External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>Volatility starts to ease, though not yet out of the woods. As of 12th Apr25, Trump’s latest escalation (i.e., pushing U.S. tariffs on Chinese imports to 145%) and China’s response (raising tariffs on U.S. goods to 125%) have kept VIX at 30-40, but down from 55 on 7th Apr25.</li><li>Overall, Trump’s pause, latest exemptions, and China’s latest rhetoric to “not go higher” hint that both sides may see diminishing returnsfrom the tariffs retaliations and signal a possible negotiation.</li><li>Nonetheless, we think uncertainty remains and volatility could persist (VIX at 30-40) unless there is a concrete deal.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volatility starts to ease, though not yet out of the woods. As of 12th Apr25, Trump’s latest escalation (i.e., pushing U.S. tariffs on Chinese imports to 145%) and China’s response (raising tariffs on U.S. goods to 125%) have kept VIX at 30-40, but down from 55 on 7th Apr25.Overall, Trump’s pause, latest exemptions, and China’s latest rhetoric to “not go higher” hint that both sides may see diminishing returnsfrom the tariffs retaliations and signal a possible negotiation.Nonetheless, we think uncertainty remains and volatility could persist (VIX at 30-40) unless there is a concrete deal.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse: Chart of the Week – USD Vs. Gold

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

Hang Seng China Enterprises Index / Equity Derivatives

<ul>
<li>Brutal start to the week, with the holiday-shortened calendar and continued global weakness weighing on Monday’s open.</li>
<li>Implied vol surged early, with skew steepening and tail demand reflected in out-of-the-money Put pricing</li>
<li>We highlight significant activity at the 8,000 strike and its implications for near-term spot and vol dynamics.</li>
</ul>


Brutal start to the week, with the holiday-shortened calendar and continued global weakness weighing on Monday’s open.
Implied vol surged early, with skew steepening and tail demand reflected in out-of-the-money Put pricing
We highlight significant activity at the 8,000 strike and its implications for near-term spot and vol dynamics.


HSCEI Index Options Weekly (Apr 7-11): Vol Reset, Skew Reprices, and 8,000 Strike in Focus

External broker reports(aggregated public sources), Scotiabank

Scotiabank

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>Speculative sentiment towards the USD improved in the week through April 1, the first positive shift in Non-Commercial (speculative) accounts’ positioning in the USD in ten weeks.</li><li>Overall speculative positioning showed a near USD4bn swing in aggregate in favour of the USD over the most recent week’s data, likely reflecting investor caution around tariff news.</li><li>Additional data shows Real Money (institutional) traders were a little less negative on the USD overall as well, paring net USD shorts USD2bn or so to USD21.bn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Speculative sentiment towards the USD improved in the week through April 1, the first positive shift in Non-Commercial (speculative) accounts’ positioning in the USD in ten weeks.Overall speculative positioning showed a near USD4bn swing in aggregate in favour of the USD over the most recent week’s data, likely reflecting investor caution around tariff news.Additional data shows Real Money (institutional) traders were a little less negative on the USD overall as well, paring net USD shorts USD2bn or so to USD21.bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weekly CFTC Sentiment Report - Speculative Traders Edge Back to the USD

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul><li>Happy Sunday from Copenhagen, if I am allowed to say that after a horrendous week in markets.</li><li>Markets are heading into a tense week as the U.S.-China trade tensions escalate and Europe appears poised to introduce digital tariffs — likely targeting the Magnificent 7 — in response to Trump’s proposed tariff agenda.</li><li>By late Friday, the U.S. dollar surged sharply, accompanied by early signs of capitulation in traditional safe-haven assets like gold and Treasuries.</li></ul>

Happy Sunday from Copenhagen, if I am allowed to say that after a horrendous week in markets.Markets are heading into a tense week as the U.S.-China trade tensions escalate and Europe appears poised to introduce digital tariffs — likely targeting the Magnificent 7 — in response to Trump’s proposed tariff agenda.By late Friday, the U.S. dollar surged sharply, accompanied by early signs of capitulation in traditional safe-haven assets like gold and Treasuries.

Steno Signals #192 – A March 2020 style reset. Is this a liquidity event?

<ul><li>A wave of growth-negative news has rolled in since the weekend.</li><li>Trump is reportedly furious with Putin and is now considering secondary tariffs on Russian oil—an escalation that would weigh on global growth.</li><li>Meanwhile, there’s no clear path to peace in Ukraine, with Russia holding the cards and continuing to gain ground, adding further geopolitical drag.</li></ul>

A wave of growth-negative news has rolled in since the weekend.Trump is reportedly furious with Putin and is now considering secondary tariffs on Russian oil—an escalation that would weigh on global growth.Meanwhile, there’s no clear path to peace in Ukraine, with Russia holding the cards and continuing to gain ground, adding further geopolitical drag.

Steno Signals #191: Meowing at Robots Ahead of Liberation Day!

United States

The euro is the official currency of the European Economic & Monetary Union.  The US dollar is the official currency of the United States of America.

Price Gauge
52-week Range	0.00 - 0.00
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EURO/US DOLLAR (EURUSD CURNCY)

BRIDS Market Pulse: Chart of the Week – USD Vs. Gold

As of 12th Apr25, Trump’s latest escalation (i.e., pushing U.S. tariffs on Chinese imports to 145%) and China’s response (raising tariffs on U.S....

BRI Danareksa Research

HSCEI Index Options Weekly (Apr 7-11): Vol Reset, Skew Reprices, and 8,000 Strike in Focus

Global weakness and a holiday-shortened week led to a brutal start on Monday, with increased implied volatility and significant activity at the...

John Ley

Weekly CFTC Sentiment Report - Speculative Traders Edge Back to the USD

Speculative sentiment towards the USD improved in the week through April 1, the first positive shift in Non-Commercial (speculative) accounts’...

Scotiabank

Steno Signals #192 – A March 2020 style reset. Is this a liquidity event?

Happy Sunday from Copenhagen, if I am allowed to say that after a horrendous week in markets. Markets are heading into a tense week as the...

Steno Research

Steno Signals #191: Meowing at Robots Ahead of Liberation Day!

A wave of growth-negative news has rolled in since the weekend. Trump is reportedly furious with Putin and is now considering secondary tariffs on...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BRIDS Market Pulse: Chart of the Week – USD Vs. Gold

As of 12th Apr25, Trump’s latest escalation (i.e., pushing U.S. tariffs on Chinese imports to 145%) and China’s response (raising tariffs on U.S....

BRI Danareksa Research

HSCEI Index Options Weekly (Apr 7-11): Vol Reset, Skew Reprices, and 8,000 Strike in Focus

​Global weakness and a holiday-shortened week led to a brutal start on Monday, with increased implied volatility and significant activity at the...

John Ley

Weekly CFTC Sentiment Report - Speculative Traders Edge Back to the USD

Speculative sentiment towards the USD improved in the week through April 1, the first positive shift in Non-Commercial (speculative) accounts’...

Scotiabank

Steno Signals #192 – A March 2020 style reset. Is this a liquidity event?

Happy Sunday from Copenhagen, if I am allowed to say that after a horrendous week in markets. Markets are heading into a tense week as the...

Steno Research

Steno Signals #191: Meowing at Robots Ahead of Liberation Day!

A wave of growth-negative news has rolled in since the weekend. Trump is reportedly furious with Putin and is now considering secondary tariffs on...

Steno Research

Global weakness and a holiday-shortened week led to a brutal start on Monday, with increased implied volatility and significant activity at the...