potential IPOs in Korea in 2026 include CJ Olive Young, DN Solutions, Dunamu, Goodai Global, K Bank, Kurly, Musinsa, SK On, SK Ecoplant, and Sono International.</li>
</ul>


This is our 11th "Annual Edition of the Major Korean IPOs Pipeline Preview" at Smartkarma. 
This insight features 40 of the biggest potential IPOs in Korea in 2026.
Some of the largest potential IPOs in Korea in 2026 include CJ Olive Young, DN Solutions, Dunamu, Goodai Global, K Bank, Kurly, Musinsa, SK On, SK Ecoplant, and Sono International.


2026 ("Year of the Horse") Major IPOs Pipeline in Korea

AI Generated Content, Heteronomics

Heteronomics AI

AI Generated Content

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

<ul><li>RBI cuts repo rate by 25bps to 5.25% as expected, citing exceptional disinflation (0.25% October CPI) and 8.2% growth, though maintaining a neutral stance signals easing cycle may be nearing end.</li><li>It forecasts headline inflation to fall to 0.6% in Q3 before rebounding sharply to 2.9% and 3.9% subsequently, limiting the scope for additional rate cuts despite growth moderating from current highs.</li><li>Durable liquidity injections alongside rate cuts acknowledge monetary transmission constraints. The consensus sees 5.25% as the terminal rate, with policy dependent on inflation normalisation and external sector stability.</li></ul><div><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></div>

RBI cuts repo rate by 25bps to 5.25% as expected, citing exceptional disinflation (0.25% October CPI) and 8.2% growth, though maintaining a neutral stance signals easing cycle may be nearing end.It forecasts headline inflation to fall to 0.6% in Q3 before rebounding sharply to 2.9% and 3.9% subsequently, limiting the scope for additional rate cuts despite growth moderating from current highs.Durable liquidity injections alongside rate cuts acknowledge monetary transmission constraints. The consensus sees 5.25% as the terminal rate, with policy dependent on inflation normalisation and external sector stability.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

India: Goldilocks Gives Way to Constraints

Event-Driven

Aplus Asset Advisor Co., Ltd. provides insurance brokerage services. The Company offers insurance advisory and consulting services, loss prevention services, insurance reporting, and other related services. Aplus Asset Advisor provides services in Korea.

<ul>
<li>There appears to be a M&amp;A battle heating up for APlus Asset Advisor. This is because it was reported that Aplus Asset Advisor Chairman Kwak Geun-ho has increased his stake.</li>
<li>Chairman Kwak Geun-ho purchased additional 30,904 shares of Aplus Asset's common stock over three trading days and his stake increased by 0.14 percentage points from 20.06% to 20.20%.</li>
<li>In the next 3-6 months, we expect additional upside to the stock price (to 10,000 won to 12,000 won) as more investors perceive this could be an attractive M&amp;A target.</li>
</ul>


There appears to be a M&amp;A battle heating up for APlus Asset Advisor. This is because it was reported that Aplus Asset Advisor Chairman Kwak Geun-ho has increased his stake.
Chairman Kwak Geun-ho purchased additional 30,904 shares of Aplus Asset's common stock over three trading days and his stake increased by 0.14 percentage points from 20.06% to 20.20%.
In the next 3-6 months, we expect additional upside to the stock price (to 10,000 won to 12,000 won) as more investors perceive this could be an attractive M&amp;A target.


M&A Battle for APlus Asset Advisor Heats Up Amid Tender Offer