Derivatives and Quantitative Strategist

Gaudenz Schneider

Macroeconomics

<ul>
<li>
Central Bank Rate Decisions, including from the Bank of Japan, the Fed, the Reserve Bank of Australia, and the Bank of Korea.</li>
<li>
Elections: Australia is holding national elections on 3 May while South Korea has presidential elections in early June.</li>
<li>
Various exchange holidays in several countries at the beginning of the month, and in the last week of May.</li>
</ul>



Central Bank Rate Decisions, including from the Bank of Japan, the Fed, the Reserve Bank of Australia, and the Bank of Korea.

Elections: Australia is holding national elections on 3 May while South Korea has presidential elections in early June.

Various exchange holidays in several countries at the beginning of the month, and in the last week of May.


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 or outlook</li>
<li>Time to start unpacking your shorts for the summer season</li>
<li>Headlines should not distract from the big picture and provide  trading opportunities </li>
</ul>


A review of recent events/data impacting our investment themes or outlook
Time to start unpacking your shorts for the summer season
Headlines should not distract from the big picture and provide  trading opportunities 


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.

<ul><li>Global equities rebounded last week Japan +3.00%, World +1.84% Europe +3.81% while S&amp;P 500 -0.38%</li><li>Japan Sectors Performers: Pulp and Paper +7.81%, Marine Transportation +6.18%, and Wholesale Trade +6.18%.</li><li>JPY 5Y Rates were stable, ITRAXX Japan 5Y back down to 69.77 (-3.66 pt).</li></ul>

Global equities rebounded last week Japan +3.00%, World +1.84% Europe +3.81% while S&amp;P 500 -0.38%Japan Sectors Performers: Pulp and Paper +7.81%, Marine Transportation +6.18%, and Wholesale Trade +6.18%.JPY 5Y Rates were stable, ITRAXX Japan 5Y back down to 69.77 (-3.66 pt).

Weekly Macroeconomic Report (Apr 24th, 2025)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a>'s weight in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> has increased to 10.81% which will lead to another reduction in the CPAF in September.</li>
<li>Even after the reduction in CPAF and an increase in <a href="https://www.smartkarma.com/entities/baycurrent-consulting-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">BayCurrent Consulting</a>'s PAF in September, there is a possibility of <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing</a> being capped again in March 2026.</li>
<li>The continued passive selling sets up interesting trading opportunities after periods of <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> outperformance versus the other index constituents.</li>
</ul>



Fast Retailing (9983 JP)'s weight in the Nikkei 225 (NKY INDEX) has increased to 10.81% which will lead to another reduction in the CPAF in September.
Even after the reduction in CPAF and an increase in BayCurrent Consulting's PAF in September, there is a possibility of Fast Retailing being capped again in March 2026.
The continued passive selling sets up interesting trading opportunities after periods of Fast Retailing (9983 JP) outperformance versus the other index constituents.


Fast Retailing (9983 JP): More Capping-Led Selling in September (And Maybe More in March)

<ul><li>Global equities trading off the lows with Japan Equities up 3.46% vs US +6.79%, China +2.68% and World +7.99%.</li><li>Japan Sectors: Nonferrous Metals +7.58%, Electric Appliances +5.72% and Rubber Products +5.19% while Banks only up 2.04%, Insurance -0.90%.</li><li>JPY 5Y Rates stable down 3bps, ITRAXX Japan 5Y moving back to 71.58 (-8.05).</li></ul>

Global equities trading off the lows with Japan Equities up 3.46% vs US +6.79%, China +2.68% and World +7.99%.Japan Sectors: Nonferrous Metals +7.58%, Electric Appliances +5.72% and Rubber Products +5.19% while Banks only up 2.04%, Insurance -0.90%.JPY 5Y Rates stable down 3bps, ITRAXX Japan 5Y moving back to 71.58 (-8.05).

Weekly Macroeconomic Report (Apr 15th, 2025)

Japan

The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The Nikkei Stock Average was first published on May 16, 1949, where the average price was ¥176.21 with a divisor of 225. 

Nikkei 225 (NKY INDEX)

The Month Ahead: Key Events in May 2025

May will be a busy month with central bank rate decisions, elections in Australia and South Korea. Dates of exchange holidays and monthly option...

Gaudenz Schneider

Overview#24 – Exiting No Man’s Land

A review of recent events/data impacting our investment themes and outlook. What are bond and currency markets telling us about the equity markets?

Rikki Malik

Weekly Macroeconomic Report (Apr 24th, 2025)

Global equities rebounded last week Japan +3.00%, World +1.84% Europe +3.81% while S&P 500 -0.38% Japan Sectors Performers: Pulp and Paper...

Vantage Capital Markets Japan

Fast Retailing (9983 JP): More Capping-Led Selling in September (And Maybe More in March)

Fast Retailing will be capped in September unless the stock underperforms the index over the next 3 months. There could be more capping next March....

Brian Freitas

Weekly Macroeconomic Report (Apr 15th, 2025)

Global equities trading off the lows with Japan Equities up 3.46% vs US +6.79%, China +2.68% and World +7.99%. Japan Sectors: Nonferrous Metals...

Vantage Capital Markets Japan

The Month Ahead: Key Events in May 2025

​May will be a busy month with central bank rate decisions, elections in Australia and South Korea. Dates of exchange holidays and monthly option...

Gaudenz Schneider

Overview#24 – Exiting No Man’s Land

A review of recent events/data impacting our investment themes and outlook. What are bond and currency markets telling us about the equity markets?

Rikki Malik

Weekly Macroeconomic Report (Apr 24th, 2025)

Global equities rebounded last week Japan +3.00%, World +1.84% Europe +3.81% while S&P 500 -0.38% Japan Sectors Performers: Pulp and Paper...

Vantage Capital Markets Japan

Fast Retailing (9983 JP): More Capping-Led Selling in September (And Maybe More in March)

Fast Retailing will be capped in September unless the stock underperforms the index over the next 3 months. There could be more capping next March....

Brian Freitas

Weekly Macroeconomic Report (Apr 15th, 2025)

Global equities trading off the lows with Japan Equities up 3.46% vs US +6.79%, China +2.68% and World +7.99%. Japan Sectors: Nonferrous Metals...

Vantage Capital Markets Japan

May will be a busy month with central bank rate decisions, elections in Australia and South Korea. Dates of exchange holidays and monthly option...