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

TSE Tokyo Price Index TOPIX / Technical Analysis

Our outlook for ex-U.S. markets (MSCI ACWI ex-U.S. index, local currency) remains neutral - bordering on cautious. Our concern stems from the recent pattern of lower highs and continued underperformance relative to MSCI ACWI - remain underweight.  Two bright spots: we are seeing bullish inflections in Japan (TOPIX and Nikkei 225), and India's SENSEX.  We unpack these, and also highlight actionable set ups in our global Communications, and Transportation Sectors.

Our outlook for ex-U.S. markets (MSCI ACWI ex-U.S. index, local currency) remains neutral - bordering on cautious. Our concern stems from the recent pattern of lower highs and continued underperformance relative to MSCI ACWI - remain underweight.  Two bright spots: we are seeing bullish inflections in Japan (TOPIX and Nikkei 225), and India's SENSEX.  We unpack these, and also highlight actionable set ups in our global Communications, and Transportation Sectors.

Global Equity Strategy: Opportunities in Japan and India

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>May saw selective convergence reassert itself across Europe’s dual-class universe, with broad tightening in several structurally wide and liquidity-driven spreads offsetting renewed widening in Carlsberg and Grifols.</li>
<li>Both median and mean tightened, confirming no systemic repricing of voting rights. Dispersion remains driven by liquidity, concentrated ownership, implementation constraints and episodic positioning reversals across Europe’s dual-class universe.</li>
<li>Handelsbanken, Media-for-Europe and Telecom Italia delivered the strongest tightening moves in May, while Carlsberg and Grifols reversed sharply, re-widening after April’s convergence phase.</li>
</ul>


May saw selective convergence reassert itself across Europe’s dual-class universe, with broad tightening in several structurally wide and liquidity-driven spreads offsetting renewed widening in Carlsberg and Grifols.
Both median and mean tightened, confirming no systemic repricing of voting rights. Dispersion remains driven by liquidity, concentrated ownership, implementation constraints and episodic positioning reversals across Europe’s dual-class universe.
Handelsbanken, Media-for-Europe and Telecom Italia delivered the strongest tightening moves in May, while Carlsberg and Grifols reversed sharply, re-widening after April’s convergence phase.


Liquid Universe of European Ordinary and Preferred Shares: May '26 Report

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.

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

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

The "internet of things" (IoT) concept is in its nascent stage of development, but it is on the verge of exploding. To put its development into context of another more recent phenomenon, this is the stage of development in which MySpace was attracting the earliest adopters in the then-burgeoning social media industry. Simply stated, there are many more iterations of the IoT universe until this concept reaches public consciousness.Even so, as consumers, devices and now things become more connected, the possibilities in terms of what could be leveraged as a vehicle for enabling commerce are now endless. In time, the idea of a smartphone as a commerce device could be old news as commerce moves beyond simply portable consumer devices to include durable goods, such as refrigerators, washing machines or automobiles.

The "internet of things" (IoT) concept is in its nascent stage of development, but it is on the verge of exploding. To put its development into context of another more recent phenomenon, this is the stage of development in which MySpace was attracting the earliest adopters in the then-burgeoning social media industry. Simply stated, there are many more iterations of the IoT universe until this concept reaches public consciousness.Even so, as consumers, devices and now things become more connected, the possibilities in terms of what could be leveraged as a vehicle for enabling commerce are now endless. In time, the idea of a smartphone as a commerce device could be old news as commerce moves beyond simply portable consumer devices to include durable goods, such as refrigerators, washing machines or automobiles.

5 Ways The Internet Of Things Will Influence Commerce

Information Technology Consultant

Ishita Jain

In the omnipresence of machine learning, one of the most impacted segments is healthcare. Not only is AI in healthcare at the forefront of a transformation, it has attracted immense funding and attention in the past couple of years. With machines becoming intelligent, medical marvels will be like never before and plenty of medical opportunities will bloom. With the excitement afoot in the investor and research communities, this article highlights applications of machine learning that are worth observing.

In the omnipresence of machine learning, one of the most impacted segments is healthcare. Not only is AI in healthcare at the forefront of a transformation, it has attracted immense funding and attention in the past couple of years. With machines becoming intelligent, medical marvels will be like never before and plenty of medical opportunities will bloom. With the excitement afoot in the investor and research communities, this article highlights applications of machine learning that are worth observing.

AI & Machine Learning Disrupting The Healthcare Industry

Sweden

Telefonaktiebolaget LM Ericsson develops and manufactures network equipment and software, as well as services for network and business operations. The Company's portfolio also includes products for the enterprise, cable, mobile platform and power module markets.

Telefonaktiebolaget Lm Ericsso (ERICB SS)

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Telefonaktiebolaget Lm Ericsso (ERICB SS)

Global Equity Strategy: Opportunities in Japan and India

Our outlook for ex-U.S. markets (MSCI ACWI ex-U.S. index, local currency) remains neutral - bordering on cautious. Our concern stems from the...

Vermilion Research

Liquid Universe of European Ordinary and Preferred Shares: May '26 Report

European dual-class spreads tightened again in May as liquidity-driven convergence resumed. Handelsbanken, MFE and Telecom Italia led compression,...

Jesus Rodriguez Aguilar

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

5 Ways The Internet Of Things Will Influence Commerce

The "internet of things" (IoT) concept is in its nascent stage of development, but it is on the verge of exploding. To put its development into...

Euromonitor International Ltd.

AI & Machine Learning Disrupting The Healthcare Industry

In the omnipresence of machine learning, one of the most impacted segments is healthcare. Not only is AI in healthcare at the forefront of a...

Ishita Jain

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