EWY News and Press, iShares Inc MSCI South Korea From 10/15/22

Summary Both the Empire Manufacturing Survey and Philly Fed business outlook are expected to remain in contraction territory. Earnings season heats up as we hear from Bank of America, Goldman Sachs, Netflix, and Tesla. Japan may need to intervene in the FX market again as the ...

Summary Global equity markets outside of the United States have completed a third negative quarter, with the MSCI ACWI ex US IMI Index down 11.26% in the three months through October 30. For the year to date, this index is down 27.19%, which clearly indicates a “bear market...

Summary Korea’s high level of household debt has been regarded as a major risk factor for the economy for some time. We have taken a closer look at the issue and concluded that deleveraging with interest rate hikes would be painful and likely result in an economic downturn ...

Summary Non-China Asian exports are still growing, but the pace of increase has slowed and will slow still further as key export destinations struggle with inflation, energy security, and rising recession risks. In year-on-year terms, the rate of overall export growth is now skirt...

Summary Samsung, SK Hynix, and other South Korean semiconductor companies are the basis for the Won and an indicator of consumer demand across the world. Consumer confidence is falling, and now semiconductor inventories are suddenly rising which is a bad signal for exports. Th...

Summary EWY invests in South Korean equities. The ETF is likely undervalued based on forward earnings, however, it has been selling off, owing to a weaker South Korean won, and cyclically out-of-favour sector exposures. EWY is likely to bounce back, but I do not expect long-te...

Summary Global securities finance revenues reached $6.1bn in the first half of 2022, an increase of 12% YoY. Global ETP lending revenues were $453mn for H1, continuing to set new all-time highs, representing a 48% YoY increase. 2022 is off to an impressive start for Securities...

Despite a solid fundamental outlook, headwinds have been present. The commodity run-up has clearly benefited Latin American fiscal and external accounts. Given the political currents in the region, concerns surrounding the political outlook will likely remain at the forefront. ...

The two largest emerging market ETFs each have over 80% allocated to Asian markets, with over half of that 80% in Greater China alone. The biggest difference between these two ETFs is Korea, which the Vanguard Emerging Markets ETF excludes, and the iShares Emerging Markets ETF include...

China's grayzone blockade of Taiwan and occupation of the Taiwan Strait illustrates the growing risks of the Taiwan market. Taiwanese equities are dominated by semiconductor stocks, which will continue to face global macro headwinds. Global dependence on Taiwanese semiconductor ma...