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Smartkarma Daily Briefs

May 04
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (May 3rd): Meituan and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (May 3rd): Meituan, Hang Seng Bank, Swire Pacific

Hong Kong Buybacks Weekly (May 3rd): Meituan, Hang Seng Bank, Swire Pacific

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 3rd based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were Meituan (3690 HK), Hang Seng Bank (11 HK), Swire Pacific (19 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), Hang Seng Bank (11 HK).

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May 04
0

Daily Brief Technical Analysis: Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

By Joe Jasper

  • We continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).
  • Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024 Int’l Compass
  • Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 Int’l Compass. This has bullish implications for ACWI

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May 04
0

Daily Brief ESG: The Raising of Listing Criteria in the Growth Market Will Lead to Increased Investment Opportunities and more

By | Daily Briefs, ESG

In today’s briefing:

  • The Raising of Listing Criteria in the Growth Market Will Lead to Increased Investment Opportunities

The Raising of Listing Criteria in the Growth Market Will Lead to Increased Investment Opportunities

By Aki Matsumoto

  • Criteria for IPOs aren’t a major issue. TSE is concerned that many companies will be in jeopardy of being delisted if the criteria for maintaining listing are raised.
  • TSE will likely make “request” to Growth Market listed companies to increase their market capitalization if the criteria for maintaining listing are not raised.
  • From 2025, delisting and subsequent re-listing through M&A and MBOs is expected to increase, which will lead to more investment opportunities.

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May 04
0

Daily Brief Thematic (Sector/Industry): US EV Charging Infrastructure Tracker – April 2024 and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • US EV Charging Infrastructure Tracker – April 2024
  • AUCTUS ON FRIDAY – 03/05/2024

US EV Charging Infrastructure Tracker – April 2024

By Garvit Bhandari

  • EV charging ports have been growing faster than any other fueling category and now account for around 88% of all alternative fueling stations.
  • There are a total of 68,077 public and private EV charging station locations in the US as of 30 April 2024.
  • Total EVSE charging ports were182,632, up 8.4% vs. 2023. In terms of providers, ChargePoint Network has the highest charging ports accounting for 36% of the total ports in the US.

AUCTUS ON FRIDAY – 03/05/2024

By Auctus Advisors

  • ADX Energy (ADX AU)C; target price of A$0.75 per share: Raising new equity to fund a high impact activity programme – ADX has raised A$13.5 mm of new equity priced at A$0.105 per share.
  • One free-attaching option will be issued for evert two placement shares with an exercise price of A$0.15 per share and an expiry date of 08/05/2026.
  • The proceeds from the raise will fund (1) the production testing of the 450 m gas column encountered at the Welchau exploration well (the well might also be deepened to assess the exploration potential below the current total depth of the well), (2) the residual drilling cost (net of the carry provided by MND) of a gas exploration well on the ADX-AT-I licence, (3) the residual cost (net of the carry provided by MND) of the drilling and tie-in the Anshof-2A sidetrack and (4) upgrades to the gas processing facilities at ADX’s Vienna Basin fields.

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May 04
0

Daily Brief ECM: Indegene IPO – Marquee Clients and more

By | Daily Briefs, ECM

In today’s briefing:

  • Indegene IPO – Marquee Clients, Strong Track Record, Decent Valuation
  • Gridwiz IPO Preview

Indegene IPO – Marquee Clients, Strong Track Record, Decent Valuation

By Clarence Chu

  • Indegene Limited (1864095D IN) is looking to raise US$220m in its India IPO, via selling a mix of primary and secondary shares.
  • Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.
  • In this note, we will look at peers and discuss our thoughts on valuation.

Gridwiz IPO Preview

By Douglas Kim

  • Gridwiz is getting ready to complete its IPO on KOSDAQ in June. Gridwiz focuses on the power demand resource management (DR) business, involving utilities, energy storage system, and solar power.
  • The IPO price range is from 34,000 won to 40,000 won. The IPO offering amount ranges from 47.6 billion won to 56 billion won. 
  • According to the bankers’ valuation, the market capitalization post listing is expected to reach 285 billion won to 335 billion won. 

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May 04
0

Daily Brief Event-Driven: Updated Tool (30Apr24) & “Diff File Generator” For TSE “Mgmt Conscious of Capital Cost/Stock Price” and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Updated Tool (30Apr24) & “Diff File Generator” For TSE “Mgmt Conscious of Capital Cost/Stock Price”
  • Local Institutions’ Value-Up Momentum Moves: Watch the July Tax Reform Bill
  • EQD | The NIFTY May Be About to Start A Come Down

Updated Tool (30Apr24) & “Diff File Generator” For TSE “Mgmt Conscious of Capital Cost/Stock Price”

By Travis Lundy

  • In mid-January, the TSE announced a “name-and-shame” list where they listed all the companies which had put forth a disclosure about 【資本コストや株価を意識した経営の実現に向けた対応】. But they did not actually shame.
  • The list shows which companies have disclosed a policy/consideration. But no data/links. We are weeks ahead of the TSE and we have all the links.
  • We created a tool to name everyone, show their reports, provide links to every document, and now a new tool. Put in a name, see the difference between the Old/New Reports.

Local Institutions’ Value-Up Momentum Moves: Watch the July Tax Reform Bill

By Sanghyun Park

  • MMAS prioritizes dividends over low-PBR, key to government’s Value-up momentum. Despite initial market disappointment, dividend stocks rebounded, underscoring continued investor interest.
  • Government officials are collecting historic dividend data to simulate separate taxation impact of dividend income, likely to be included in July’s tax reform bill for National Assembly approval.
  • Local institutions focus on dividend-centric Value-up trading, targeting stocks with high cash reserves and dividends. Strategy needed to manage market impact pre-tax reform bill in July.

EQD | The NIFTY May Be About to Start A Come Down

By Nico Rosti

  • The NIFTY Index kept rising for the past few months but has stalled its advance since March. It may be about to pullback and lose some gains, in May.
  • The index is currently up 2 weeks in a row, not yet strongly overbought but our model say that from a time perspective it could start to pullback next week.
  • If the index does not start to pullback soon, it could rally for another 2-3 weeks.

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May 04
0

Daily Brief Credit: Morning Views Asia: Lippo Karawaci and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: Lippo Karawaci, Lippo Malls Indonesia Retail Trust, MGM China Holdings, SK Hynix

Morning Views Asia: Lippo Karawaci, Lippo Malls Indonesia Retail Trust, MGM China Holdings, SK Hynix

By Leonard Law, CFA

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.

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May 04
0

Daily Brief Equity Bottom-Up: StubWorld: Stay Long PICC (1339 HK) and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • StubWorld: Stay Long PICC (1339 HK)
  • Multibintang Q1 FY24: Soft Start, Down to 13x PE and a >7% Dividend Yield
  • Bright Day For Darktrace: Thoma Bravo Adds Cybersecurity Unicorn To Its Portfolio
  • Bumrungrad Hospital (BH TB): Record High Margins in 1Q24; Reasonable Growth in Foreign Patients
  • Teledyne Technologies Incorporated: Initiation Of Coverage – What Is Their Segmentwise Performance & Future Outlook? – Major Drivers
  • Waste Connections Inc.: Initiation of Coverage – 4 Pivotal Factors Driving Its Performance In 2024 & Beyond! – Major Drivers
  • Hilton Worldwide Holdings: Resilient Demand In Key Regions Driving Growth! – Major Drivers
  • Teradyne Inc.: How Will The Memory Market Volatility Impact Its Business? – Major Drivers
  • O’Reilly Automotive Inc.: Expansion Into The Mexican Market & 5 Major Factors Driving Its Growth! – Financial Forecasts
  • AIXI: AI commercialization efforts accelerate but significant hurdles remain.

StubWorld: Stay Long PICC (1339 HK)

By David Blennerhassett

  • People’s Insurance (PICC) (1339 HK) has bounced off its lifetime low implied stub and simple ratio (PICC/PICC Property & Casualty (2328 HK)); but still trades below its historical trailing/forward metrics.
  • Preceding my comments on PICC are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Multibintang Q1 FY24: Soft Start, Down to 13x PE and a >7% Dividend Yield

By Sameer Taneja

  • Multi Bintang Indonesia (MLBI IJ) showed a weak print, with sales down 10% YoY and profitability flat for Q1 FY24. Consumption was weak locally despite strong Bali tourism. 
  • On the positive side, the company improved its net cash position to substantially to 900 bn Rph ( or 6% of Mkt Cap) and expanded margins by 400 bps YoY. 
  • Trading at 13x FY23 PE (with a 7% dividend yield assuming a 100% payout), there is great value in this market leader (60% Mkt share) of beer consumption in Indonesia.

Bright Day For Darktrace: Thoma Bravo Adds Cybersecurity Unicorn To Its Portfolio

By Andrei Zakharov

  • Darktrace shares rallied ~64% in 2024 after the company raised FY24 revenue, adj. EBITDA guidance and Thoma Bravo offered 620 pence/share in cash to take Darktrace private.
  • The acquisition is expected to complete during 3Q or 4Q of 2024. The cybersecurity unicorn has delivered revenue growth at scale coupled with solid profitability and cash flow generation.
  • I maintained a bullish view on the undervalued stock and initiated coverage of Darktrace on January 11, 2023, with a 497p price target as steep discount was unjustified.

Bumrungrad Hospital (BH TB): Record High Margins in 1Q24; Reasonable Growth in Foreign Patients

By Tina Banerjee

  • Bumrungrad Hospital Pub Co (BH TB) reported strong 1Q24 results, with revenue growing 8% YoY to THB6,576M, EBITDA climbing 22% to THB2,676M, and net profit increasing 25% to THB1,985M.
  • International patients revenue increased 6% YoY. Slow growth in the revenue from international patients can be attributable to high base, as it grew by a whopping 105% YoY in 1Q23.
  • With tight control on cost, the company has reported record high margins in 1Q24, with gross, EBITDA, and net margin reaching 51.7%, 40.7%, and 30.2%, respectively.

Teledyne Technologies Incorporated: Initiation Of Coverage – What Is Their Segmentwise Performance & Future Outlook? – Major Drivers

By Baptista Research

  • Teledyne Technologies, a prominent industrial conglomerate focused on aerospace and defense, instrumentation, digital imaging, and engineered systems, reported its Q1 2024 earnings.
  • In the call, management touted robust results including record first quarter non-GAAP operating margin, record adjusted earnings per share, and record free cash flow.
  • The company’s strong performance was driven by growth in its marine, aviation, and select defense businesses which offset sales declines in other areas.

Waste Connections Inc.: Initiation of Coverage – 4 Pivotal Factors Driving Its Performance In 2024 & Beyond! – Major Drivers

By Baptista Research

  • Waste Connections, Inc. reported a strong start to 2024, delivering better-than-expected operating and financial results, including adjusted EBITDA margin expansion of 160 basis points to 31.4% in Q1.
  • The company’s earnings exceeded projections due to improvements in employee retention and safety trends, along with rising commodity values.
  • Waste Connections management highlighted several notable trends impacting its business, including continued improvement in employee turnover rates and safety incidents, suggesting an effective culture of accountability within the company.

Hilton Worldwide Holdings: Resilient Demand In Key Regions Driving Growth! – Major Drivers

By Baptista Research

  • Hilton has reported its first-quarter results for 2024, which the company states have continued to demonstrate the strength of Hilton’s business along with its development story.
  • Although the company’s RevPAR growth found itself at the lower end of its guidance, both adjusted EBITDA and adjusted EPS exceeded predictions significantly.
  • Some of Hilton’s newly announced partnerships and portfolio additions have solidified its confidence in future growth.

Teradyne Inc.: How Will The Memory Market Volatility Impact Its Business? – Major Drivers

By Baptista Research

  • Teradyne, Inc delivered first quarter 2024 financial results that exceeded its revenue, gross margin and earnings guidance ranges, led by stronger than projected performance in Memory and System on a Chip (SOC) driven primarily by AI applications.
  • Teradyne capitalized on the impact of AI in networking as well as in Edge AI applications like Advanced Driver Assistance Systems (ADAS), with AI applications driving over 40% of memory shipments in Q1.
  • Nonetheless, the mobile sector was weaker than expected for the same period, but the company’s Robotics business met its plan for a third consecutive quarter.

O’Reilly Automotive Inc.: Expansion Into The Mexican Market & 5 Major Factors Driving Its Growth! – Financial Forecasts

By Baptista Research

  • In the first quarter of 2024, O’Reilly Automotive, Inc., had a 3.4% comparable store sales growth, which was primarily driven by mid-single-digit comps in Professional.
  • This marked continuous strong top line sales results and was a testament to consistent execution across all 6,200+ stores.
  • The company noted that its store volumes continued to grow despite the company’s size and market share gains over the years.

AIXI: AI commercialization efforts accelerate but significant hurdles remain.

By Zacks Small Cap Research

  • Xiao-I (NASDAQ: AIXI) is leveraging its experience as a chatbot provider to establish itself as a provider of AI models, principally in China.
  • The company is focused on commercializing products in the consumer, marketing, and banking sectors in 2024 and exploring international expansion opportunities.
  • The company is competing with some of the most successful companies in China for mindshare in AI markets.

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May 04
0

Most Read: Great Wall Motor, Hanmi Semiconductor, Jeju Semiconductor, Hanon Systems, Oriental Land, Mediatek Inc, Sigma Healthcare, Jusung Engineering, People’s Insurance (PICC), Korea Stock Exchange Kospi Index and more

By | Daily Briefs, Most Read

In today’s briefing:

  • RMB Dual Counter Trading Is Coming – This Changes AH Relationships
  • KOSPI200 Index Rebalance Preview: 5-6 Changes Possible from Now to June
  • KOSDAQ150 Index Rebalance Preview: 15 Changes Possible as Review Period Ends
  • Local Observations on Carlyle’s Possible Buyout of Hanon Systems
  • Updated Tool (30Apr24) & “Diff File Generator” For TSE “Mgmt Conscious of Capital Cost/Stock Price”
  • Key Insights from Qualcomm’s Latest Data; Mediatek Taking Market Share?
  • ASX200 Index Adhoc Rebalance: Sigma Healthcare (SIG) Replaces Boral (BLD)
  • Jusung Engineering: Announces Equity Spin Off + Physical Division Split
  • StubWorld: Stay Long PICC (1339 HK)
  • Local Institutions’ Value-Up Momentum Moves: Watch the July Tax Reform Bill

RMB Dual Counter Trading Is Coming – This Changes AH Relationships

By Travis Lundy

  • A week after the State Council issued “Several Opinions” (关于加强监管防范风险推动资本市场高质量发展的若干意见》), the CSRC announced Friday five capital market cooperation measures with HK Connect. The goals are to increase cross-border investor flows.
  • They include: a broader range of ETFs in Connect, including REITs in both directions, include RMB counters in Southbound, improve mutual recognition of funds, increasing China IPOs in Hong Kong.
  • RMB Dual Counters Southbound-eligible will take time. They have some homework, but it is on the “To Do” list “as soon as possible and smoothly.” Watch impact on H/A Pairs.

KOSPI200 Index Rebalance Preview: 5-6 Changes Possible from Now to June

By Brian Freitas

KOSDAQ150 Index Rebalance Preview: 15 Changes Possible as Review Period Ends

By Brian Freitas

  • With the review period complete, there could be up to 15 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance.
  • Even with 15 changes, there is some sector balance among the potential adds and deletes with big churn in the Information Technology sector.
  • The potential adds have outperformed the potential deletes and the KOSDAQ 150 Index (KOSDQ150 INDEX) since the start of the review period but performance has flattened over the last month.

Local Observations on Carlyle’s Possible Buyout of Hanon Systems

By Sanghyun Park

  • Carlyle’s renewed interest in acquiring Hanon Systems is evident from recent local market news, indicating outreach to bankers for a potential buyout, as confirmed by a local brokerage.
  • Carlyle eyes majority control of Hanon Systems, targeting 50.5% from Hahn & Co and 19.5% from Hankook Tire. Carlyle may extend a tender offer for the remaining 30%.
  • Still early stages; no solid info on deal certainty or specifics. Limited immediate trading opportunities, but worth monitoring as it progresses.

Updated Tool (30Apr24) & “Diff File Generator” For TSE “Mgmt Conscious of Capital Cost/Stock Price”

By Travis Lundy

  • In mid-January, the TSE announced a “name-and-shame” list where they listed all the companies which had put forth a disclosure about 【資本コストや株価を意識した経営の実現に向けた対応】. But they did not actually shame.
  • The list shows which companies have disclosed a policy/consideration. But no data/links. We are weeks ahead of the TSE and we have all the links.
  • We created a tool to name everyone, show their reports, provide links to every document, and now a new tool. Put in a name, see the difference between the Old/New Reports.

Key Insights from Qualcomm’s Latest Data; Mediatek Taking Market Share?

By Vincent Fernando, CFA

  • Qualcomm’s latest earnings came in at the high end of guidance with automotive revenue surging and mobile steady. We analyze QCOM results’ key implications for Mediatek.
  • Qualcomm’s 2024E global handset market volume guidance remained unchanged vs. last quarter; however we believe Mediatek may have taken some market share in CY1Q24.
  • Qualcomm confirmed Mediatek’s view regarding high-end phone demand strength right now, with AI capabilities the likely driver. Combining QCOM + Mediatek color suggests an AI-driven handset upgrade cycle ahead.

ASX200 Index Adhoc Rebalance: Sigma Healthcare (SIG) Replaces Boral (BLD)

By Brian Freitas

Jusung Engineering: Announces Equity Spin Off + Physical Division Split

By Douglas Kim

  • On 2 May, Jusung Engineering (036930 KS) announced an equity spin-off as well as a physical division split.
  • We are negative on this combination of equity spin-off and physical division split of Jusung Engineering. 
  • After the two units are listed on 6 December 2024, it is likely that the semiconductor unit (Jusung Engineering Co) will rise while Jusung Holdings Co is likely to decline.

StubWorld: Stay Long PICC (1339 HK)

By David Blennerhassett

  • People’s Insurance (PICC) (1339 HK) has bounced off its lifetime low implied stub and simple ratio (PICC/PICC Property & Casualty (2328 HK)); but still trades below its historical trailing/forward metrics.
  • Preceding my comments on PICC are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Local Institutions’ Value-Up Momentum Moves: Watch the July Tax Reform Bill

By Sanghyun Park

  • MMAS prioritizes dividends over low-PBR, key to government’s Value-up momentum. Despite initial market disappointment, dividend stocks rebounded, underscoring continued investor interest.
  • Government officials are collecting historic dividend data to simulate separate taxation impact of dividend income, likely to be included in July’s tax reform bill for National Assembly approval.
  • Local institutions focus on dividend-centric Value-up trading, targeting stocks with high cash reserves and dividends. Strategy needed to manage market impact pre-tax reform bill in July.

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May 04
0

Daily Brief Macro: Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 3 May 2024 and more

By | Daily Briefs, Macro

In today’s briefing:

  • Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 3 May 2024
  • Overview #3 -The Good, the Bad, and the Bank of Japan
  • Surprise Weakness Job Growth Brings Rate Cut Closer
  • Comment on Exchange Rate – EUR/JPY – March 29, 2024
  • Norway Policy Rate 4.5% (consensus 4.5%) in May-24
  • Eurozone Economy – Quarterly Macro Note
  • HEW: Policy Plumage Evolving

Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 3 May 2024

By Dr. Jim Walker

  • PMI Data: Mixed bag of Purchasing Managers Indices across Asia, with India showing record-breaking strength at 58.8.
  • Trade Performance: Recent trade data indicates resilience in China’s exports despite global demand weakness.
  • Japan’s Economic Struggles: Japan faces significant challenges, with exports below 2010 levels and key indicators pointing to deep economic trouble.

Overview #3 -The Good, the Bad, and the Bank of Japan

By Rikki Malik

  • A weekly review of recent events impacting our investment themes.
  • No surprises at the Fed meeting and relief at no hint of rate hikes despite the data
  • Prices Paid in the ISM predicting an uptick in CPI

Surprise Weakness Job Growth Brings Rate Cut Closer

By Suhas Reddy

  • US Nonfarm Payrolls shows disappointing growth in jobs, much lower than the anticipated addition of 243,000 jobs.
  • April’s print is also lower than the average monthly gain of 242,000 jobs over the previous 12 months.
  • Unemployment rate comes in at 3.9%, marginally higher than analyst expectations of 3.8%.

Comment on Exchange Rate – EUR/JPY – March 29, 2024

By VRS (Valuation & Research Specialists)

  • During the period under consideration, i.e. February 28th , 2024 to March 29th, 2024, the EUR/JPY exchange rate fluctuated between 160.55 and 165.17.
  • The MA-10 line was moving above the MA-20 line for the first two weeks, and then it crossed below the MA-20, maintaining a steady movement until it crossed over again on March 22nd MA-20 line retained upward trend throughout the entire period.
  • Based on Graph 2, the CCI (red line) was moving downwards at the beginning of the period under consideration but after March 12th the movement changed to the opposite direction.

Norway Policy Rate 4.5% (consensus 4.5%) in May-24

By Heteronomics AI

  • The Norges Bank has maintained the policy rate at 4.5%, aligning with expectations and previous forecasts, to control inflation that is still markedly above the 2% target despite a gradual slowdown.
  • Economic activity in Norway is slightly better than expected, with resilient employment but continued low growth. Rising international policy expectations and a weaker krone complicate future monetary policy decisions.
  • The Committee is prepared to adjust the policy rate up or down, depending on forthcoming economic data, focusing on inflation trends and economic growth rates.
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Eurozone Economy – Quarterly Macro Note

By VRS (Valuation & Research Specialists)

  • The Euro area economy narrowly avoided a technical recession in the second half of 2023 and started the new year with mixed macroeconomic fundamentals.
  • Although decreasing inflation, solid wage growth, and a robust labor market are expected to boost consumer spending and business confidence, GDP growth rates fell sharply from 3.5% in 2022 to 0.5% in 2023, with private consumption stagnating and investment slowing due to high financing costs and uncertain economic conditions.
  • Additionally, exports decreased due to lower foreign demand, although the trade balance remained positive.

HEW: Policy Plumage Evolving

By Phil Rush

  • The Fed’s expectations surpassed the September call, leading to a shift from a hawkish to a neutral stance on the market. This change occurred just as a dovish Fed and payrolls emerged. There is still perceived value in using equity options to hedge against potential downside risk.
  • Despite positive recent news, the Bank of England (BoE) appears eager to implement cuts. This bias is expected to persist in its decision, although there is no indication that a cut is imminent.
  • Notable events include the end of the technical UK recession and rate decisions in Australia, Sweden, Malaysia, Brazil, and Peru.

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