In today’s briefing:
- KOSPI Superperformance Stocks (2019-2023)
- What’s next in the Red Sea and Taiwan?
- USD Liquidity Watch: Trading the end of QT
- CX Daily: Qinghai Has an Ocean of Solar Power, But Nowhere to Store It
- Suez/Panama Nugget: Rising troubles in both Canals
KOSPI Superperformance Stocks (2019-2023)
- In this insight, we analyze the top 10 performing stocks in KOSPI in each of the past five years (2019-2023) as well as for this entire period.
- The top 10 performing stocks in KOSPI were up on average 310% in 2023, sharply outperforming KOSPI which was up 19%.
- There are some important takeaways from a review of the top 10 performing stocks in each of the five years in KOSPI, including market cap, sector rotation, and turnarounds.
What’s next in the Red Sea and Taiwan?
- Welcome to the second Great Game of the year.
- What an action-packed start to 2024 we’ve had in geopolitics, and the coming weeks are looking no less eventful.
- This week, we take a look at the status in the Red Sea as well as Taiwan and give our prediction as to what the coming weeks will bring.
USD Liquidity Watch: Trading the end of QT
- Welcome to another edition of our USD Liquidity Watch series.
- The investment bank consensus is now (finally) converging towards our long-held view that the US Treasury is effectively behind the liquidity steering wheels at the Fed.
- Lorie Logan of the FOMC said on Friday that “… given the rapid decline of the ON RRP, I think it’s appropriate to consider the parameters that will guide a decision to slow the runoff of our assets.
CX Daily: Qinghai Has an Ocean of Solar Power, But Nowhere to Store It
- Energy / Cover Story: Qinghai has an ocean of solar power, but nowhere to store it
Zhongzhi /: Troubled investment giant Zhongzhi files for bankruptcy liquidation
Everbright /: Bribery, love of calligraphy contributed to ex-Everbright chairman’s downfall
Suez/Panama Nugget: Rising troubles in both Canals
- The Dry Bulk shipping sector has since the fall of last year been experiencing a sharp drop in crossings at the Panama Canal due to record low water levels, why Dry Bulk rates such as Baltic Dry experienced a large rally towards the end of 2023.
- Up until this point container shipping has largely been left unscathed by the lower water levels in the Panama Canal (Partly because container ships get first priority at Panama) but the beginning of the new year has seen a large drop in container tanker crossings (Chart 1.a) along with an increase in container vessel prices for Panamax container liners (Chart 1.b) We hear from contacts in the dry bulk shipping industry that Panama is a greater concern to them than the troubles at the Suez (Largely due to the Houthis preference for attacking container ships) and if this spills over to container ships then watch out for another round of re-acceleration in goods inflation in the US (Chart 1.c) by week 18 and onwards on our empirical studies.
- This re-acceleration in goods inflation will likely coincide with the trend weakening in the rent of shelter, meaning that the sticky services disinflation may be countered by rising cyclical inflation by spring-time.
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