In today’s briefing:
- CX Daily: Weeks After Hong Kong Offering, Miniso Shares Tank on Short-Seller Attack
- France: Europe’s High Conviction Holding
- The Crazy Market Rally Explained
CX Daily: Weeks After Hong Kong Offering, Miniso Shares Tank on Short-Seller Attack
- China and Indonesia leaders vow to deepen relations
- Analysis: Dutch carmaker Stellantis NV (STLA US) and state-owned Guangzhou Automobile Group (2238 HK) go their own ways
- Weeks after Hong Kong offering, Miniso (MNSO US) shares tank on short-seller attack
France: Europe’s High Conviction Holding
- Global equity managers are positioned at their highest ever overweight in French equities
- France is the 4th largest country allocation globally and the largest in the European Union. Versus the benchmark, only the Netherlands has more funds positioned overweight.
- Sanofi and Cap Gemini SA have benefited from fund rotation this year, with the percentage of funds invested in each name rising by 4.1% and 3.3% respectively
The Crazy Market Rally Explained
- Despite admitting that economic growth is clearly slowing down, the Fed just hiked by another 75 basis points and reiterated the path of least resistance from here is well represented by the Dot Plot: more hikes ahead – all the way to Fed Funds at 3.75%!
- And yet, markets have staged a humongous rally led by the most valuation intensive and risk sentiment driven asset classes: Nasdaq and Crypto.
- So, what the heck?! It all boils down to how one single sentence Powell pronounced was able to affect the probability distributions investors were projecting for different asset classes.
Does it sound complicated? Bear with me: it’s not!
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