Smartkarma Daily Briefs

• 4imprint’s order is backed by a 360-degree guarantee, arrives as expected and on time, with free samples, expert support, and total confidence
• Ether, unlike Bitcoin, is seen as a 90s tech stock that could potentially change the tech and internet industry
• Ether ETFs have doubled in assets in one month, reaching about 20 billion total, but still only make up 13% of Bitcoin ETF assets

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Even the revised draft is facing possible first-ever presidential non-approval, which acts like a de facto veto between Cabinet approval and National Assembly submission.
• The admin aims to make stocks outperform real estate, with a dividend tax cut under separate taxation as the key lever, fully recognized by the Presidential Office.
• Local markets are pulling back on Presidential Office delays, but signals point to a clear reform direction — time to build mid-term positions in banks and holdcos.

• revised Fed call expects easing in September with four consecutive cuts
• ECB in data watching mode, final cut expected in October
• Sweden may see lower growth due to trade war impact, inflation to decrease in the autumn, risk of falling below 2% next year. Norway has solid growth outlook, inflation above two and a half percent, minimal exposure to trade war.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• BBVA’s bid for Sabadell remains underwater, with a –6.8% spread despite a 29% BBVA’s rally. The latest exchange ratio worsens optics; a cash bump may be needed to secure acceptance.
• Legal and regulatory overhang persists, with BBVA appealing Spain’s three-year integration block. The outcome may reshape synergy capture but remains slow-moving, leaving short-term deal value limited and execution uncertain.
• Tactical opportunity remains in long SAB / short BBVA, with September’s acceptance window approaching. Unless terms improve, rejection risk is high; fundamentals and shareholder sentiment increasingly favour Sabadell’s standalone path.

• Dollar index has been consolidating for the last two months, leading to uncertainty
• Conditions for dollar bearishness still intact, with US real yields heading lower and growth slowing down
• Potential catalysts for dollar weakness include Fed capitulation to dovish side or Russia Ukraine resolution impacting energy prices and trade relations.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Metaplanet’s equity halved since June, slowing its bitcoin accumulation flywheel as mNAV collapsed from 8x to 2.1x, straining progress toward the 30,000 BTC target.
• Despite headwinds, ¥154b raised via SAR and new perpetual preferred shares expand funding capacity, though near-term headroom of ¥80b remains modest relative to ambitions.
• September’s EGM may prove pivotal; beyond share amendments, a potential U.S. listing via Metaplanet Treasury Corp could signal intent to access deeper capital markets.

• A quick synoptic look at the tactical setups for the indices, stocks, commodities and bonds we cover, for the week August 18 – August 22.     .XLSX MODEL DATA FILE ATTACHED.
• OVERBOUGHT at the WEEKLY Close: AAPL US , GOOG US , META US , China Mobile (941 HK) , Toyota Motor (7203 JP) , Softbank Group (9984 JP) , Nikkei 225
• OVERSOLD at the WEEKLY Close: Commonwealth Bank of Australia (CBA AU) , Crude Oil (CL1 COM COMDTY) 

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Yanlord Land, Longfor Group, China Hongqiao, Biocon Biologics
• UST yields climbed on Friday, with the curve bear steepening, amid a wider sell-off in long-dated European sovereign bonds. The yield on the 2Y UST rose 2 bps to 3.75%, while that on the 10Y UST climbed 3 bps to 4.32%.
• Equities retreated from all-time highs. This followed mixed macro updates that showed a broad-based advance in July retail sales, while consumer sentiment weakened on rising inflation expectations. The S&P 500 and Nasdaq declined 0.3% and 0.4%, to 6,450 and 21,623, respectively.

• FUTU’s platform is already scaled and profitable, with strong client growth, sticky assets, and expanding yields from cash and margin balances.
• Crypto optionality is real but not fully in consensus. The full license could transform revenue mix in 2026-27 significantly, with margin upside.
• At 20x FY2 P/E, even though its peak of its range, we think the valuation doesn’t reflect the potential impact on revenues from crypto. We believe consensus is 10-15% short.

• Institutions were net sellers of Singapore stocks from August 8 to 14, with a net outflow of S$465 million.
• Suntec REIT saw S$8.5 million net inflow, increasing its 2025 cumulative net inflows to S$53.7 million.
• Keppel led share buybacks, purchasing 2.99 million shares at S$8.41 each, totaling S$55.8 million in consideration.