Chief Economist

Diana Choyleva

Enodo Economics

Enodo Economics is an independent macroeconomic forecasting company that untangles complexity, challenges the consensus, and makes sense of the future. Our focus is on China – one of the most misunderstood economies in the world, but one of the most important to figure out.  Enodo’s chief economist, Diana Choyleva, has been analysing China for almost 20 years, while Enodo’s team boasts a combined 140 years’ experience covering China’s economy, politics and markets. 

Macroeconomics

<h2>China News That Matters</h2><ul>
<li>Stock market sell-off intensifies</li>
<li>Foreign investment encouraged in market shake-up</li>
<li>China to lead in 5G development</li>
<li>New measures to tackle house price inflation</li>
<li>More global trade woes</li>
<li>People’s Bank of China eases</li>
<li>China and the EU talk investment and trade</li>
</ul><div class="content-remarks"><p>In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.</p></div>

China News That Matters
Stock market sell-off intensifies
Foreign investment encouraged in market shake-up
China to lead in 5G development
New measures to tackle house price inflation
More global trade woes
People’s Bank of China eases
China and the EU talk investment and trade
In my weekly digest China News That Matters, I will give you selected summaries, sourced from a variety of local Chinese-language and international news outlets, and highlight why I think the news is significant. These posts are meant to neither be bullish nor bearish, but help you separate the signal from the noise.

China’s Financial Risks/Deleveraging/Technology Race/Housing Crackdown/Trade War/EU Talks/RRR Cut

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>The MSCI ACWI advanced to <em>another new high</em> yesterday - to levels not seen since mid-March with the U.S. and Emerging Markets leading the move. While potential resistance levels exist, recent developments only bolster our already positive outlook.  In today's report, we highlight actionable setups within our global Technology, and Real Estate Developers and REITs Groups.</p>

The MSCI ACWI advanced to another new high yesterday - to levels not seen since mid-March with the U.S. and Emerging Markets leading the move. While potential resistance levels exist, recent developments only bolster our already positive outlook.  In today's report, we highlight actionable setups within our global Technology, and Real Estate Developers and REITs Groups.

MSCI ACWI’s Advance Continues: U.S. And Emerging Markets Leading the Way

<p>The MSCI ACWI and S&amp;P 500 have both achieved a higher high relative to mid-April prices, which we see as a potential early indication of a bullish trend change. Combine this with improving market internals and we are becoming incrementally more bullish. For the MSCI ACWI, one of the more concerning breadth indicators has been the percentage of stocks above their 200-day moving average. This indicator recently hit a higher high (see below, left), a positive development that confirms the market’s recent advance. In today's report we highlight opportunities within global Energy and Technology companies, two of our overweights.<strong> </strong></p>

The MSCI ACWI and S&amp;P 500 have both achieved a higher high relative to mid-April prices, which we see as a potential early indication of a bullish trend change. Combine this with improving market internals and we are becoming incrementally more bullish. For the MSCI ACWI, one of the more concerning breadth indicators has been the percentage of stocks above their 200-day moving average. This indicator recently hit a higher high (see below, left), a positive development that confirms the market’s recent advance. In today's report we highlight opportunities within global Energy and Technology companies, two of our overweights. 

Global Energy Shares Breaking Out; Technology Remains Attractive

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

<p>I had the opportunity to talk to <strong>Ball Piya Jarumaneeroj</strong>, a college classmate and now CEO of Raytel, today. Raytel is a small telecom contractor and subsidiary of TKC (Turnkey Contractors). Currently, they are not listed but could become listed one day if they get critical mass. Anyway, the quasi-interview was more interesting for the topics covered and the fact that these guys are on the ground. Some of these topics included:</p><ul><li>Nascent potential of M&amp;A activity at DTAC (with Jasmine)</li><li>Impact of USO project and 2300 MHz spectrum on the sector participants</li><li>Views on True Visions’ long term decline</li></ul>

I had the opportunity to talk to Ball Piya Jarumaneeroj, a college classmate and now CEO of Raytel, today. Raytel is a small telecom contractor and subsidiary of TKC (Turnkey Contractors). Currently, they are not listed but could become listed one day if they get critical mass. Anyway, the quasi-interview was more interesting for the topics covered and the fact that these guys are on the ground. Some of these topics included:Nascent potential of M&amp;A activity at DTAC (with Jasmine)Impact of USO project and 2300 MHz spectrum on the sector participantsViews on True Visions’ long term decline

Index Rebalance and Special Situations, Quiddity Advisors

Afridi Reyal

Index Rebalance and Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.</li>
<li>We still expect two index changes for September, as we did in our last insight.</li>
<li>Few large names could still pass the Supersector threshold requirement and appear in the Leaderboard to shake up the rankings.</li>
</ul>


The ES50 Index is one of the most highly-tracked European indices and the annual index review takes place in September every year.
We still expect two index changes for September, as we did in our last insight.
Few large names could still pass the Supersector threshold requirement and appear in the Leaderboard to shake up the rankings.


Quiddity Leaderboard ES50 Sep26: 2 ADDs/DELs Likely. 5 Months Left for the Base Date

Finland

Nokia Oyj is a global communications company. The Company produces a broad range of technological devices and software, and operates networks, sales ,and communication channels worldwide.

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Nokia Oyj (NOK US)

China’s Financial Risks/Deleveraging/Technology Race/Housing Crackdown/Trade War/EU Talks/RRR Cut

China News That Matters Stock market sell-off intensifies Foreign investment encouraged in market shake-up China to lead in 5G development New...

Diana Choyleva

MSCI ACWI’s Advance Continues: U.S. And Emerging Markets Leading the Way

The MSCI ACWI advanced to another new high yesterday - to levels not seen since mid-March with the U.S. and Emerging Markets leading the move....

Vermilion Research

Global Energy Shares Breaking Out; Technology Remains Attractive

The MSCI ACWI and S&P 500 have both achieved a higher high relative to mid-April prices, which we see as a potential early indication of a...

Vermilion Research

Raytel on Thai Telecoms

I had the opportunity to talk to Ball Piya Jarumaneeroj, a college classmate and now CEO of Raytel, today. Raytel is a small telecom contractor and...

Athaporn Arayasantiparb, CFA

Quiddity Leaderboard ES50 Sep26: 2 ADDs/DELs Likely. 5 Months Left for the Base Date

Based on the latest estimates, Nokia and Société Générale lead the rankings to become expected ES50 ADDs in September 2026. Nokia has had a...

Afridi Reyal

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