Smartkarma Daily Briefs, Author at Smartkarma

Dec 11

Daily Brief Industrials: Hong Kong Hang Seng Index, Toshiba Corp, Hamamatsu Photonics Kk, Country Garden Services Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
Weekly Deals Digest (11 Dec) – Toshiba, Bigtincan, Nitro, Warrego, Xingda, VinFast, Weilong
Hamamatsu Photonics (6965 JP): Earning Momentum Fading
Hong Kong CEO & Director Dealings (9 Dec): Hopefluent, Matrix, Country Garden Services

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades

By Simon Harris

Weekly summary of vol changes and moves across Global Markets
Analysing ATM volatility and skew changes over the last 5 days
We suggest a few trades to take advantage of the implied vol surfaces

Weekly Deals Digest (11 Dec) – Toshiba, Bigtincan, Nitro, Warrego, Xingda, VinFast, Weilong

By Arun George

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments – VinFast (1905332D VN) pre-markets a US$1bn IPO, I-Tail (ITC TB) and Sunshine Insurance (6963 HK) have tepid debuts, Weilong Delicious Global (WDG HK) launches a US$141m IPO.
Event-Driven developments – Bigtincan Holdings Ltd (BTH AU), Nitro Software Ltd (NTO AU), Warrego Energy (WGO AU), Xingda International (1899 HK), Chip Eng Seng Corp (CHIP SP).

Hamamatsu Photonics (6965 JP): Earning Momentum Fading

By Scott Foster

As expected, FY Sep-22 results were ahead of guidance. Management is forecasting further growth this fiscal year, but guiding for a YoY decline in operating profit in 2H.
In addition, the depreciation of the yen, which added 5% to sales at 17% to operating profit last fiscal year, has reversed, economies have weakened and interest rates are up.
We continue to recommend profit taking. We would like to buy the shares at ¥6,000 – 15% down from the Dec. 9 close.

Hong Kong CEO & Director Dealings (9 Dec): Hopefluent, Matrix, Country Garden Services

By David Blennerhassett

The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. However, such disclosures are by no means an absolute.
These insights may flag those companies where shares have been pledged. Stocks mentioned include Hopefluent Group (733 HK), Matrix Holdings (1005 HK), Country Garden Services Holdings (6098 HK).

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Dec 11

Daily Brief Industrials: Hong Kong Hang Seng Index, Toshiba Corp, Hamamatsu Photonics Kk, Country Garden Services Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
Weekly Deals Digest (11 Dec) – Toshiba, Bigtincan, Nitro, Warrego, Xingda, VinFast, Weilong
Hamamatsu Photonics (6965 JP): Earning Momentum Fading
Hong Kong CEO & Director Dealings (9 Dec): Hopefluent, Matrix, Country Garden Services

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades

By Simon Harris

Weekly summary of vol changes and moves across Global Markets
Analysing ATM volatility and skew changes over the last 5 days
We suggest a few trades to take advantage of the implied vol surfaces

Weekly Deals Digest (11 Dec) – Toshiba, Bigtincan, Nitro, Warrego, Xingda, VinFast, Weilong

By Arun George

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments – VinFast (1905332D VN) pre-markets a US$1bn IPO, I-Tail (ITC TB) and Sunshine Insurance (6963 HK) have tepid debuts, Weilong Delicious Global (WDG HK) launches a US$141m IPO.
Event-Driven developments – Bigtincan Holdings Ltd (BTH AU), Nitro Software Ltd (NTO AU), Warrego Energy (WGO AU), Xingda International (1899 HK), Chip Eng Seng Corp (CHIP SP).

Hamamatsu Photonics (6965 JP): Earning Momentum Fading

By Scott Foster

As expected, FY Sep-22 results were ahead of guidance. Management is forecasting further growth this fiscal year, but guiding for a YoY decline in operating profit in 2H.
In addition, the depreciation of the yen, which added 5% to sales at 17% to operating profit last fiscal year, has reversed, economies have weakened and interest rates are up.
We continue to recommend profit taking. We would like to buy the shares at ¥6,000 – 15% down from the Dec. 9 close.

Hong Kong CEO & Director Dealings (9 Dec): Hopefluent, Matrix, Country Garden Services

By David Blennerhassett

The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. However, such disclosures are by no means an absolute.
These insights may flag those companies where shares have been pledged. Stocks mentioned include Hopefluent Group (733 HK), Matrix Holdings (1005 HK), Country Garden Services Holdings (6098 HK).

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 11

Most Read: TA Chen Stainless Pipe, SK REITs, Far Eastern New Century, DMCI Holdings, Beijing-Shanghai High Speed Railway-A, China Shenhua Energy Co H, Tongcheng-Elong Holdings Ltd, Tietto Minerals Ltd, Liontown Resources, Jardine Cycle & Carriage and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

FTSE TWSE Taiwan Dividend+ Index Rebalance: On Expected Lines; But the Flow Is Massive
FTSE EPRA Nareit Index Rebalance: Now One Add for Korea
Index Rebalance & ETF Flow Recap: STAR50, CSI300/500, SSE50/180/380, ChiNext, SZSE1000, CH50, EPRA
PCOMP Index Rebalance Preview Feb 23: Higher Free Float Means Fewer Changes
FTSE China A50 Index Rebalance: Stock Connect Deletion to Drive Change
HSCEI Index Rebalance Preview: Shenhua Energy (1088) Could Replace China Feihe (6186)
HSTECH Index Rebalance Preview: Tongcheng Travel (780 HK) Could Replace Ming Yuan Cloud (909 HK)
MVIS Global Junior Gold Miners Index Rebalance: Two Adds, Four Deletes, Float Changes
MVIS Global Rare Earth/Strategic Metals Index Rebalance: Float & Capping Changes
JCNC Is Still Overstretched Vs. Astra

FTSE TWSE Taiwan Dividend+ Index Rebalance: On Expected Lines; But the Flow Is Massive

By Brian Freitas

There are 26 inclusions and 5 deletions for the index resulting in a one-way turnover of 46.3% and a one-way trade of TWD 79.52bn (US$2.6bn). That is HUGE!
There at 14 stocks that have over 5 days of ADV to buy from passive funds while there are 20 stocks with more that 5 days of ADV to sell.
Over the last 2 weeks and 4 weeks, short interest has decreased on most of the adds while increasing on all the deletes and most of the stocks with outflows.

FTSE EPRA Nareit Index Rebalance: Now One Add for Korea

By Brian Freitas

SK REITs (395400 KS) will now be added to the FTSE EPRA Nareit Global Real Estate Index Series after market close on 16 December.
Based on the passive assets estimated to track the FTSE EPRA Nareit Index, there could be around 3.11m shares (US$11.3m; 19.2x ADV) to buy on SK REITs (395400 KS).
SK REITs (395400 KS) trades expensive as compared to ESR Kendall Square REIT (365550 KS) and we’d use an index inclusion driven rally to pare positions in the stock.

Index Rebalance & ETF Flow Recap: STAR50, CSI300/500, SSE50/180/380, ChiNext, SZSE1000, CH50, EPRA

By Brian Freitas

It was a busy week with the implementation of the MSCI Nov SAIR and the Hang Seng December rebalance, plus a lot of announcements for the FTSE indices.
The coming week has the implementation of the December rebalance for the KOSPI2 INDEX, KOSDAQ 150 Index and a range of indices in China.
Inflows to iShares MSCI Emerging Markets (EEM) and iShares MSCI ACWI ETF (ACWI US) during the week as markets move higher on expectations of slower rate hikes from the Fed.

PCOMP Index Rebalance Preview Feb 23: Higher Free Float Means Fewer Changes

By Brian Freitas

From December 2022, the minimum free float requirement to be a part of the Philippines Stock Exchange PSEi Index (PCOMP INDEX) increases from 15% to 20%.
We see a high probability of DMCI Holdings (DMC PM) replacing Emperador (EMP PM) in the index at the upcoming rebalance.
There are a few other potential changes to the index and the passive flow on the stocks will be material.

FTSE China A50 Index Rebalance: Stock Connect Deletion to Drive Change

By Brian Freitas

Beijing-Shanghai High Speed Railway-A (601816 CH) will be deleted from the Northbound Stock Connect Buy and Sell list from the close on 9 December.
Beijing-Shanghai High Speed Railway will be deleted from the SSE180, MSCI and FTSE indices. Plus a deletion from the FTSE China A50 Index (XIN9I INDEX).
The replacement for Beijing-Shanghai High Speed Railway-A (601816 CH) will be determined at the close of trading today and the announcement will be made post market close.

HSCEI Index Rebalance Preview: Shenhua Energy (1088) Could Replace China Feihe (6186)

By Brian Freitas

Nearing the end of the review period for the March rebalance, we see China Shenhua Energy Co H (1088 HK) replacing China Feihe (6186 HK) in the HSCEI INDEX.
Estimated one-way turnover is 1.64% resulting in a one-way trade of HK$1.02bn with passives needing to buy 1x ADV on China Shenhua Energy and selling 1.7x ADV on China Feihe.
The change will lead to an increase in the fair value of the HSCEI 2023 dividend futures by over 3 DIPS. Could be more if China Shenhua pays a special.

HSTECH Index Rebalance Preview: Tongcheng Travel (780 HK) Could Replace Ming Yuan Cloud (909 HK)

By Brian Freitas

Tongcheng-Elong Holdings Ltd (780 HK) could replace Ming Yuan Cloud Group (909 HK) in the Hang Seng Tech Index (HSTECH INDEX) at the March rebalance.
One way turnover is estimated at 2.1% resulting in a one-way trade of HK$1.7bn. Passive trackers will need to buy nearly 10x ADV on Tongcheng-Elong Holdings Ltd (780 HK).
After being deleted from the MSCI China Index at the November SAIR, this could be the next major index deletion for Ming Yuan Cloud Group (909 HK).

MVIS Global Junior Gold Miners Index Rebalance: Two Adds, Four Deletes, Float Changes

By Brian Freitas

Filo Mining (FIL CN) and Tietto Minerals (TIE AU) are adds while Fresnillo (FRES LN), Galiano Gold (GAU US), Jaguar Mining (JAG CN) and Novo Resources (NVO CN) are deletes.
One way turnover is estimated at 4.3% resulting in a one-way trade of US$163m. There is over 1 day of ADV to trade on 24 stocks.
Largest inflows are on Filo Mining (FIL CN) and Tietto Minerals Ltd (TIE AU) while largest outflows are on Fresnillo PLC (FRES LN) and Centerra Gold (CG CN).

MVIS Global Rare Earth/Strategic Metals Index Rebalance: Float & Capping Changes

By Brian Freitas

As expected, there are no adds or deletes for the MVIS Global Rare Earth/Strategic Metals Index at the December rebalance.
There are free float and capping changes that will be implemented at the close on 16 December.
One way turnover is estimated at 4.26% and will result in a one-way trade of US$31.5m.

JCNC Is Still Overstretched Vs. Astra

By David Blennerhassett

Jardine Cycle & Carriage (JCNC SP) is currently trading at a ~12% discount to NAV, just outside its narrowest post-Covid.
A key catalyst for the recent narrowing was JCNC’s inclusion in the SIMSCI Index at the end of last month.
JCNC is expensive here – relative to historical values – and from an implied stub perspective.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 11

Daily Brief Energy/Materials: TA Chen Stainless Pipe and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Index Rebalance & ETF Flow Recap: ASX, HSTECH, TWDiv+, EPRA Nareit, HSCEI, PCOMP, STAR50, REMX, GDXJ

Index Rebalance & ETF Flow Recap: ASX, HSTECH, TWDiv+, EPRA Nareit, HSCEI, PCOMP, STAR50, REMX, GDXJ

By Brian Freitas

The rebalance implementation of the KOSPI2, KOSDQ150, CSI 300, CSI 500, STAR50 and other indices took place on 8/9 December. Plus MSCI/FTSE deletes due to Northbound Stock Connect changes.
Friday will see the implementation of the FTSE All-World/All-Cap, EPRA Nareit, S&P/ASX, KLCI, FTSE China and Sensex indices. The FTSE Taiwan Dividend+ Index will have the largest flows.
Big weekly redemptions from the Mirae Asset Tiger Top 10 ETF (292150 KS), ChinaAMC China 50 ETF (510050 CH) and IShares Core MSCI Asia Ex Japan ETF (3010 HK).

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 11

Daily Brief TMT/Internet: Softbank Group, Tencent and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Last Week in Event SPACE: JAFCO, Jardine Cycle, Softbank, Star Health
ECM Weekly (11th Dec 2022) – ITail, Sunshine, Weilong, VinFast, Skymark, Tian Tu, Cntry Gard, Nippon

Last Week in Event SPACE: JAFCO, Jardine Cycle, Softbank, Star Health

By David Blennerhassett

In principle, Jafco Co Ltd (8595 JP) still wants to be greenmailed to get Murakami-san out.
Jardine Cycle & Carriage (JCNC SP)i is expensive here – relative to historical values – and from an implied stub perspective. And the MSCI inclusion event has now passed.
If you think this is a “risk”, then you want to be long when the discount is wide and Softbank Group (9984 JP) is monetising assets in some way.

ECM Weekly (11th Dec 2022) – ITail, Sunshine, Weilong, VinFast, Skymark, Tian Tu, Cntry Gard, Nippon

By Sumeet Singh

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, the usual year end rush in smaller deals appears to have resumed.
On placements front, this week was one for real estate with Country Garden Holdings Co (2007 HK), Macrotech, Seazen (1030 HK) and Nippon Prologis Reit (3283 JP) undertaking deals.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 11

Daily Brief Consumer: Melco Resorts & Entertainment and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Asia Gaming: Raising Recent Guidance on Melco Resorts as Catalysts Begin to Move Market Sentiment

Asia Gaming: Raising Recent Guidance on Melco Resorts as Catalysts Begin to Move Market Sentiment

By Howard J Klein

In last month’s insight, we noted that Melco was poised for an upside as it was among the most seriously undervalued stock in the sector.
Despite continuing covid travel ban related losses in 3Q22 earnings release, we saw an upside coming in near term catalysts.
Improving performance by 1Q23 will turn sentiment even stronger as the bull case materializes due to positives now poised in place.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 11

Daily Brief Financials: USD and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

USD Low Gels Dec Risk Peak

USD Low Gels Dec Risk Peak

By Thomas Schroeder

We have outlined our bullish DXY zone at 103 but what if the dollar front runs a bull turn as the bulk of near-term yield weakness is baked in.
USD lows versus Asian FX shows the ability to turn USD bullish early.
SPX rise off of 3,900 pivot support after cracking RSI and price wedge supports a concern if we cannot muster a near term reaction rise.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 11

Daily Brief Health Care: Acotec Scientific Holdings, China Traditional Chinese Medicine and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Acotec Scientific Holdings (6669 HK): Base Business, Geography Expansion, New Launch to Drive Growth
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Xingda, Nitro, Chip Eng Seng, Traditional Chinese Medicine
Acotec Scientific Holdings (6669.HK) – A Game Changer with Solid Long-Term Logic

Acotec Scientific Holdings (6669 HK): Base Business, Geography Expansion, New Launch to Drive Growth

By Tina Banerjee

Acotec Scientific Holdings (6669 HK) is an early-mover in peripheral drug coated balloon market in China and holds a dominant 85%+ market share.
On November 7, Acotec received its first FDA approval for Vericor, a peripheral support catheter designed to enhance access to peripheral vessels.
Acotec started 2022 on a strong note, with revenue increasing 25% y/y in H1 2022 due to increasing adoption of the company’s product in Chinese hospitals.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Xingda, Nitro, Chip Eng Seng, Traditional Chinese Medicine

By David Blennerhassett

There are 45 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed on Smartkarma: Xingda International (1899 HK)‘s partial MBO.
Key updates took place for: Nitro Software Ltd (NTO AU) , Chip Eng Seng Corp (CHIP SP) and China Traditional Chinese Medicine (570 HK).

Acotec Scientific Holdings (6669.HK) – A Game Changer with Solid Long-Term Logic

By Xinyao (Criss) Wang

The peripheral vascular interventional device market in China is mainly dominated by foreign companies, but leading domestic company such as Acotec is the one to break the current market pattern.
With more products getting CE/FDA approval in the future, Acotec Scientific Holdings (6669 HK) is able to enter more overseas markets. Acotec’s globalization process will diversify the revenue stream.
Acotec has turned loss into profit by relying on product revenue. The Company has entered a new stage of innovation and harvest. We think Acotec has solid long term logic.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 11

Daily Brief China: Hong Kong Hang Seng Index, Acotec Scientific Holdings, Tencent, China Traditional Chinese Medicine, Country Garden Services Holdings and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
Acotec Scientific Holdings (6669 HK): Base Business, Geography Expansion, New Launch to Drive Growth
ECM Weekly (11th Dec 2022) – ITail, Sunshine, Weilong, VinFast, Skymark, Tian Tu, Cntry Gard, Nippon
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Xingda, Nitro, Chip Eng Seng, Traditional Chinese Medicine
Acotec Scientific Holdings (6669.HK) – A Game Changer with Solid Long-Term Logic
Hong Kong CEO & Director Dealings (9 Dec): Hopefluent, Matrix, Country Garden Services

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades

By Simon Harris

Weekly summary of vol changes and moves across Global Markets
Analysing ATM volatility and skew changes over the last 5 days
We suggest a few trades to take advantage of the implied vol surfaces

Acotec Scientific Holdings (6669 HK): Base Business, Geography Expansion, New Launch to Drive Growth

By Tina Banerjee

Acotec Scientific Holdings (6669 HK) is an early-mover in peripheral drug coated balloon market in China and holds a dominant 85%+ market share.
On November 7, Acotec received its first FDA approval for Vericor, a peripheral support catheter designed to enhance access to peripheral vessels.
Acotec started 2022 on a strong note, with revenue increasing 25% y/y in H1 2022 due to increasing adoption of the company’s product in Chinese hospitals.

ECM Weekly (11th Dec 2022) – ITail, Sunshine, Weilong, VinFast, Skymark, Tian Tu, Cntry Gard, Nippon

By Sumeet Singh

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, the usual year end rush in smaller deals appears to have resumed.
On placements front, this week was one for real estate with Country Garden Holdings Co (2007 HK), Macrotech, Seazen (1030 HK) and Nippon Prologis Reit (3283 JP) undertaking deals.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Xingda, Nitro, Chip Eng Seng, Traditional Chinese Medicine

By David Blennerhassett

There are 45 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed on Smartkarma: Xingda International (1899 HK)‘s partial MBO.
Key updates took place for: Nitro Software Ltd (NTO AU) , Chip Eng Seng Corp (CHIP SP) and China Traditional Chinese Medicine (570 HK).

Acotec Scientific Holdings (6669.HK) – A Game Changer with Solid Long-Term Logic

By Xinyao (Criss) Wang

The peripheral vascular interventional device market in China is mainly dominated by foreign companies, but leading domestic company such as Acotec is the one to break the current market pattern.
With more products getting CE/FDA approval in the future, Acotec Scientific Holdings (6669 HK) is able to enter more overseas markets. Acotec’s globalization process will diversify the revenue stream.
Acotec has turned loss into profit by relying on product revenue. The Company has entered a new stage of innovation and harvest. We think Acotec has solid long term logic.

Hong Kong CEO & Director Dealings (9 Dec): Hopefluent, Matrix, Country Garden Services

By David Blennerhassett

The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. However, such disclosures are by no means an absolute.
These insights may flag those companies where shares have been pledged. Stocks mentioned include Hopefluent Group (733 HK), Matrix Holdings (1005 HK), Country Garden Services Holdings (6098 HK).

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Dec 11

Daily Brief United States: USD and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

USD Low Gels Dec Risk Peak

USD Low Gels Dec Risk Peak

By Thomas Schroeder

We have outlined our bullish DXY zone at 103 but what if the dollar front runs a bull turn as the bulk of near-term yield weakness is baked in.
USD lows versus Asian FX shows the ability to turn USD bullish early.
SPX rise off of 3,900 pivot support after cracking RSI and price wedge supports a concern if we cannot muster a near term reaction rise.

Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

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