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- Topley’s Top 10 – July 18, 2022
Topley’s Top 10 – July 18, 2022
Matt Topley
July 18, 2022
1. Major Indices Holding Above 200 Week Moving Averages.
S&P above 200 week
Nasdaq Comp above 200 week
2. Dow Jones and Dow Transports Above 200 Week
Dow Industrials
Dow Transports
3. Small Caps had Worse First Half Ever…Holding Sideways on 200 Week
4. Japanese Yen Falls to 20 Year Low vs. U.S. Dollar
5. Overall Asian Currencies have Slumped to Historical Lows vs. Dollar
Bloomberg-Unstoppable Dollar Risks Worsening $71 Billion Asia Stock Exodus
Unstoppable Dollar Risks Worsening $71 Billion Asia Stock Exodus-Ishika Mookerjee
(Bloomberg) — The dollar’s relentless rise is threatening to trigger more outflows from Asia’s emerging-market shares, spoiling hopes of the region making a comeback in the second half.
A gauge of Asian currencies has slumped to its lowest in more than two years, an ominous sign for equities given their strong relationship with moves in foreign exchange. The MSCI Asia ex-Japan Index has fallen 20% as foreign investors took $71 billion out of stock markets in emerging Asia outside China so far this year, already double the outflows in 2021.
The dollar has steamrolled through global currency markets lately, benefiting from bets on aggressive Federal Reserve rate hikes. A stronger greenback bodes ill for Asian stocks when it signals lower risk appetite and is also seen as negative for growth in emerging economies, many of which rely on imports priced in the currency.
“The dollar is strengthening because there’s risk aversion rather than growth” and that’s “not a good mix” for Asian assets, said Zhikai Chen, head of Asian equities at BNP Paribas Asset Management.
6. South Korea Chipmakers Inventory Build
QUARTZ Meanwhile, South Korea’s Ministry of Economy and Finance reports that Korean chipmakers are sitting on a rapidly growing stockpile of unsold chips. The country, which is the world’s biggest producer of memory chips for electronics like laptops and smartphones, hasn’t seen its semiconductor inventory rise this fast since 2018.
From Barry Ritholtz blog https://ritholtz.com/2022/07/weekend-reads-525/
7. The Tesla of China ….BYD Hit All-Time Highs
https://www.google.com/finance/quote/BYDDF:OTCMKTS?sa=X&ved=2ahUKEwivy7jdg4H5AhW3hYkEHSPKCpMQ3ecFegQIFxAY
2022-BYD +11% vs. TSLA -32%
8. Tesla’s Layoffs All Scooped Up Already
9. 10 Places Where the Housing Market’s Tide Has Turned
Barrons
Cooling Down
These metropolitan areas have seen the biggest slowdowns in listing prices compared with their one-year trends.
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