Daily Brief Financials: S&P 500, Sygnum, ICBC (H), Bizbaz, CIFI Holdings, Manulife US REIT (MUST) and more

• Update to our transition to bullish risk hinges on SPX 3,650/30 on the next downside test. Below would see that new low, holding more bullish.
• NKY, ASX, STI and Eurostoxx 50 met initial buy levels and now meeting reduce PT’s. Yields and the USD are set to rise, inducing a fresh equity draw down.
• Late October is our cycle window for an ideal equity cycle low where we plan to go long in a bigger way.

• Sygnum, a Switzerland-based digital asset bank, has partnered with Thai media giant T&B Media Global.

• Sygnum will provide the Thai firm with digital asset services, which includes advising in and setting up the hybrid equity-NFT structure, developing metaverse token economic models, and providing custody for traditional tokens.

• The hybrid equity-NFT structure is meant to provide both issuers and investors with a regulated means of participating in the opportunities presented by the metaverse.

• We looked at HSBC and ICBC to consider relative vol surfaces 
• We evaluate relative risks of credit deterioration in China on both stocks
• We suggest a relative value vol trade that offers good risk reward in various scenarios

• The Bizbaz solutions combine insights from applied behavioural sciences, anthropology, and machine learning technologies.
• Bizbaz, a Singapore-headquartered customer intelligence and risk assessment company, announced that it had closed a US$4 million seed funding round led by HSBC Asset Management (HSBC AM).
• Bizbaz aims to empower financial services providers by offering them comprehensive customer intelligence and risk assessment solutions.

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.

• CIFI Holdings
• Times China

• Manulife US REIT: Resilient Amidst Evolving Dynamics You can learn something from every single person on your team, no matter their rank or role.” The REIT Manager is Manulife U.S.
• Real Estate Management Pte Ltd, an indirect wholly owned subsidiary of the Sponsor.