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HEWY - Sell Korea: Weak Macro To Weigh On Equities
BTC iShares Currency Hedged MSCI South Korea ETF
The iShares MSCI South Korea Capped ETF (NYSE:EWY) is in a bear market down 4% YTD following a drop of 20% in 2018. The performance is related to macro headwinds including a slowdown in economic activity and exposure to Chinese trade uncertainties. I believe there is more downside ahead for EWY based on my view that the Korean Won has room to depreciate further which should pressure USD based returns in Korean equities. The setup here is the classic combination of slow growth, weaker fiscal and external-account conditions, coupled with a looming easing