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>The weak USD, as US growth peaks and yields decline, is helping  international markets</li>
<li>Can Hong Kong and China stock markets decouple from a US bear market?</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
The weak USD, as US growth peaks and yields decline, is helping  international markets
Can Hong Kong and China stock markets decouple from a US bear market?


Overview #18 - Tipping Point Arrived for Major Trend Changes?

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>President Trump's latest tariff initiatives have heightened global trade tensions, raising concerns of a potential full-scale trade war.</li><li>However, market reactions have remained relatively muted, with the VIX index maintaining a level of around 20, much lower than during previous crises.</li><li>Investors appear to expect that policy interventions and negotiations will help avert a major escalation, despite President Donald Trump confirming that 25% tariffs on imports from Canada and Mexico will take effect on March 4. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

President Trump's latest tariff initiatives have heightened global trade tensions, raising concerns of a potential full-scale trade war.However, market reactions have remained relatively muted, with the VIX index maintaining a level of around 20, much lower than during previous crises.Investors appear to expect that policy interventions and negotiations will help avert a major escalation, despite President Donald Trump confirming that 25% tariffs on imports from Canada and Mexico will take effect on March 4. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Monthly Update Economic & Fixed Income Research February 2025

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

<ul>
<li>In last week's 2/25/25 Compass, we discussed our expectation for near-term downside as the S&amp;P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.</li>
<li>We said don't be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers</li>
<li>The S&amp;P 500 and Nasdaq 100 (QQQ) are testing major confluence of support at 5770-5850 and $490-$500, respectively, the first of our potential bottom levels discussed last week.</li>
</ul>


In last week's 2/25/25 Compass, we discussed our expectation for near-term downside as the S&amp;P 500 and Nasdaq 100 (QQQ) displayed several bearish short-term developments.
We said don't be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670, where we would be buyers
The S&amp;P 500 and Nasdaq 100 (QQQ) are testing major confluence of support at 5770-5850 and $490-$500, respectively, the first of our potential bottom levels discussed last week.


S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

<ul>
<li>Our long-term outlook remains bullish as long as the S&amp;P 500 remains above 5770-5850 and 5600-5670 (worst case), and we are buyers at these levels.</li>
<li>With that said, we see potential for near-term downside based on several developments discussed below.  It likely means at least another 2-4 weeks of consolidation</li>
<li>If SPX remains below 6100 and 6150 resistances, do not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670</li>
</ul>


Our long-term outlook remains bullish as long as the S&amp;P 500 remains above 5770-5850 and 5600-5670 (worst case), and we are buyers at these levels.
With that said, we see potential for near-term downside based on several developments discussed below.  It likely means at least another 2-4 weeks of consolidation
If SPX remains below 6100 and 6150 resistances, do not be surprised if there is a test of the bottom of the range at either 5770-5850 or 5600-5670


Near-Term Downside Likely Following False Breakouts; Targeting 5770-5850; Long-Term Still Bullish

<ul><li>BI maintains rates citing global uncertainty, but we see moderating risks and a rising need to support domestic growth. </li><li>Positive CAD and BOP trends support stability, but stronger fundamentals are essential provide buffer to capital flow dynamic.</li><li>The extension of TD DHE will improve FX reserve outlook, reducing risk from weakening reserve adequacy and will provide room for easing.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BI maintains rates citing global uncertainty, but we see moderating risks and a rising need to support domestic growth. Positive CAD and BOP trends support stability, but stronger fundamentals are essential provide buffer to capital flow dynamic.The extension of TD DHE will improve FX reserve outlook, reducing risk from weakening reserve adequacy and will provide room for easing.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Macro Strategy: The Amalgam of Domestic Trends

United States

The U.S. Dollar Index(USDX) indicates the general int'l value of the USD. The USDX does this by averaging the exchange rates between the USD and major world currencies. The ICE US computes this by using the rates supplied by some 500 banks. FOR REAL TIME SEE EIS ICEA<GO>.

Price Gauge
52-week Range	0.00 - 0.00
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Dollar Index (DXY CURNCY)

Overview #18 - Tipping Point Arrived for Major Trend Changes?

A review of recent events/data impacting our investment themes and outlook. Can HK/China stockmarkets decouple from a US bear market

Rikki Malik

BRIDS Monthly Update Economic & Fixed Income Research February 2025

President Trump's latest tariff initiatives have heightened global trade tensions, raising concerns of a potential full-scale trade war.

BRI Danareksa Research

S&P 500 and Nasdaq 100 Testing Initial Support; Russell and Nasdaq With Bullish Breadth Divergences

$SPX and $QQQ $NDX Testing Initial Supports at 5770-5850 and $490-$500; Russell 2000 $IWM and Nasdaq 100 Bullish Breadth Divergences (% above 20-...

Vermilion Research

Near-Term Downside Likely Following False Breakouts; Targeting 5770-5850; Long-Term Still Bullish

Near-Term Downside Likely After False Breakouts $SPX $QQQ; Long-Term Still Bullish; Major Tops on $DXY, 10-Year Treasury Yield. If < 6100 and 6150...

Vermilion Research

Macro Strategy: The Amalgam of Domestic Trends

he extension of TD DHE will improve FX reserve outlook, reducing risk from weakening reserve adequacy and will provide room for easing.

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)