Daily Brief Financials: China Merchants Bank A, Upstart Holdings , Korea Stock Exchange KOSPI 200, USD and more

• The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
• Last week saw NORTHBOUND net BUY RMB 12.1bn of A-shares on very strong average activity. National Team continued to buy this week. Foreigners bought banks
• Renewables were again a net sell by NORTHBOUND. It is not clear what stops persistent net selling. Capacity huge/growing and Pricing is a disaster in solar modules, batteries, etc. 

• This is our first report on cloud- based artificial intelligence (AI) lending platform operator, Upstart Holdings, Inc.
• Its recent results reveal a diverse picture as substantial growth and progress are achieved in the midst of a challenging lending environment.
• The positives are the company’s rapid strides in advancing its artificial intelligence lending platform, achievement as a financially sound company, growth in fee revenue, increase in team size, and AI platform expansion.

• The KOSPI 200 INDEX closed the last week up, after 3 weeks down in a row (CC=-3).
• The index could pullback again this week, after last week’s bounce, support is around 332-325 or, if the market goes lower, around the 313 price area.
• Most likely the pullback will last only for 1-2 weeks (if any), but caution is advised: a longer pullback that could reach below 313 is not impossible.

• The combination of policy decisions in the US rates markets has led to a significant decline in tenure yields.
• There appears to be policy coordination between fiscal and monetary authorities, with the treasury displaying flexibility and the Fed focusing on tightening in financial conditions.
• The upcoming Fed meeting is anticipated to provide forward guidance on policy tightening, with expectations of a move towards a neutral bias and steps towards eventual easing or cutting. Inflation language in the statement may also be up for debate.

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