Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

Korea Stock Exchange KOSPI 200 / Equity Derivatives

Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX EQUITY)

<ul>
<li>
Context: The 90-day pause on US reciprocal tariffs expires on July 9, 2025. Japan, South Korea, Taiwan, and India, now face a return to steep US tariffs.</li>
<li>
Highlights: Markets reacted sharply to the original tariff announcement in April, with volatility peaking. While implied volatility eased in May, it has since climbed again, suggesting rising investor concern.</li>
<li>
Why Read: As markets face renewed risk of stress, this Insight helps investors understand which markets and sectors are most exposed, how volatility is evolving, and how best to position.</li>
</ul>



Context: The 90-day pause on US reciprocal tariffs expires on July 9, 2025. Japan, South Korea, Taiwan, and India, now face a return to steep US tariffs.

Highlights: Markets reacted sharply to the original tariff announcement in April, with volatility peaking. While implied volatility eased in May, it has since climbed again, suggesting rising investor concern.

Why Read: As markets face renewed risk of stress, this Insight helps investors understand which markets and sectors are most exposed, how volatility is evolving, and how best to position.


Tariff Risk Returns: Market Signals and Asia’s Volatility Momentum

Event-Driven

<ul>
<li>
India: Index changes for Nifty indices will take place. Multiple option expiries are scheduled, impacting stocks and indices such as the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY 50 Index</a>, and the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">SENSEX Index</a>.</li>
<li>
Asia-Pacific: Key events include Hong Kong's earnings week and Tokyo CPI release, while Australia reports its Monthly CPI indicator.</li>
<li>
USA: Significant releases include the final Q4 2024 GDP figures and the PCE Price Index, the Fed's preferred inflation gauge.</li>
</ul>



India: Index changes for Nifty indices will take place. Multiple option expiries are scheduled, impacting stocks and indices such as the NIFTY 50 Index, and the SENSEX Index.

Asia-Pacific: Key events include Hong Kong's earnings week and Tokyo CPI release, while Australia reports its Monthly CPI indicator.

USA: Significant releases include the final Q4 2024 GDP figures and the PCE Price Index, the Fed's preferred inflation gauge.


Market Movers: Key Dates at a Glance (March 24-30)

<ul>
<li>Central banks globally are making rate decisions, with the Fed holding steady while Sweden, Switzerland, Taiwan, and the UK announce their decisions today.</li>
<li>Mexico and Canada are central banks to watch, with Fitch forecasting both economies to enter recession in 2025 due to their high US trade exposure.</li>
<li>The US's global reciprocal tariffs, set to be revealed on April 2, have significant implications for the global economy, with the potential to influence central bank policies worldwide.</li>
</ul>


Central banks globally are making rate decisions, with the Fed holding steady while Sweden, Switzerland, Taiwan, and the UK announce their decisions today.
Mexico and Canada are central banks to watch, with Fitch forecasting both economies to enter recession in 2025 due to their high US trade exposure.
The US's global reciprocal tariffs, set to be revealed on April 2, have significant implications for the global economy, with the potential to influence central bank policies worldwide.


Central Banks Hold Steady Amid Global Economic Uncertainty

Taiwan Stock Exchange Weighted Index / Equity Derivatives

Taiwan Stock Exchange Weighted Index (TWSE INDEX)

<ul>
<li>Central Bank Focus: Nine Central banks decide on monetary policy next week. Among them the BoJ, the BoE, the SNB, and the Fed.</li>
<li>Earnings Wave: major Hong Kong stocks reporting, including Tencent, Xiaomi, China Mobile, and Meituan.</li>
<li>Triple Witching: Quarterly derivatives expiration hits multiple markets - Australia, Taiwan , and the US - alongside index rebalancing in both Australia and the US.</li>
</ul>


Central Bank Focus: Nine Central banks decide on monetary policy next week. Among them the BoJ, the BoE, the SNB, and the Fed.
Earnings Wave: major Hong Kong stocks reporting, including Tencent, Xiaomi, China Mobile, and Meituan.
Triple Witching: Quarterly derivatives expiration hits multiple markets - Australia, Taiwan , and the US - alongside index rebalancing in both Australia and the US.


Market Movers: Key Dates at a Glance (March 17-21)

<ul>
<li>
US steel and aluminum tariffs (effective 12 March US time) will take effect on March 13 across the Asia-Pacific region. Volatility can be expected in Japan, South Korea, India, China.</li>
<li>Major quarterly derivatives expirations will occur on March 13 in Japan (Nikkei 225, TOPIX, Stocks), South Korea (KOSPI 200, KOSDAQ 150, Stocks), and India (BSE Stock Futures and Options).</li>
<li>Earnings announcements for <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group (1299 HK)</a> and <a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK/LI US)</a> are scheduled for March 14, while India's markets will be closed that day for the Holi holiday.</li>
</ul>



US steel and aluminum tariffs (effective 12 March US time) will take effect on March 13 across the Asia-Pacific region. Volatility can be expected in Japan, South Korea, India, China.
Major quarterly derivatives expirations will occur on March 13 in Japan (Nikkei 225, TOPIX, Stocks), South Korea (KOSPI 200, KOSDAQ 150, Stocks), and India (BSE Stock Futures and Options).
Earnings announcements for AIA Group (1299 HK) and Li Auto (2015 HK/LI US) are scheduled for March 14, while India's markets will be closed that day for the Holi holiday.


Taiwan

The TWSE, or TAIEX, Index is capitalization-weighted index of all listed common shares traded on the Taiwan Stock Exchange. The index has a base value of 100 based on its 1966 level. The index is also known as the TSEC Index.

Taiwan Stock Exchange Weighted Index (TWSE INDEX)

Tariff Risk Returns: Market Signals and Asia’s Volatility Momentum

The 90-day pause on US reciprocal tariffs is set to expire, causing volatility in markets and raising investor concern about potential stress ahead.

Gaudenz Schneider

Market Movers: Key Dates at a Glance (March 24-30)

Index changes in India's Nifty indices, key events in Asia-Pacific, and significant releases in the USA impacting stocks and indices globally.

Gaudenz Schneider

Central Banks Hold Steady Amid Global Economic Uncertainty

Reminder. China Mobile (941 HK) will release 2024 results tonight at 19:00h (HK time) and announce their dividend. Large volume traded yesterday in...

Gaudenz Schneider

Market Movers: Key Dates at a Glance (March 17-21)

Central banks to decide on monetary policy, Hong Kong stocks results, and quarterly derivatives expiration hitting multiple markets.

Gaudenz Schneider

The Week Ahead in Options - 10 March

US steel and aluminum tariffs to impact Asia-Pacific markets on March 13. Quarterly derivatives expirations in Japan, South Korea, and India....

Gaudenz Schneider

Tariff Risk Returns: Market Signals and Asia’s Volatility Momentum

​The 90-day pause on US reciprocal tariffs is set to expire, causing volatility in markets and raising investor concern about potential stress ahead.

Gaudenz Schneider

Market Movers: Key Dates at a Glance (March 24-30)

​Index changes in India's Nifty indices, key events in Asia-Pacific, and significant releases in the USA impacting stocks and indices globally.

Gaudenz Schneider

Central Banks Hold Steady Amid Global Economic Uncertainty

Reminder. China Mobile (941 HK) will release 2024 results tonight at 19:00h (HK time) and announce their dividend. Large volume traded yesterday in...

Gaudenz Schneider

Market Movers: Key Dates at a Glance (March 17-21)

​Central banks to decide on monetary policy, Hong Kong stocks results, and quarterly derivatives expiration hitting multiple markets.

Gaudenz Schneider

The Week Ahead in Options - 10 March

​US steel and aluminum tariffs to impact Asia-Pacific markets on March 13. Quarterly derivatives expirations in Japan, South Korea, and India....

Gaudenz Schneider

The 90-day pause on US reciprocal tariffs is set to expire, causing volatility in markets and raising investor concern about potential stress ahead.

Index changes in India's Nifty indices, key events in Asia-Pacific, and significant releases in the USA impacting stocks and indices globally.

Central banks to decide on monetary policy, Hong Kong stocks results, and quarterly derivatives expiration hitting multiple markets.

US steel and aluminum tariffs to impact Asia-Pacific markets on March 13. Quarterly derivatives expirations in Japan, South Korea, and India....