Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

LR Research

Thematic (Sector/Industry)

In Today's Issue<table class="table table-striped"><tbody>
<tr>
<td>Area</td>
<td>Item</td>
</tr>
<tr>
<td>Economic/Commodities</td>
<td>
REMITTANCES TO INDIA ARE DOWN
BRAZIL SOYBEAN EXPORTS ARE UP
PRECIOUS METALS PRICES FLIRT WITH SUPPORT _ COULD BREAKDOWN
PEMEX MAKES SIZEABLE OIL DISCOVERY
</td>
</tr>
<tr>
<td>Policy Led</td>
<td>
SAUDI PURGE
CHINA'S PARIS OUTPERFORMANCE
PBoC LOOKING AT ITS OWN DIGITAL CURRENCY
VENEZUELA SEEKS EXTERNAL DEBT RESTRUCTURING
CHINA'S MAINLAND LAW ON THE NATIONAL ANTHEM TO APPLY TO HK AND MACAU
</td>
</tr>
<tr>
<td>Management Specific</td>
<td>
AMAZON INTO HEALTH INSURANCE IN EUROPE?
CJ CHEILJIDANG SELLING CJ HEALTH?
HDFC STANDARD…
</td>
</tr>
</tbody></table>

In Today's Issue

Area
Item


Economic/Commodities

REMITTANCES TO INDIA ARE DOWN
BRAZIL SOYBEAN EXPORTS ARE UP
PRECIOUS METALS PRICES FLIRT WITH SUPPORT _ COULD BREAKDOWN
PEMEX MAKES SIZEABLE OIL DISCOVERY



Policy Led

SAUDI PURGE
CHINA'S PARIS OUTPERFORMANCE
PBoC LOOKING AT ITS OWN DIGITAL CURRENCY
VENEZUELA SEEKS EXTERNAL DEBT RESTRUCTURING
CHINA'S MAINLAND LAW ON THE NATIONAL ANTHEM TO APPLY TO HK AND MACAU



Management Specific

AMAZON INTO HEALTH INSURANCE IN EUROPE?
CJ CHEILJIDANG SELLING CJ HEALTH?
HDFC STANDARD…




Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSE Tokyo Price Index TOPIX / Technical Analysis

Global technicals remain on a bullish footing. There’s a lot to like across global markets, chart-wise, particularly the catering-sized amount of base patterns. These patterns, which act as foundations for rallies, are visible throughout developed and emerging markets, pointing to another leg higher and endorsing our positive outlook.In our October Strategy (See attached), we highlight actionable themes in EM, Energy, and materials.  The attached document also contains links to an in-depth analysis of each of our 12 sectors.

Global technicals remain on a bullish footing. There’s a lot to like across global markets, chart-wise, particularly the catering-sized amount of base patterns. These patterns, which act as foundations for rallies, are visible throughout developed and emerging markets, pointing to another leg higher and endorsing our positive outlook.In our October Strategy (See attached), we highlight actionable themes in EM, Energy, and materials.  The attached document also contains links to an in-depth analysis of each of our 12 sectors.

Global Equity Strategy: Overweight EM, Japan Breaking Out, Europe in Recovery

All regions—both geographic and economic—share a common through-line: bullish technicals. And we expect this trend to continue, an outlook supported by a cast of multi-year base patterns (esp. in Europe and Japan), weakness in defensive sectors, and strength in cyclicals. In today’s report we highlight the follow themes:<ul><li>Buy energy, miners. Discussed above... see pages 3-6</li><li>Autos are strengthening. Developed market auto stocks, a lagging group for the past three years, present an opportunity. Names like BMW (BMW-DE), Ford (F), Peugeot (UG-FR), and Toyota (TM) are breaking out/bullishly inflecting... see pages 7-8</li></ul>

All regions—both geographic and economic—share a common through-line: bullish technicals. And we expect this trend to continue, an outlook supported by a cast of multi-year base patterns (esp. in Europe and Japan), weakness in defensive sectors, and strength in cyclicals. In today’s report we highlight the follow themes:Buy energy, miners. Discussed above... see pages 3-6Autos are strengthening. Developed market auto stocks, a lagging group for the past three years, present an opportunity. Names like BMW (BMW-DE), Ford (F), Peugeot (UG-FR), and Toyota (TM) are breaking out/bullishly inflecting... see pages 7-8

Int'l Compass: Inflation Trade Is Gathering Steam -- Buy Energy, Miners, Autos; Stay Overweight EM

A wave of breakouts is visible throughout the global mining industry, where stocks are responding to long-term trend reversals in base metals, including aluminum, copper, and zinc. This is one of our favorite themes, one that we have highlighted extensively over the past several months, especially in our weekly International Compass But is it too late to add exposure? No. Most names, including Alcoa (AA), Freeport-McMoRan (FCX), Norsk Hydro (NHY-NO), are just beginning to break out this week.In today’s report we highlight a selection of actionable charts within this theme, sorted by market capitalization.

A wave of breakouts is visible throughout the global mining industry, where stocks are responding to long-term trend reversals in base metals, including aluminum, copper, and zinc. This is one of our favorite themes, one that we have highlighted extensively over the past several months, especially in our weekly International Compass  But is it too late to add exposure? No. Most names, including Alcoa (AA), Freeport-McMoRan (FCX), Norsk Hydro (NHY-NO), are just beginning to break out this week.In today’s report we highlight a selection of actionable charts within this theme, sorted by market capitalization.

Asia-Focused Industry Research, Speeda Research

Speeda

Asia-Focused Industry Research

Speeda Research

Speeda Research analysts cover China, Japan, India and SEA on the latest trends and topics. We have analysts of diverse nationalities who are able to access information in their respective local languages to provide customers with comprehensive reports. With access to private company data in these regions, Speeda Research is also able to provide insights into niche sectors which are not usually covered by other parties. We are also able to undertake ad hoc company and industry research reports.

Rich Zinc Reserves to Buoy Increasing Mine OutputWith about 107 million tonnes of zinc metal reserves, India ranks 6th globally. The country also operates the largest zinc mine in the world at Rampura Agucha which has a production capacity of 6.15 metric tonnes per annum. Zinc ore and concentrate production in India lie solely with <a href="https://www.smartkarma.com/entities/8688" target="_blank" data-smartkarma-citation="entities:8688:1">Hindustan Zinc Ltd (HZ IN)</a>(HZL) which was divested by the Government of India in 2002-03. As of today, <a href="https://www.smartkarma.com/entities/514" target="_blank" data-smartkarma-citation="entities:514:1">Vedanta Ltd (VEDL IN)</a> owns 64.92% of the company, putting zinc…

Rich Zinc Reserves to Buoy Increasing Mine OutputWith about 107 million tonnes of zinc metal reserves, India ranks 6th globally. The country also operates the largest zinc mine in the world at Rampura Agucha which has a production capacity of 6.15 metric tonnes per annum. Zinc ore and concentrate production in India lie solely with Hindustan Zinc Ltd (HZ IN)(HZL) which was divested by the Government of India in 2002-03. As of today, Vedanta Ltd (VEDL IN) owns 64.92% of the company, putting zinc…

Rising Metal Prices and Debt Obligations of Vedanta to Spur Zinc Mining in India

Switzerland

Glencore is one of the world's largest globally diversified natural resource companies. It produces, sources, markets, and recycles a wide range of raw materials including metals, minerals, and energy products essential for everyday life and the transition to a low-carbon economy. The company was founded in 1974 and is headquartered in Baar, Switzerland.

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Glencore (GLEN LN)

21 Things Worth Knowing (#8)

In Today's Issue1. Saudi Crown Prince kick starts an anti-corruption drive in a bid to cement his power. So far 11 princes, 4 ministers and a...

Mark Artherton

Global Equity Strategy: Overweight EM, Japan Breaking Out, Europe in Recovery

Global technicals remain on a bullish footing. There’s a lot to like across global markets, chart-wise, particularly the catering-sized amount of...

Vermilion Research

Int'l Compass: Inflation Trade Is Gathering Steam -- Buy Energy, Miners, Autos; Stay Overweight EM

All regions—both geographic and economic—share a common through-line: bullish technicals. And we expect this trend to continue, an outlook...

Vermilion Research

Global Miners Are Breaking Out -- Buy

A wave of breakouts is visible throughout the global mining industry, where stocks are responding to long-term trend reversals in base metals,...

Vermilion Research

Rising Metal Prices and Debt Obligations of Vedanta to Spur Zinc Mining in India

Rich Zinc Reserves to Buoy Increasing Mine OutputWith about 107 million tonnes of zinc metal reserves, India ranks 6th globally. The country also...

Speeda Research

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