Docent: 인플레이션의 시대가 도래하며 주식과 채권의 자산배분의 틀이 흔들리고 있는 현재에 모건스탠리의 보고서에 대해 도슨트 역할을 하고자 함. 실상 우리가 경기침체 위험에서 주식의 위험을 방어해준다고 생각하는 채권은 1995년부터 2020년 시기의 이야기라 할 수 있음. 1970년대부터 1995년까지 25년 간 주식과 채권의 가격은 같은 방향으로 움직였기 때문임. 당시 인플레이션을 어떤 것을 감수하고도 잡겠다는 중앙은행의 의지로 인해 주가 하락에도 금리는 계속 상승하면서 채권 가격도 하락했기 때문임. 이 때는 'Buy the dip'이라는 저가 매수의 구호가 통하지 않았음. 반면, 이후 시기에는 중앙은행이 인플레이션보다 성장률 하락을 매 번 걱정하는 완화적 태도의 편향을 유지함에 따라 주가가 하락할 때 채권 수익률도 하락, 이로 인한 채권 가격 상승이 손실을 방어했음. 최근 여전히 주식 가격과 채권 가격의 음의 상관관계를 보면, 투자자들은 주식에 대한 저점 매수 작동원리를 완전히 포기하지 않았다는 생각임. 그렇다면, 주식 가격과 채권 가격의 양의 상관관계는 어떤 의미를 지닐까? 두 가지 중요한 점은, 주식 가격과 채권 가격 간 양의 상관관계는 진정한 채권 금리의 고점을 암시하는 것일 수도 있음, 더욱 중요한 점은 투자자들의 중앙은행에 대한 신뢰라 할 수 있음. 어떤 수단을 동원해서라도 인플레이션을 통제하겠다는 중앙은행의 의지를 인정하는 순간 두 자산 가격 간의 상관관계는 높은 양의 값을 가지게 됨.
In the high-inflation regime (1970s to 1995) – Bonds and equity returns were consistently positively correlated. Rates went up as a reaction to the Fed getting hawkish on inflation, and equities fell, and vice versa. Buy the dip didn’t work as efficiently. In the low-inflation regime (1995 to 2020) – Bonds and equity returns were negatively correlated. There were no high inflation risks, but instead the Fed was always more concerned about faltering growth. Rates went down as a cushion whenever equities went down, as the Fed always had a dovish bias (also known as“buy the dip”, or “Fed put”). Recent correlation numbers have been slightly negative – suggesting that even with highinflation and a hawkish Fed, markets haven’t fully abandoned the "buy the dip" regime yet. But if inflation persists, and the Fed maintains a sufficiently restrictive policy forsome time, the correlation might become more conclusively positive, line with the highinflation regime of the 1970s/80s. There are three corollaries from a positive equitybond correlation. Treasuries may not be as effective a hedge for equities/risk-off/recession as theyhave been for the last 25 years, but more likely the cause of such weakness inequities/risk markets. Positive correlation could be one signal suggesting a true top in yields. Once the correlation turns positive, it could suggest that most investors who may have had hopes of support from the Fed may be finally capitulating, and more likely to suggest a true “peak” in bond yields. Positive correlation could also indicate Fed credibility. A return to positive correlation of 1980s would be one way of concluding that the market sees the Fed ready to do whatever it takes to control inflation.
In the high-inflation regime (1970s to 1995) – Bonds and equity returns were consistently positively correlated. Rates went up as a reaction to the Fed getting hawkish on inflation, and equities fell, and vice versa. Buy the dip didn’t work as efficiently. In the low-inflation regime (1995 to 2020) – Bonds and equity returns were negatively correlated. There were no high inflation risks, but instead the Fed was always more concerned about faltering growth. Rates went down as a cushion whenever equities went down, as the Fed always had a dovish bias (also known as“buy the dip”, or “Fed put”). Recent correlation numbers have been slightly negative – suggesting that even with highinflation and a hawkish Fed, markets haven’t fully abandoned the "buy the dip" regime yet. But if inflation persists, and the Fed maintains a sufficiently restrictive policy forsome time, the correlation might become more conclusively positive, line with the highinflation regime of the 1970s/80s. There are three corollaries from a positive equitybond correlation. Treasuries may not be as effective a hedge for equities/risk-off/recession as theyhave been for the last 25 years, but more likely the cause of such weakness inequities/risk markets. Positive correlation could be one signal suggesting a true top in yields. Once the correlation turns positive, it could suggest that most investors who may have had hopes of support from the Fed may be finally capitulating, and more likely to suggest a true “peak” in bond yields. Positive correlation could also indicate Fed credibility. A return to positive correlation of 1980s would be one way of concluding that the market sees the Fed ready to do whatever it takes to control inflation.
Bottom-line: 경기침체가 완만하거나 깊거나에 대한 것은 중요하지 않다고 제이피모건의 제이미 다이먼 최고경영자는 지적함. 그는 오히려 러시아와 우크라이나, 중국과 미국 등 지정학적 위험이 우리가 걱정하는 경기침체 위험을 훨씬 뛰어넘는다고 함.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said geopolitical uncertainties were among the biggest concerns facing the global economy right now, far outweighing the risk of recession. The most important thing is the geopolitics around Russia and Ukraine, America and China, relationships of the western world,” Dimon said at Saudi Arabia’s Future Investment Initiative conference in Riyadh on Tuesday. “That to me would be far more concerning than whether there’s a mild or slightly severe recession.”. A recession is not the most important thing we think about, he said. “We’ll manage right through that.”
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said geopolitical uncertainties were among the biggest concerns facing the global economy right now, far outweighing the risk of recession. The most important thing is the geopolitics around Russia and Ukraine, America and China, relationships of the western world,” Dimon said at Saudi Arabia’s Future Investment Initiative conference in Riyadh on Tuesday. “That to me would be far more concerning than whether there’s a mild or slightly severe recession.”. A recession is not the most important thing we think about, he said. “We’ll manage right through that.”
Bottom-line: 뱅크 오브 아메리카의 시장 자금 흐름 분석에서 6주 연속 개별 주식에 대한 극단적으로 강한 매수를 관찰함. 주 된 주체는 헤지펀드와 개인 고객들 중심임. 이 매수 강도는 2008년 이후 99% 수준의 크기이며, 보통 이런 극단적 매수는 이후 급격한 매도세를 선행했던 현상이지만 이번엔 다를 것으로 긍정적인 전망을 했음. 헤지펀드와 개인 고객 매수와 반대로 공모 펀드 자금은 매도로 돌아섰음. 매수 된 자금은 주로 기술, 건강관리, 통신서비스 쪽에 쏠렸고, 금융과 에너지 쪽은 매도였음.
Bank of America Corp.’s clients poured money into US equities for the sixth consecutive week led by hedge funds and private clients, with the intake by single stocks nearing historic extremes. In the past three weeks, inflows into single stocks as a percentage of the S&P 500 Index’s market capitalization were in the 99th percentile of history since 2008, according to BofA strategists led by Jill Carey Hall. Prior extremes like this were followed by above average returns for the equity gauge over the subsequent months and one year later, they said. Still, “most prior instances of extreme inflows following the global financial crisis typically were preceded by extreme outflows in the several months prior,” Carey Hall wrote in a note to clients Tuesday. But that’s “not the case this time,” since cumulative inflows this year in US dollars have been the most positive in BofA’s data history, she added. Last week, buying was led by BofA’s hedge fund clients. Private clients also snapped up equities for the fourth straight week, while institutional clients sold stocks after buying for two weeks. Overall, clients bought stocks across seven of the S&P 500’s 11 sectors, led by technology, health care and communication services while financial and energy stocks saw the biggest outflows. They have been large net buyers of tech, media and telecom stocks at a time when flows were down for consumer discretionary shares.
Bank of America Corp.’s clients poured money into US equities for the sixth consecutive week led by hedge funds and private clients, with the intake by single stocks nearing historic extremes. In the past three weeks, inflows into single stocks as a percentage of the S&P 500 Index’s market capitalization were in the 99th percentile of history since 2008, according to BofA strategists led by Jill Carey Hall. Prior extremes like this were followed by above average returns for the equity gauge over the subsequent months and one year later, they said. Still, “most prior instances of extreme inflows following the global financial crisis typically were preceded by extreme outflows in the several months prior,” Carey Hall wrote in a note to clients Tuesday. But that’s “not the case this time,” since cumulative inflows this year in US dollars have been the most positive in BofA’s data history, she added. Last week, buying was led by BofA’s hedge fund clients. Private clients also snapped up equities for the fourth straight week, while institutional clients sold stocks after buying for two weeks. Overall, clients bought stocks across seven of the S&P 500’s 11 sectors, led by technology, health care and communication services while financial and energy stocks saw the biggest outflows. They have been large net buyers of tech, media and telecom stocks at a time when flows were down for consumer discretionary shares.
The mighty dollar bites. Microsoft reported its slowest sales growth in five years despite resilient demand for corporate cloud computing services that pushed revenue above estimates. Alphabet stumbled with Google's core ads business — search, YouTube and the network division — all falling short of expectations. CFO Ruth Porat blamed "the effect of foreign exchange." Shares fell postmarket.
Bottom-line: 골드만삭스와 모건스탠리는 헤지펀드의 프라임 브로커리지 서비스를 담당하는 최대 규모의 증권사임. 이들이 집계한 데이터에 따르면 헤지펀드는 매도(Short selling) 비중을 초과하는 매수(Long) 비중이 이례적으로 낮아진 상태라 함. 이 비율은 위험선호의 척도로 사용될 수 있으며, 헤지펀드들은 본인들의 포지션을 줄일 수 밖에 없는 한계 수준에 도달하지 않기 위해 먼저 방어적 태세를 갖추고 있는 것으로 해석함. 이런 투자자들은 중앙은행이 지속적으로 긴축적 태도를 취함에 따른 매도 방향의 유동성 쏠림을 우려하고 있음.
Hedge Funds have cut portfolio leverage this year in a conservative turn that has sucked borrowed money from global markets, adding selling pressure to stocks and bonds. Net leverage, a measure of industry risk appetite that takes into account long versus short positions, has fallen almost 20 percentage points to a year low of 66%, according to data earlier this month from Goldman Sachs Group Inc.’s prime brokerage. Separate figures from Morgan Stanley’s prime brokerage show a similar decline to 41% among US long-short equity hedge funds, a level reached on only a small number of occasions over the past decade. The data, which was seen by Bloomberg News, provides one of the broadest snapshots of the sector. Goldman Sachs and Morgan Stanley have the world’s two largest prime brokerages, serving around 5,000 hedge funds each, according to the latest ranking by Convergence, a research provider. Prime brokerage executives from two other global investment banks said the drop in leverage was driven by defensive positioning among funds as interest rates have climbed and markets have fallen. They declined to be named discussing private matters. Hedge funds want to “make sure they are not getting too close to levels that would force them to sell,” said Charles Lemonides, chief investment officer of Valueworks, a New York Hedge fund. “A further market decline is going to stress that at some point. With every month that the Fed says they’ll get tighter and tighter, you resolve yourself to the fact we may enter one of those big liquidity-driven sell offs,” he said.
Hedge Funds have cut portfolio leverage this year in a conservative turn that has sucked borrowed money from global markets, adding selling pressure to stocks and bonds. Net leverage, a measure of industry risk appetite that takes into account long versus short positions, has fallen almost 20 percentage points to a year low of 66%, according to data earlier this month from Goldman Sachs Group Inc.’s prime brokerage. Separate figures from Morgan Stanley’s prime brokerage show a similar decline to 41% among US long-short equity hedge funds, a level reached on only a small number of occasions over the past decade. The data, which was seen by Bloomberg News, provides one of the broadest snapshots of the sector. Goldman Sachs and Morgan Stanley have the world’s two largest prime brokerages, serving around 5,000 hedge funds each, according to the latest ranking by Convergence, a research provider. Prime brokerage executives from two other global investment banks said the drop in leverage was driven by defensive positioning among funds as interest rates have climbed and markets have fallen. They declined to be named discussing private matters. Hedge funds want to “make sure they are not getting too close to levels that would force them to sell,” said Charles Lemonides, chief investment officer of Valueworks, a New York Hedge fund. “A further market decline is going to stress that at some point. With every month that the Fed says they’ll get tighter and tighter, you resolve yourself to the fact we may enter one of those big liquidity-driven sell offs,” he said.
Bottom-line: 부도위험에 대한 보험 비용이라 할 수 있는 CDS 스프레드가 전세계적으로 높아지는 가운데, 특히 아시아 지역이 두드러짐. 일본을 제외 한 아시아 지역의 투자등급 채권에 대한 CDS 스프레드가 2011년 이후 최고치를 기록함. 중국의 시진핑이 유례없는 세번째 집권을 함에 따른 위험과 미국 중앙은행의 긴축적 태도가 달러를 강세로 몰아세움에 따른 아시아 내 달러 채무자의 부담이 동시에 커지고 있기 때문임.
The cost of insuring against debt defaults in Asia has surpassed pandemic highs as dual risks from China and the Fed’s aggressive tightening weigh on investor sentiment. A gauge of investment-grade Asia credit default swaps (ex-Japan) widened recently as traders assessed the implications of Chinese President Xi’s precedent-breaking third term. Fears that the country would continue to uphold its strict Covid policy led to a dramatic selloff of regional stocks this week, where some indexes slumped the most since the 2008 financial crisis. The CDS gauge jumped to the highest since 2011. The stress in Asian credit markets is also another sign of fears about the health of the global economy as the Fed presses on with aggressive efforts to contain inflation while the dollar remains high. While CDS spreads have widened globally, Asia’s have been more pronounced than in Europe and the US, which highlights the risks borrowers face in the region as their currencies face a strong dollar.
The cost of insuring against debt defaults in Asia has surpassed pandemic highs as dual risks from China and the Fed’s aggressive tightening weigh on investor sentiment. A gauge of investment-grade Asia credit default swaps (ex-Japan) widened recently as traders assessed the implications of Chinese President Xi’s precedent-breaking third term. Fears that the country would continue to uphold its strict Covid policy led to a dramatic selloff of regional stocks this week, where some indexes slumped the most since the 2008 financial crisis. The CDS gauge jumped to the highest since 2011. The stress in Asian credit markets is also another sign of fears about the health of the global economy as the Fed presses on with aggressive efforts to contain inflation while the dollar remains high. While CDS spreads have widened globally, Asia’s have been more pronounced than in Europe and the US, which highlights the risks borrowers face in the region as their currencies face a strong dollar.
Bottom-line: 중앙은행은 당신이 더욱 가난하다 느끼길 원하고 있음. 40년만의 최고치에 이르는 인플레이션에도 불구하고 S&P 500 지수는 10월 소비자물가지표 발표 이후 저점에서 5% 가량 상승함. 투자자들은 중앙은행의 긴축적 태도가 선회할 것에 희망을 걸고 이런 상승세를 반가워하고 있지만, 오히려 중앙은행이 원하는 바와 반대의 길이라는 것을 알아야 함. 주식시장의 하락에 의한 자산 축소로 인한 소비 감소가 중앙은행이 원하는 인플레이션 하락의 한 방법이며, 이는 소위 행동경제학에서 말하는 역 부의 효과임. 높은 인플레이션과 긴축적 통화정책이 지수를 -20% 가량 하락시키며 일반 소비재부터 고가의 주택에 이르기까지 소비 심리를 냉각시켰기 때문임.
US stocks extended their gains for the third day Tuesday with the S&P 500 climbing 1.7% as investors shifted their focus to the next batch of earnings and away from the numerous geopolitical risks. It’s now regained 5% since the low set soon after the release of the latest CPI data on Oct. 13. Such a move upward is generally celebrated by traders — but they should know that stocks’ gains are robbing the Fed of the wealth effect it needs before it can pivot toward lower rates. Why? Because stock market weakness is precisely what Doug Ramsey of The Leuthold Group said could be the key to cooling inflation. The Fed’s hope, he said, lies in a behavioral economic theory called reverse wealth effect, in which consumers spend less as their wealth decreases. That should lead consumers to buy less stuff, particularly on big-ticket items like homes. And that should either prevent or at least slow the much-feared inflationary spiral. Inflation, now at four-decade highs, and the monetary policy reaction to it has helped push the S&P 500 down by nearly 20% this year. And consumers do feel less wealthy. US consumer confidence fell more than expected to a three-month low in October, with the Conference Board index slipping to 102.5 from 107.8. The pullback reinforced the pessimistic outlook Americans have toward the economy as the prices of goods and services surge. Same goes for the US housing market, which saw a sudden reversal, effectively sapping demand and pushing prices lower by the most in any month since 2009.
US stocks extended their gains for the third day Tuesday with the S&P 500 climbing 1.7% as investors shifted their focus to the next batch of earnings and away from the numerous geopolitical risks. It’s now regained 5% since the low set soon after the release of the latest CPI data on Oct. 13. Such a move upward is generally celebrated by traders — but they should know that stocks’ gains are robbing the Fed of the wealth effect it needs before it can pivot toward lower rates. Why? Because stock market weakness is precisely what Doug Ramsey of The Leuthold Group said could be the key to cooling inflation. The Fed’s hope, he said, lies in a behavioral economic theory called reverse wealth effect, in which consumers spend less as their wealth decreases. That should lead consumers to buy less stuff, particularly on big-ticket items like homes. And that should either prevent or at least slow the much-feared inflationary spiral. Inflation, now at four-decade highs, and the monetary policy reaction to it has helped push the S&P 500 down by nearly 20% this year. And consumers do feel less wealthy. US consumer confidence fell more than expected to a three-month low in October, with the Conference Board index slipping to 102.5 from 107.8. The pullback reinforced the pessimistic outlook Americans have toward the economy as the prices of goods and services surge. Same goes for the US housing market, which saw a sudden reversal, effectively sapping demand and pushing prices lower by the most in any month since 2009.
Bottom-line: 주식시장 폭풍 속에 피난처로 투자자들은 배당을 선택하고 있음. 배당 관련 상장지수펀드로 지난 해 유입 된 자금의 총 규모보다 25% 더 유입되고 있으며, 투자자들은 배당 지급이 높은 주식들이 전반적인 포트폴리오 손실을 완충해주길 바라고 있음. 내년도 고정적 이자수익을 위해 국채를 살지 고배당 주식을 살지 물음에 주식을 선택하겠다는 답변도 있었음. 비트코인이나 물가연동채 상장지수펀드가 인플레이션 방어에 그다지 효과적이지 못함에 따라 고배당 주식으로 수요가 몰리고 있으며, 인플레이션이 5% 이상이었던 시기에 S&P 500 지수의 총수익률 중 절반 이상이 배당에서 발생했다는 발견도 있음.
In these tumultuous times on Wall Street, at least one investing trend is proving remarkably consistent: Dividend ETFs are notching relentless inflows as traders take refuge in the stock-market storm. The record $50 billion allocation bonanza so far this year is notable in a world where even cash-like Treasuries are offering income-hungry investors the highest yields in over a decade -- giving defensive strategies like dividend funds a run for their money. At least in theory. Yet demand for steady income in stocks is booming as money managers bid up companies with a history of paying out profits to shareholders, hoping that will cushion gut-wrenching losses across the broader market. All told, the cash flowing into dividend-focused exchange-traded funds is already running 25% higher than the record haul secured in 2021, with positive inflows every month so far this year. “We think dividend paying stocks are a little bit more resilient in rocky economic times,” said Kara Murphy, CIO of Austin, Texas-based Kestra Investment Management, when asked if she’d rather buy a Treasury bond or dividend-stock for income over the next year. “We actually think they’re pretty attractive right here.”. As assets like Bitcoin and inflation-hedging ETFs struggle to live up to their billing of protecting from price growth, dividend strategies have history on their side, according to Fidelity. The money manager found that in decades when inflation was above 5%, dividends have powered more than half of the S&P 500’s total return.
In these tumultuous times on Wall Street, at least one investing trend is proving remarkably consistent: Dividend ETFs are notching relentless inflows as traders take refuge in the stock-market storm. The record $50 billion allocation bonanza so far this year is notable in a world where even cash-like Treasuries are offering income-hungry investors the highest yields in over a decade -- giving defensive strategies like dividend funds a run for their money. At least in theory. Yet demand for steady income in stocks is booming as money managers bid up companies with a history of paying out profits to shareholders, hoping that will cushion gut-wrenching losses across the broader market. All told, the cash flowing into dividend-focused exchange-traded funds is already running 25% higher than the record haul secured in 2021, with positive inflows every month so far this year. “We think dividend paying stocks are a little bit more resilient in rocky economic times,” said Kara Murphy, CIO of Austin, Texas-based Kestra Investment Management, when asked if she’d rather buy a Treasury bond or dividend-stock for income over the next year. “We actually think they’re pretty attractive right here.”. As assets like Bitcoin and inflation-hedging ETFs struggle to live up to their billing of protecting from price growth, dividend strategies have history on their side, according to Fidelity. The money manager found that in decades when inflation was above 5%, dividends have powered more than half of the S&P 500’s total return.
Bottom-line: 금리에 대한 베팅이 하락으로 뒤집히며 그간 쌓여있던 매도 포지션이 각각의 만기에 걸쳐 청산되는 움직임이 보임. 이는 향후 추가적인 금리 하락으로 인한 매도 포지션 청산 증가 가능성을 높이고 있으며, 10년물 국채의 경우 90억 달러 규모의 신규 매수 계약이 유입 됨. 제이피모건에서 채권 거래 고객을 대상으로 한 설문에서는 채권 매수 응답이 2년래 최고치를 기록함. 옵션 시장에서도 한달 내 10년물 금리가 3.8%에 도달할 것에 행사가가 걸친 계약이 쇄도했음.
A short squeeze is underway in front-end rates as pricing for Federal Reserve policy hikes starts to erode. Tuesday’s rally in December 2022 eurodollar futures was met with a drop of contracts in the tenor, equivalent to around $8 billion’s worth of the current two-year Treasury cash note. That suggests a heavy amount of short positions were being liquidated into the advance. Open interest also dropped across the December 2022, March 2023 and June 2023 contracts tied to the Secured Overnight Financing Rate, according to CME Group data. Into Tuesday’s richening, “the shorts side is clearly being squeezed with more than 30% of recent shorts offside in EGBs and 15% of shorts underwater in USTs,” Citigroup Inc. strategists Ed Acton and Bill O’Donnell wrote of the US and European bond markets. “There is clearly fuel for a further squeeze.”. Further out the curve, evidence of new long positions are emerging. Almost 95,000 contracts of new risk were added in 10-year note futures on Tuesday, equivalent to approximately $9 billion worth of the current cash 10-year Treasury. JPMorgan Chase & Co.’s latest Treasury client survey shows the biggest net long position in two years. The bullish sentiment for lower yields is also being matched in the options market, where Wednesday’s session saw a flood of plays targeting a 10-year yield drop to 3.80% within a month.
A short squeeze is underway in front-end rates as pricing for Federal Reserve policy hikes starts to erode. Tuesday’s rally in December 2022 eurodollar futures was met with a drop of contracts in the tenor, equivalent to around $8 billion’s worth of the current two-year Treasury cash note. That suggests a heavy amount of short positions were being liquidated into the advance. Open interest also dropped across the December 2022, March 2023 and June 2023 contracts tied to the Secured Overnight Financing Rate, according to CME Group data. Into Tuesday’s richening, “the shorts side is clearly being squeezed with more than 30% of recent shorts offside in EGBs and 15% of shorts underwater in USTs,” Citigroup Inc. strategists Ed Acton and Bill O’Donnell wrote of the US and European bond markets. “There is clearly fuel for a further squeeze.”. Further out the curve, evidence of new long positions are emerging. Almost 95,000 contracts of new risk were added in 10-year note futures on Tuesday, equivalent to approximately $9 billion worth of the current cash 10-year Treasury. JPMorgan Chase & Co.’s latest Treasury client survey shows the biggest net long position in two years. The bullish sentiment for lower yields is also being matched in the options market, where Wednesday’s session saw a flood of plays targeting a 10-year yield drop to 3.80% within a month.
Bottom-line: 2년이 넘는 기간 동안 50일 이동평균선은 리트머스 시험지와 같은 역할을 함. 지수가 이 이동평균선 위에 있을 땐 저가 매수가 유효한 전략이었고, 반대의 경우 고가 매도가 유효한 전략이었음.
Price action in the S&P 500 Index is likely to be choppy until a decisive direction is made around the 50-day moving average. For more than two years, moves in the S&P 500 above or below that key moving mean have tended to be a guidepost. In 2020 and and 2021, prices above it were bullish and declines toward the rolling average drew dip buying. This year’s slip below brought the opposite, resulting in selling as the benchmark rose toward the average.
Price action in the S&P 500 Index is likely to be choppy until a decisive direction is made around the 50-day moving average. For more than two years, moves in the S&P 500 above or below that key moving mean have tended to be a guidepost. In 2020 and and 2021, prices above it were bullish and declines toward the rolling average drew dip buying. This year’s slip below brought the opposite, resulting in selling as the benchmark rose toward the average.
Samsung 3Q Oper Profit 10.85T Won, Est. 12.05T Won. 3Q Sales 76.78T Won, Est. 78.04T Won. 3Q Cons. Net 9.14T Won, Est. 9.43T Won.
Wow, Consumer electronics operating profit was 250 billion won, estimates had it at 444.5 billion won.