Macro: Yoon Suk-Yeol Becomes the New President of South Korea and more

• Yoon Suk-Yeol was elected the new President of South Korea on 10 March.
• As the next President of South Korea, Yoon will certainly try to increase much needed housing supply and this will certainly benefit the major construction companies in Korea.
• Another major sector that will likely benefit as a result of Yoon becoming the President is the nuclear industry.

• Sanctions: Sanctions on Russia sound alarm for Chinese banks

• Paxlovid: China Meheco confirms Pfizer talks on selling Paxlovid in China

• Fund: Caixin Explains: Why China’s creating a financial security fund. 

• Active EM Managers underperformed their benchmark by -1.58% in February.
• Performance was correlated to fund style and market cap focus, with Value beating Growth and Small/Midcap beating Large/Mega.
• Given the net overweight in Russia heading in to the crisis, it was the key driver of the underperformance, but there could be more to come.

• Key point 3

Unemployment rate in Jan 2022 stayed at 4.2% (Dec 2021: 4.2%), the second lowest monthly figure in the pandemic-era since 3.9% in Mar 2020, and hovered at 4.2%-4.3% range since Oct 2021. Monthly jobless rate is anticipated to slowly trend lower as progress in domestic economic opening is tempered by heightened global uncertainty from Russia-Ukraine war. Keep our full-year average unemployment rate forecast of 4.0% (2021: 4.6%).