Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Independent Financial Broker

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

Macroeconomics

<ul><li>Higher Japan Producer Price YoY due to higher energy prices and weak yen.</li><li>Core Machine Orders YoY (+10.3%) and MoM (3.4%) much higher than estimates.</li><li>Industrial Output and Utilization were down in November 2024.</li></ul>

Higher Japan Producer Price YoY due to higher energy prices and weak yen.Core Machine Orders YoY (+10.3%) and MoM (3.4%) much higher than estimates.Industrial Output and Utilization were down in November 2024.

Japan Weekly Economic Calendar (Jan 16th – Jan 22th)

External broker reports(aggregated public sources), Scotiabank

Scotiabank

External broker reports(aggregated public sources)

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>USD bullish sentiment extended in the first trading week of the new year—much as the old year ended. Non-Commercial (speculative) accounts increased aggregate USD longs some USD2.3bn to total USD33.7bn overall, extending the steady ramp up in bullish USD positioning seen since last September.</li><li>Aggregate speculative USD longs have surpassed the April 2024 peak bullishness (net longs of USD32.6bn) to near the April 2019 peak of USD32.8bn.</li><li>Additional data shows Leveraged (hedge fund) traders increased net USD longs by some USD2bn while Institutional (real money) investors held net USD longs steady around USD13.3bn. </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.

USD bullish sentiment extended in the first trading week of the new year—much as the old year ended. Non-Commercial (speculative) accounts increased aggregate USD longs some USD2.3bn to total USD33.7bn overall, extending the steady ramp up in bullish USD positioning seen since last September.Aggregate speculative USD longs have surpassed the April 2024 peak bullishness (net longs of USD32.6bn) to near the April 2019 peak of USD32.8bn.Additional data shows Leveraged (hedge fund) traders increased net USD longs by some USD2bn while Institutional (real money) investors held net USD longs steady around USD13.3bn. 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 - USD Bullish Speculative Sentiment Builds

<ul><li>CFTC data for the week through December 10 reflects a small improvement in overall USD bullish sentiment.</li><li>Aggregate net Non-Commercial USD longs versus the major currencies we cover in this report rose USD1.5bn to USD24.3bn.</li><li>Additional data shows Real Money (institutional) traders cut their small net USD long from the prior week back to zero while Leveraged (hedge fund) traders boosted net USD longs by about USD2bn to USD10.5bn. </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.

CFTC data for the week through December 10 reflects a small improvement in overall USD bullish sentiment.Aggregate net Non-Commercial USD longs versus the major currencies we cover in this report rose USD1.5bn to USD24.3bn.Additional data shows Real Money (institutional) traders cut their small net USD long from the prior week back to zero while Leveraged (hedge fund) traders boosted net USD longs by about USD2bn to USD10.5bn. 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 Data - USD Bull Sentiment Strengthens

<ul><li>The latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December, with traders perhaps lacking the motivation to adjust exposures after the Thanksgiving break.</li><li>Aggregate long USD positioning among Non-Commercial (speculative) accounts fell USD498mn over the week to USD22.8bn—after holding steady at USD23.3bn over the prior two weeks.</li><li>Additional data shows Leveraged traders (hedge funds) adding about USD1.5bn to net long USD positions, taking exposure up to USD8.5bn, while Institutional (real money) traders doubled net long USDs to USD3bn.</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.

The latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December, with traders perhaps lacking the motivation to adjust exposures after the Thanksgiving break.Aggregate long USD positioning among Non-Commercial (speculative) accounts fell USD498mn over the week to USD22.8bn—after holding steady at USD23.3bn over the prior two weeks.Additional data shows Leveraged traders (hedge funds) adding about USD1.5bn to net long USD positions, taking exposure up to USD8.5bn, while Institutional (real money) traders doubled net long USDs to USD3bn.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 - USD Sentiment/Positioning Stable

<ul><li>CFTC data reflects broadly steady positioning in the USD amongst all market participants running into the US Thanksgiving break last week.</li><li>Trends were split across specific currency contracts but aggregate exposure to the USD among NonCommercial (speculative) accounts was all but unchanged (just USD14mn higher, to be precise) on the week at USD23.3bn.</li><li>Leveraged traders (hedge funds) pared some USD2bn from their net long USD positions, taking exposure down to USD6.9bn, and Institutional (real money) traders held their tentative net long USD position little changed at USD1.3bn</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.

CFTC data reflects broadly steady positioning in the USD amongst all market participants running into the US Thanksgiving break last week.Trends were split across specific currency contracts but aggregate exposure to the USD among NonCommercial (speculative) accounts was all but unchanged (just USD14mn higher, to be precise) on the week at USD23.3bn.Leveraged traders (hedge funds) pared some USD2bn from their net long USD positions, taking exposure down to USD6.9bn, and Institutional (real money) traders held their tentative net long USD position little changed at USD1.3bnContent 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 - USD Sentiment Mixed but Stable into Holiday Break

Japan

The Japanese yen is the official currency of Japan. 

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JPY (USDJPY CURNCY)

Japan Weekly Economic Calendar (Jan 16th – Jan 22th)

Higher Japan Producer Price YoY due to higher energy prices and weak yen. Core Machine Orders YoY (+10.3%) and MoM (3.4%) much higher than estimates.

Vantage Capital Markets Japan

Weekly CFTC Sentiment Report - USD Bullish Speculative Sentiment Builds

Combined net long USD positioning rose to just over USD59bn, the highest since May 2019. USD positioning/sentiment continues to look extended.

Scotiabank

Weekly CFTC Sentiment Data - USD Bull Sentiment Strengthens

Speculative traders moved in different directions on the major currencies. They boosted net JPY longs USD1.9bn and lifted net GBP longs by USD634mn.

Scotiabank

Weekly CFTC Sentiment Report - USD Sentiment/Positioning Stable

The latest snapshot of FX sentiment from the CFTC’s Commitments of Traders data shows little change in USD positioning overall through early December

Scotiabank

Weekly CFTC Sentiment Report - USD Sentiment Mixed but Stable into Holiday Break

CFTC data reflects broadly steady positioning in the USD amongst all market participants running into the US Thanksgiving break last week.

Scotiabank

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52-week Range

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