Daily Movers: South Korea EWY Rose 4.6%

Friday took on a selective Asia-tech leadership profile, with South Korea EWY up 4.60%. On the downside, Ethereum ETHA fell 2.63%, Bitcoin IBIT dropped 2.42%, Consumer Discretionary XLY lost 1.33%, and Communication Services XLC declined 1.19%. Taiwan EWT rose 1.86%, Semiconductors SMH gained 2.61%, Momentum MTUM climbed 1.82%, and Long Treasuries TLT edged up 0.17%.

Equity: North Asia led, consumer cyclicals lagged

Movers

Outperformers: South Korea EWY +4.60% (3M: +7.8%), Taiwan EWT +1.86% (3M: +14.4%)

Underperformers: Consumer Discretionary XLY -1.33% (3M: +0.2%), Communication Services XLC -1.19% (3M: +0.6%)

3M Leaderboard

Strong: Taiwan EWT +14.4%, Copper Miners COPX +12.8%, Healthcare XLV +12.5%

Weak: Utilities XLU -2.2%, Real Estate XLRE -0.9%, Consumer Discretionary XLY +0.2%

Fixed Income: High-quality bonds edged ahead, high yield lagged

Movers

Outperformers: Long Treasuries TLT +0.17% (3M: -2.2%), Global Bonds BNDX +0.11% (3M: -0.4%)

Underperformers: Int. Treasuries VGIT -0.07% (3M: -0.1%), High Yield HYG -0.06% (3M: +1.2%)

3M Leaderboard (within FI scale)

Strong: High Yield Bonds JNK +1.2%, High Yield HYG +1.2%, Short Corporate VCSH +0.6%

Weak: Long Treasuries TLT -2.2%, Muni Bonds MUB -1.9%, Investment Grade Credit LQD -1.3%

Specialty: Semis and momentum led, crypto lagged

Movers

Outperformers: Semiconductors SMH +2.61% (3M: -0.5%), Momentum Factor MTUM +1.82% (3M: -0.4%)

Underperformers: Ethereum Trust ETHA -2.63% (3M: +56.0%), Bitcoin Trust IBIT -2.42% (3M: +32.5%)

3M Leaderboard

Strong: Ethereum Trust ETHA +56.0%, Bitcoin Trust IBIT +32.5%, Gold Miners GDX +25.9%

Weak: Clean Energy ICLN -16.4%, Infrastructure PAVE -2.5%, Semiconductors SMH -0.5%

Cross-Asset Read

Friday fit the selective Asia-tech leadership frame: two Asia equity ETFs and two tech-linked specialty ETFs led, while two crypto proxies and two U.S. cyclicals lagged. The 3M leaderboard concentrates leadership in EWT at +14.4%, COPX at +12.8%, XLV at +12.5%, ETHA at +56.0%, IBIT at +32.5%, and GDX at +25.9%; Friday extended the standing uptrends in EWT and EWY, while TLT rose against a 3M downtrend and SMH advanced from a flat 3M base. Volatility is compressed in ACWV, COPX, DIA, EMB, HYG, JNK, DBMF, FTLS, and GDX, and MUB sits oversold; the regime is selective, with trend leadership concentrated in Asia-tech equities and crypto over the 3M horizon.

Romain Gandon
CEO, Quantlake

Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice. Past performance is not indicative of future results.