Daily Brief Financials: Hong Kong Hang Seng Index, S&P 500, Kotak Mahindra Bank, Country Garden Holdings Co, Capitaland Integrated Commercial Trust and more

• 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

• We recommended rolling back into our short group at SPX 3,800+ on October 5th. Friday’s NFP bear impulse does show energy to pressure the SPX 3,630/50 bull/bear line.
• SPX chart shows downside follow through after downside impulses as does the oversold RSI reading (lacking any bull divergence). US yields and USD point north to provide bear fuel.
• Below SPX 3,630 (after an uptick) does favor minor new lows in the US that is part of the bottom building process outlined for October.

• SEBI, capital market regulator penalises senior executives of Kotak Mahindra Asset Management Company for serious offenses in June 2022
• The Securities Appellate Tribunal (SAT) stays the penalties but a stay is not an exoneration, final order scheduled on November 10, 2022 
• Instead of disciplining senior executives, Kotak Mahindra publicly promotes concerned executives demonstrating contempt for the regulator. 

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• China SCE
• China Vanke
• Country Garden Holdings Co
• Tata Motors ADR

• REIT Watch – Retail S-Reits see double-digit pickup; downtown malls shine Retail sales in Singapore went up by 13 per cent year on year (yoy) in August, marking its fifth consecutive month of double-digit yoy growth.
• CapitaLand Integrated Commercial Trust reported 15.9 per cent yoy growth in retail tenant sales and 12.5 per cent yoy growth in shopper traffic for H1 2022.