In today’s briefing:
- FTSE All-World/All-Cap Index Rebalance Preview: Asia Ex Japan Ex China
- Macro; New Bond Issues; Rating Changes; Talking Heads; Top Gainers and Losers
- Gudang Garam (GGRM IJ) – Another Year, Another Excise Tax Adjustment
FTSE All-World/All-Cap Index Rebalance Preview: Asia Ex Japan Ex China
- The price review period for the FTSE All-World/All-Cap March 2022 SAIR ended on 31 December. The changes are expected to be announced on 18 February and implemented on 18 March.
- There are a few potential inclusions to the AW Index, a lot of inclusions to the AC Index, and a lot of migrations from the AC to the AW Index.
- There are 20 stocks that have at least US$20m passive buying and over 2 days ADV to buy. That increases to 25 stocks that have at least US$10m to buy.
Macro; New Bond Issues; Rating Changes; Talking Heads; Top Gainers and Losers
US equity markets ended lower on Friday, with the S&P and Nasdaq down 0.3% and 0.6% respectively. The indices ended 27% and 21% higher during the whole year 2021. US 10Y Treasury yields were flat at 1.51%. European markets were mixed with the DAX up 0.2% while CAC and FTSE were down 0.3% each. Brazil’s Bovespa was up 0.7%. In the Middle East, UAE’s ADX was up 0.5% and Saudi TASI ended 0.4% higher on Sunday. Asian markets have opened mixed – Shanghai and STI were up 0.6% and 0.3% while HSI and Nikkei were down 0.3% and 0.4% respectively. US IG CDS spreads tightened 0.2bp and HY CDS spreads tightened 1.7bp. EU Main CDS spreads were flat and Crossover CDS spreads were 0.2bp wider. Asia ex-Japan CDS spreads tightened 0.2bp.
Gudang Garam (GGRM IJ) – Another Year, Another Excise Tax Adjustment
Another Year, Another Excise Tax Adjustment
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