Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A monthly review of how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul>


A monthly review of how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions added or removed from the thematic investment portfolio


August Themes and Thematic Portfolio Review

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>The Nasdaq, China and the JPY walk into a bar.</li>
<li>The world's biggest uranium miner cuts its 2025 production guidance</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
The Nasdaq, China and the JPY walk into a bar.
The world's biggest uranium miner cuts its 2025 production guidance


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We are seeing a broad-based snap-back rally after the S&amp;P 500 found support at our 5100-5191 target/bounce area which we discussed in our 7/30/24 and 8/6/24 Compass reports</li>
<li>We are not out of the woods as we still see the $SPX and $QQQ going through a 1- to 4-month pullback/consolidation period, and market dynamics remain far from perfect.</li>
<li>Apr. 2000, Aug. 2007, Feb. 2022 $SPX top comparisons are why we expected SPX to find support at 5100, AND THEN test YTD highs (8/13/24 Compass report).</li>
</ul>


We are seeing a broad-based snap-back rally after the S&amp;P 500 found support at our 5100-5191 target/bounce area which we discussed in our 7/30/24 and 8/6/24 Compass reports
We are not out of the woods as we still see the $SPX and $QQQ going through a 1- to 4-month pullback/consolidation period, and market dynamics remain far from perfect.
Apr. 2000, Aug. 2007, Feb. 2022 $SPX top comparisons are why we expected SPX to find support at 5100, AND THEN test YTD highs (8/13/24 Compass report).


Snap-Back Rally Tests YTD Highs; Apr. 2000, Aug. 2007, Feb. 2022 $SPX Top Comparisons Still in Play

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Macroeconomics

<ul>
<li>CPI dropped to 2.9% YoY in July, the lowest since March 2021, while Core CPI cooled to 3.2% YoY, reflecting a broad-based softening in inflation.</li>
<li>Retail sales surged 1% MoM, driven by a volatile 3.6% rise in motor vehicle sales, signaling resilient consumer spending despite mixed economic conditions.</li>
<li>Manufacturing and industrial production contracted, pushing the GDPNow forecast down to 2.4%, highlighting persistent weakness in these sectors.</li>
</ul>


CPI dropped to 2.9% YoY in July, the lowest since March 2021, while Core CPI cooled to 3.2% YoY, reflecting a broad-based softening in inflation.
Retail sales surged 1% MoM, driven by a volatile 3.6% rise in motor vehicle sales, signaling resilient consumer spending despite mixed economic conditions.
Manufacturing and industrial production contracted, pushing the GDPNow forecast down to 2.4%, highlighting persistent weakness in these sectors.


Mint Macro Roundup: U.S. Inflation Dips Below 3% Amid Stronger Retail Sales

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul><li>Welcome to our US Inflation Watch.</li><li>We see US CPI inflation coming in at 2.8% YoY and 0.1% MoM, with core inflation at firm  3.1% YoY and 4 bps hotter than headline on the month.</li><li>This is clearly below the early consensus, even if a few contributors dare to forecast even lower inflation levels than us.</li></ul>

Welcome to our US Inflation Watch.We see US CPI inflation coming in at 2.8% YoY and 0.1% MoM, with core inflation at firm  3.1% YoY and 4 bps hotter than headline on the month.This is clearly below the early consensus, even if a few contributors dare to forecast even lower inflation levels than us.

US Inflation Watch: Disinflation scare or relief?

United States

The NASDAQ-100 Index is a modified capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ. No security can have more than a 24% weighting. The index was developed with a base value of 125 as of February 1, 1985. Prior to December 21,1998 the Nasdaq 100 was a cap-weighted index.

Nasdaq-100 Stock Index (NDX INDEX)

August Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Overview #8 Plus Ca Change...

A review of recent events/data impacting our investment themes and outlook. Japan the Japanese Yen, China as well as Uranium

Rikki Malik

Snap-Back Rally Tests YTD Highs; Apr. 2000, Aug. 2007, Feb. 2022 $SPX Top Comparisons Still in Play

Snap-Back Rally Tests YTD Highs; Apr. 2000, Aug. 2007, Feb. 2022 $SPX Top Comparisons Still in Play. These comparisons are why we expected support...

Vermilion Research

Mint Macro Roundup: U.S. Inflation Dips Below 3% Amid Stronger Retail Sales

U.S. inflation fell below 3% for the first time in over three years. Despite mixed signals from the manufacturing sector, retail sales showed...

Mint Finance

US Inflation Watch: Disinflation scare or relief?

Welcome to our US Inflation Watch. We see US CPI inflation coming in at 2.8% YoY and 0.1% MoM, with core inflation at firm 3.1% YoY and 4 bps...

Steno Research