MON 20 MAY

•Earnings: Li Auto, Trip.com, Tokio Marine.

TUE 21 MAY

•Earnings: Lowe’s (LOW).

WED 22 MAY

•Earnings: Nvidia (NVDA) and Fubon Financial (2881).

•Mortgage application data will be reported in the US.

•The Fed will also be releasing the minutes of its May meeting from the beginning of the month.

THU 23 MAY

•Earnings: Meituan(3690), Netease(9999), Xiaomi (1810), Singtel and Tata Steel.

•The Bank of Korea is expected to keep rates on hold at 3.50%.

•In the US initial jobless claims, new home sales and PMI data will be reported.

FRI 24 MAY

•Japan is expected to report a moderation in both core and headline inflation despite the weaker yen. Japanese retail sales data will also be out.

•Earnings: Maybank, Public Bank and Hindalco.

•In the US, durable goods, Michigan sentiment and inflation expectations will be reported.

VIX

• 3 months vs 1 month volatility as a tactical sentiment indicator, stocks are oversold below 1, stocks are over-bought above 1.25.
• Currently at 1.17neutral level, not yet over-bought.

MARKET SENTIMENT

• Market sentiment is at the most bullish level since Nov 2021.

THE CROWDED TRADES

• Long Magnificent 7 is still the most crowded trade for the 14thconsecutive month.
• Followed by long US dollar and short China Equities.

LARGE CAP GROWTH

• Investors prefer large-cap growth over small-cap value and growth stocks.

(source:Bloomberg)

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