South Korea
Stay Positive On Korean Equities…
The global semiconductor industry has been experiencing a record amount of IPOs and M&A deals in recent months. A flurry of IPOs and M&As in any industry often serves as a sign of a top in share prices (Chart 1). Chat 1Will Booming Semiconductor IPOs And M&As Mark A Peak In Share…
Highlights US-China relations in 2020 consist of a gentleman’s agreement to keep the Phase One trade deal in place and aggressive maneuvering in every other policy area. Stimulus is unlikely to be curtailed in the US or China yet, which means brinkmanship will eventually lead to a negative…
China’s Container Trade Cautiously Optimistic Message…
Highlights The strength in global semiconductor sales in recent months has been due to one-off factors stemming from pandemic-related lockdowns. As the one-off demand surge subsides, global semiconductor sales will decline modestly toward the end of this year. In the near term, global…
The USD/KRW Is Hanging On A Ledge…
Korean Exports Remain Soft… For Now…
Upgrade Chinese / Downgrade Korea Stocks…
Chart I-15DRAM And Korean Tech Stocks
DRAM And Korean Tech Stocks…
Highlights When retail investors invest aggressively and central banks buy assets en masse, economic fundamentals take the back seat and momentum becomes king. Global risk assets are at a fork in the road: either they will relapse meaningfully as they have run well ahead of fundamentals or a…