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The Jordanian military said it intercepted and shot down four missiles that entered its airspace from Iran.July 13 – As a $1.8 trillion rally that propelled Asian chipmakers to the ranks of the worlds largest companies begins to reverse, investors are cutting back on bets on Asian chip stocks, raising concerns about their excessive weighting in emerging market indices. Funds such as Fidelity International and BlackRock are expressing concern about the sustainability of the bull run in stocks like SK Hynix and Samsung Electronics. Over the past six months, the combined market capitalization of these three companies has nearly doubled, and their combined weighting in the MSCI Emerging Markets Index is now approximately 29%, exceeding the weighting of most single countries. Caroline Shaw, multi-asset portfolio manager at Fidelity International, stated that the high concentration of the index, coupled with the significant increase in leveraged bets on South Korean chip stocks amplifying price volatility, are "worrying signs." In the MSCI Emerging Markets Index, the weighting of these three stocks is currently almost three times the total weighting of all Indian stocks, and SK Hynix alone has a weighting exceeding the combined weighting of Brazil and South Africa. Wei Li, global chief investment strategist at BlackRock Investment Institute, said the firm is “happy to take profits at this stage” and reduce its overweight position in emerging market stocks relative to benchmarks due to the volatility in some large chip and memory stocks.According to the Financial Times, serious divisions within the Bank of Englands Monetary Policy Committee make it more difficult for the bank to rebuild its credibility after five years of inflation exceeding its target.According to the Financial Times, investors are reducing their bets on Asian chipmakers.July 13 - Antengene (06996.HK) announced that it has received a US$60 million upfront payment from UCB for ATG-201. This upfront payment under the landmark agreement with UCB further strengthens the Groups cash position and provides strong financial support for advancing the Groups innovative drug pipeline and accelerating access for more patients.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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