Daily Brief Financials: Hang Seng Index, Gemini Space Station, Lamda Development Sa, Nikkei 225, Intiution and more

• The Hang Seng Index (HSI INDEX) has been rallying +37% since its plunge to 19260 on April 7th. It is +6% higher than its previous high in mid-March.
• The sentiment towards the index remains positive lately, and our model indicates the HSI  is a bit overbought but could go higher.
• The HSI INDEX starts to be toppish around 26874 (75% prob. of reversal). Covering past that point is not a bad idea, especially if the index is up 3-4 weeks.

• Gemini Space Station made a splashy debut on Friday, pricing 15.2 million shares at $28.00, above its upwardly-revised $24-$26 range (originally $17-$19). The stock opened at $37.01.
• Gemini hit an intraday high of $45.89, but selling pressure quickly came in as investors took profits. The stock stabilized in the low $30s, closing at $32.00.
• Retail investors played a central role in the offering, with 31% of shares allocated to individual investors—far above the typical 6–8% seen in traditional deals.

LAMDA Development’s agreed disposal of land to ION Group for €450m is a landmark in the long-term development of the Ellinikon project and, if it successfully completes the relevant due diligence process, will underpin the long-term value of the company’s post-Phase 1 (PP1) development plans. We value LAMDA’s existing mall and marina operations plus Phase 1 at around €12.30/share. In addition, investors can take further comfort in the potential value of the PP1 developments, which we originally valued at €9.30/share. LAMDA is due to announce H125 results on 17 September and more detail relating to the ION disposal may be forthcoming at that stage.

• Context: The Bank of Japan (BoJ) will announce its monetary policy decision on Friday, 19 September 2025. Unlike most central banks, the BoJ announces its decisions flexibly, usually around noon.
• Highlight: Analysis of the past 13 meetings hints at patterns linking longer meetings and delayed announcements with policy changes, including a surprise hike in July 2024.
• Why it Matters: This analysis helps investors interpret timing signals ahead of the 19 September decision, assessing whether delay itself could hint at an outcome shift.

• The report explores Intuition Protocol, a decentralized trust layer designed to solve the internet’s core challenge: how information is discovered, validated, and shared.
• Unlike centralized Web2 platforms or binary prediction markets, Intuition introduces Token Curated Graphs built from Atoms (unique data identifiers) and Triples (relationships between them).
• By aligning economic incentives, social capital, and portable data structures, the protocol turns knowledge into an asset class—one that individuals, communities, and AI agents can own, curate, and monetize.