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Multi-Asset Essentials

Covered call cases for Korea and Japan
Stretched SBIs & skews for Nikkei & Kospi point to opportunity to sell calls vs. underlying long positions for medium-term bulls. Focus on corporate governance issue has helped propel Value vs. Growth even more sharply in Korea than Japan.

Indian equity bulls should consider downside protection
Belated drop in margin debt creates room for near-term rally in China. As 2nd largest MSCI EM weight, India could face re-allocation flows. Stubborn RBI & deteriorating breadth add to case for medium-term bulls to acquire near-term protection.

Other highlights this week
S&P 500 SBI out of ‘stretched optimism.’ Strong US factor trends start to become extended. Industry SBI polarisation within Global Sectors. WTI Oil positioning again extreme. EUR/GBP becomes oversold.

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Multi-Asset Essentials
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