半導体
平均的な株が利回りに対してより敏感になっている中で、金利上昇に対してテック関連株が相対的に耐性を示しているのは、実体経済におけるK字型の動きを反映している。 多くの投資家は米国株が長期金利の上昇にもかかわらず驚くほど堅調であることを指摘している。米国の10年債利回りは2月下旬の4%から5.3%超に上昇したが、NASDAQは史上最高値にありS&P 500は新高値までわずか30ベーシスポイントである。…
Our clients are most constructive on LatAm Banks and the Korea & Taiwan semi cycle. In last week's poll, we asked where investors see the greatest upside across three EM themes. BCA clients are split evenly between LatAm Banks and Korea & Taiwan (40% each),…
韓国の最近の株式市場の乱高下は世界のリスク資産に対する警告信号である。アジア半導体株ロング／米ハイパースケーラーショートのトレードで利益確定を行っており、新興国株式ポートフォリオにおける韓国をオーバーウェイトからニュートラルに格下げする。
Our Counterpoint Strategy team believes the equity bull market’s biggest risk is the reversal of the divergence between Japanese and US real yields. Japan’s real policy interest rate differential versus the US stands at an unprecedented and unsustainable…
The recent slump in globally- and tech-sensitive East Asian trade shows no respite, with advanced October Korean exports and September Taiwanese export orders data disappointing. Korean exports for the first 20 days of October dropped 2.9% year-over-year…
Export dynamics from small open economies are a good bellwether for global growth conditions. Taiwan export orders accelerated from 4.8% y/y to a faster-than-anticipated 9.1% in August. The faster pace of growth was also broad-based among the country’s main…
Singapore is a small open economy sensitive to global trade dynamics. Its non-oil exports (NODX) are thus a good bellwether for global growth conditions. Overall exports, which are highly volatile on a month-on-month basis, decelerated at a…
Trade data from small open economies act as a bellwether for global growth developments. In August, Korean exports expanded by 11.4% y/y in USD and 5.7% y/y in KRW terms, marking their eleventh and eighth consecutive month of expansion, respectively. August…
Global semiconductor stocks have returned 50% YTD in USD terms, and a whopping 200% since their September 2022 lows. However, they may have peaked back in July. Our Emerging Market strategists highlight a significant bifurcation between the revenues of…
According to BCA Research’s Emerging Markets Strategy Service, China has been accumulating high-value memory semiconductors in anticipation of further US restrictions. Since October 2022, the US has been tightening rules that would limit China’s progress in…