Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Event-Driven

The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The Nikkei Stock Average was first published on May 16, 1949, where the average price was ¥176.21 with a divisor of 225. 

<ul>
<li>The US election is the ultimate of known unknowns. The markets have endured both Trump and Biden/Harris so impactful policy surprises should be limited. </li>
<li>Hedging cost are running high for Asian equities post August unwind and September stimulus combined with election. </li>
<li>Markets have some momentum and in some cases mean reversion to the price move on the day after the election. </li>
</ul>


The US election is the ultimate of known unknowns. The markets have endured both Trump and Biden/Harris so impactful policy surprises should be limited. 
Hedging cost are running high for Asian equities post August unwind and September stimulus combined with election. 
Markets have some momentum and in some cases mean reversion to the price move on the day after the election. 


EQD | US Election -  Hedge Considerations

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>Although both Republicans and Democrats have policies related to supply chain security/lowering drug prices, they have taken different approaches. Harris is likely to be “a continuation of the Biden policy”. </li>
<li>Harris would continue Biden’s strategy of “wooing India to contain China” and developing a pro-US supply chain system that isolates China.Her future policy direction may be more "predictable" than Trump's.</li>
<li>Whether Trump or Harris is elected as President of the US, there's a high possibility that the US will continue to confront China in the fields of biosecurity and biotechnology.</li>
</ul>


Although both Republicans and Democrats have policies related to supply chain security/lowering drug prices, they have taken different approaches. Harris is likely to be “a continuation of the Biden policy”. 
Harris would continue Biden’s strategy of “wooing India to contain China” and developing a pro-US supply chain system that isolates China.Her future policy direction may be more "predictable" than Trump's.
Whether Trump or Harris is elected as President of the US, there's a high possibility that the US will continue to confront China in the fields of biosecurity and biotechnology.


What Does a Kamala Harris Presidency Mean for China Healthcare?

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

Zoetop Business Co., Limited, doing business as SHEIN, operates as a fashion e-commerce platform. The Company focuses on women's wear, men's apparel, children's clothes, accessories, shoes, bags, and other fashion items. SHEIN serves clients worldwide.

<ul>
<li>Biden Administration rule would make "de minimis" items subject to tariffs</li>
<li>Besides adding to landed cost of those items, reporting requirements would rise</li>
<li>In addition, US/EU governments launch probes of SHEIN/Temu product safety</li>
</ul>


Biden Administration rule would make "de minimis" items subject to tariffs
Besides adding to landed cost of those items, reporting requirements would rise
In addition, US/EU governments launch probes of SHEIN/Temu product safety


SHEIN and Temu: New Rule Could Crush "De Minimis" Imports | New Front In "War"  Vs DTC Platforms

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

<ul><li>CoSAI is a collaboration between tech giants like Intel, Google, and IBM to drive innovation in the automotive industry.</li><li>Knobs and buttons are making a comeback in car interfaces, reflecting a trend in automotive design for more tactile controls.</li><li>Apple opposes Tata-Vivo partnership as Vivo marks its 10th anniversary in India, while Biden admin shows support for CHIPS Act to boost packaging and testing industry.</li></ul>

CoSAI is a collaboration between tech giants like Intel, Google, and IBM to drive innovation in the automotive industry.Knobs and buttons are making a comeback in car interfaces, reflecting a trend in automotive design for more tactile controls.Apple opposes Tata-Vivo partnership as Vivo marks its 10th anniversary in India, while Biden admin shows support for CHIPS Act to boost packaging and testing industry.

Tech Supply Chain Tracker (01-Aug-2024): Top tech firms join CoSAI.

Acer Inc. manufactures and distributes semiconductor products, personal computers, computer peripherals, multimedia products, and computer software. The Company also provides maintenance and repair services to customers.  In addition, Acer Inc. operates real estate business. The Company markets its products under the Acer brand name.

<ul><li>Kamala Harris assumes presidency after Joe Biden steps down amidst discussions on AI regulations and semiconductor debates.</li><li>India's iVP Semi focuses on domestic market with locally developed strategy, aiming to penetrate the fabless startup industry.</li><li>Composite materials boast superior performance but come with higher costs due to advanced properties and manufacturing processes; South Korean experts urge government to protect OLED panel market against Chinese competition.</li></ul>

Kamala Harris assumes presidency after Joe Biden steps down amidst discussions on AI regulations and semiconductor debates.India's iVP Semi focuses on domestic market with locally developed strategy, aiming to penetrate the fabless startup industry.Composite materials boast superior performance but come with higher costs due to advanced properties and manufacturing processes; South Korean experts urge government to protect OLED panel market against Chinese competition.

Tech Supply Chain Tracker (24-Jul-2024): Biden out, Harris leads amid AI, semiconductor debates.

US Election 2020; the Biden Harris Ticket