Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>CPI came in soft as expected, but rate hike expectations are mixed due to the ongoing conflict</li>
<li>Hong Kong and China platform names are getting a bid as money rotates out of the "hot" markets</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
CPI came in soft as expected, but rate hike expectations are mixed due to the ongoing conflict
Hong Kong and China platform names are getting a bid as money rotates out of the "hot" markets


<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Volatility continues in the AI and AI-adjacent trade  with large daily swings</li>
<li>Some clues as to future direction from risk-off days and incoming data</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Volatility continues in the AI and AI-adjacent trade  with large daily swings
Some clues as to future direction from risk-off days and incoming data


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Concerns about delays in data center construction, lack of profitability at OpenAI, increasing competition, and mega IPOs are all causing concerns about whether KOSPI's super bull run could continue.</li>
<li>Important technical (such as KOSPI's ADL line) is also starting to break down.</li>
<li>All in all, the overall risk profile of the Korean stock market (especially among the major tech stocks) have risen materially higher now as compared to 6-12 months ago. </li>
</ul>


Concerns about delays in data center construction, lack of profitability at OpenAI, increasing competition, and mega IPOs are all causing concerns about whether KOSPI's super bull run could continue.
Important technical (such as KOSPI's ADL line) is also starting to break down.
All in all, the overall risk profile of the Korean stock market (especially among the major tech stocks) have risen materially higher now as compared to 6-12 months ago. 


ADL Breadth Technical Starting to Break Down for KOSPI + RIA Accounts Surpasses 4 Trillion Won

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK hynix (000660 KS)</a> gained 6.1% in September and its 2x Leveraged Index rose 9.6%, yet combined long-ETF AUM declined 2.7%.</li>
<li>All seven long-leveraged ETFs recorded reductions in units outstanding, while September net outflows reached KRW 514bn and daily flow activity remained subdued.</li>
<li>In contrast, the inverse ETF’s units outstanding more than doubled and its market capitalisation increased 68%, despite the product losing 17.0% during September.</li>
</ul>



SK hynix (000660 KS) gained 6.1% in September and its 2x Leveraged Index rose 9.6%, yet combined long-ETF AUM declined 2.7%.
All seven long-leveraged ETFs recorded reductions in units outstanding, while September net outflows reached KRW 514bn and daily flow activity remained subdued.
In contrast, the inverse ETF’s units outstanding more than doubled and its market capitalisation increased 68%, despite the product losing 17.0% during September.


SK Hynix (000660 KS): Inverse 2x ETF Units Double as Long 2x ETF Outflows Persist

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>It appears that all roads to peace now run through Beijing</li>
<li>Catalysts are lining up for HK and  China's absolute performance</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
It appears that all roads to peace now run through Beijing
Catalysts are lining up for HK and  China's absolute performance


South Korea

The KOSPI Index is a capitalization-weighted index of all common shares on the Korean Stock Exchanges. The Index was developed with a base value of 100 as of January 4, 1980. Note: The preferred shares are excluded in calculating the KOSPI Index from June 14, 2002. 

Korea Stock Exchange Kospi Index (KOSPI INDEX)

Korea Stock Exchange Kospi Index (KOSPI INDEX)

Overview #69 - Tug of War

A review of recent events/data impacting our investment themes and outlook. We look at the impact of soft CPI data on rate expectations & where the...

Rikki Malik

Overview #67 - Thin Air

A review of recent events/data impacting our investment themes and outlook. We look at the recent market action in the US as well as clues as to...

Rikki Malik

ADL Breadth Technical Starting to Break Down for KOSPI + RIA Accounts Surpasses 4 Trillion Won

Concerns about delays in data center construction, lack of profitability at OpenAI, increasing competition, and mega IPOs are all causing concerns...

Douglas Kim

SK Hynix (000660 KS): Inverse 2x ETF Units Double as Long 2x ETF Outflows Persist

September gains failed to reverse outflows from SK hynix (000660 KS) long 2x leveraged ETFs, while investors added inverse exposure despite the...

Gaudenz Schneider

Overview #59 – Enter the Dragon

A review of recent events/data impacting our investment themes and outlook. We look at the upcoming meetings between China, the US, and Japan and...

Rikki Malik