Daily Brief Financials: Ethereum, Korea Stock Exchange Kospi Index, NOK, Banco De Sabadell SA, Dollar Index, Metaplanet, S&P/ASX 200, Yanlord Land, Futu Holdings Ltd and more

• 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

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• 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.

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• 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.

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• 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.