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)

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

Cross Asset Strategy

<ul>
<li>Global government issuance trends are bearish, with widening deficits and increasing net issuance in major economies</li>
<li>Euro area, UK, and US are all facing significant supply pressures, leading to concerns about term premium and yield curve steepening</li>
<li>Japan is expected to see a slowdown in net issuance, but QT policies will still impact the JGB curve, potentially leading to a flattening bias in 2025.</li>
</ul>
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.


Global government issuance trends are bearish, with widening deficits and increasing net issuance in major economies
Euro area, UK, and US are all facing significant supply pressures, leading to concerns about term premium and yield curve steepening
Japan is expected to see a slowdown in net issuance, but QT policies will still impact the JGB curve, potentially leading to a flattening bias in 2025.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global Rates - 2025 Global government issuance outlook

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

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

<ul>
<li>Weak price action to start the year for the Nikkei with little direction from USD/JPY which was grinding higher throughout the week.</li>
<li>Volatility at the start of the week helped push short term historic vol higher with at-the-money implied vol up about 1 point.</li>
<li>Volumes picked up substantially over year-end levels with Puts making up 53.5% of all contracts traded.</li>
</ul>


Weak price action to start the year for the Nikkei with little direction from USD/JPY which was grinding higher throughout the week.
Volatility at the start of the week helped push short term historic vol higher with at-the-money implied vol up about 1 point.
Volumes picked up substantially over year-end levels with Puts making up 53.5% of all contracts traded.


EQD | Nikkei Index Options Weekly - January 06 - 10

<ul>
<li>Gold is historically a strong January performer, rising 65% of the time. Nifty declines 70% of the time in January with all January’s since 2019 negative.</li>
<li>Wide gap in Kospi vs Nikkei implied vol when viewed in light of their respective price performances over the past 1 and 3 months.</li>
<li>Most markets typically see peak volatility in the first week of the month with prices typically trading heavy in the 2nd half of the month.</li>
</ul>


Gold is historically a strong January performer, rising 65% of the time. Nifty declines 70% of the time in January with all January’s since 2019 negative.
Wide gap in Kospi vs Nikkei implied vol when viewed in light of their respective price performances over the past 1 and 3 months.
Most markets typically see peak volatility in the first week of the month with prices typically trading heavy in the 2nd half of the month.


EQD | Asia January Vol Roadmap:    Outsized Moves, Outsized Volatility

Japan

The Japanese yen is the official currency of Japan. 

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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

Global Rates - 2025 Global government issuance outlook

Global Macro Research is predicting government trends and fiscal focus, with euro area and UK budget deficits widening and US Treasury Department...

At Any Rate

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

EQD | Nikkei Index Options Weekly - January 06 - 10

Weak price action for Nikkei at start of year, little direction from USD/JPY. Volatility increased, volumes were up with Puts dominating trades....

John Ley

EQD | Asia January Vol Roadmap: Outsized Moves, Outsized Volatility

Historically, gold performs well in January while Nifty tends to decline. Kospi and Nikkei have diverged in price but not implied vol. Most...

John Ley

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Global Rates - 2025 Global government issuance outlook

Global Macro Research is predicting government trends and fiscal focus, with euro area and UK budget deficits widening and US Treasury Department...

At Any Rate

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

EQD | Nikkei Index Options Weekly - January 06 - 10

​Weak price action for Nikkei at start of year, little direction from USD/JPY. Volatility increased, volumes were up with Puts dominating trades....

John Ley

EQD | Asia January Vol Roadmap: Outsized Moves, Outsized Volatility

​Historically, gold performs well in January while Nifty tends to decline. Kospi and Nikkei have diverged in price but not implied vol. Most...

John Ley

Weak price action for Nikkei at start of year, little direction from USD/JPY. Volatility increased, volumes were up with Puts dominating trades....

Historically, gold performs well in January while Nifty tends to decline. Kospi and Nikkei have diverged in price but not implied vol. Most...