In today’s briefing:
- Trump’s Tariffs and China: THE STATE OF PLAY
- Details of the Major Changes in Delisting Rules in Korea
- [US Nat Gas Options Weekly 2025/03] Henry Hub Pulls Back from Uptrend on Shifting Weather Forecasts
- CX Daily: Where Best to Invest in China’s Low-Interest-Rate Era
- [US Crude Oil Options Weekly 2025/03] WTI Gained for the Fourth Straight Week on Supply Concerns
- UK Pay And Participation Are Rising
Trump’s Tariffs and China: THE STATE OF PLAY
- Trump has already entered negotiations with President Xi which may result in a temporary refrain from imposing tariffs.
- Trump has indicated that TikTok will now be part of a broader deal with China which he outlined as a potential 50/50 joint venture with China.
- China has more leverage in trade negotiations with the US than it had during Trump’s first term.
Details of the Major Changes in Delisting Rules in Korea
- On 21 January, the FSC announced the full details of the major changes in the delisting rules in Korea, which should help to reduce the “Korea Discount.”
- This is one of the biggest ever changes to delisting rules in Korea in the past 30 years.
- These changes will be especially important among investors that are interested in small caps in Korea.
[US Nat Gas Options Weekly 2025/03] Henry Hub Pulls Back from Uptrend on Shifting Weather Forecasts
- For the week ending 17/Jan, U.S. natural gas prices declined 1% amid volatility driven by shifting weather forecasts, increasing LNG exports, and falling inventories.
- Henry Hub Put/Call volume ratio fell to 1.18 from 1.29 (10/Jan) the previous week as call volumes dropped by 5.1% WoW, while put volumes declined by 13.5%.
- Henry Hub OI PCR stayed put at 0.92 from last week. Call OI inched up by 6.9% WoW, while put OI increased by 7.4%.
CX Daily: Where Best to Invest in China’s Low-Interest-Rate Era
- Interest rate / Cover Story: Where best to invest in China’s low-interest-rate era
- Citadel /: Citadel files application for foreign-owned China brokerage after short delay
- Telecom scams: More than 60 university students in Hong Kong, mostly first-year Chinese mainland newcomers, have fallen victim to telecom scams in recent months, losing HK$60 million ($7.7 million) between them
[US Crude Oil Options Weekly 2025/03] WTI Gained for the Fourth Straight Week on Supply Concerns
- WTI futures rose 1.7% for the week ending 17/Jan, driven by healthy U.S. economic data, falling crude inventories, and supply concerns.
- WTI options Put/Call volume ratio surged to 1.28 from 0.83 (10/Jan) last week, as call volume fell by 70.7% WoW while put volume decreased by 54.7%.
- WTI OI PCR rose to 1.00 from 0.94 last week. Call OI fell by 11.7% WoW, while put OI declined by 6.4%.
UK Pay And Participation Are Rising
- A renewed rise in the UK unemployment rate took it to 4.4% despite employment hitting record highs. Participation among older people has reversed much of its pandemic fall.
- The underlying UR trend also increased, making this change look genuine. Nonetheless, the past two similar occasions proved extremes, with the UR falling a few months later.
- Rapid pay growth might have encouraged labour force participation. The direct inflation effect should dominate the second-order slack story, but the BoE will probably cut.
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