Daily Movers: South Korea EWY Soared 6.9%

An Asia-led growth extension defined Thursday, with South Korea EWY at the center of a broader advance in pro-growth leadership. Energy XLE fell 1.65%, Copper Miners COPX dropped 1.48%, Gold Miners GDX lost 2.19%, and Bitcoin IBIT declined 2.04%. South Korea EWY rose 6.89%, Semiconductors SMH climbed 5.76%, Taiwan EWT advanced 4.64%, and Emerging Markets Bond EMB added 0.47%. Vol is expanded across Technology XLK, QQQ, and IYW. EMB is compressed.

Equity: North Asia led, resources lagged

Movers

Leaders: South Korea EWY +6.89% (3M: +62.6%), Taiwan EWT +4.64% (3M: +52.5%)

Laggards: Energy XLE -1.65% (3M: -8.8%), Copper Miners COPX -1.48% (3M: +18.1%)

3M Leaderboard

Strong: South Korea EWY +62.6%, Taiwan EWT +52.5%, Technology XLK +38.5%

Weak: Energy XLE -8.8%, China Large Cap FXI -7.3%, Brazil EWZ -6.7%

Fixed Income: Longer duration led, short credit lagged

Movers

Leaders: Long Treasuries TLT +0.49% (3M: +0.3%), EM Sovereign Bonds EMB +0.47% (3M: +3.6%)

Laggards: Global Bonds BNDX +0.08% (3M: +1.2%), Short Corporate VCSH +0.18% (3M: +0.6%)

3M Leaderboard (within FI scale)

Strong: EM Sovereign Bonds EMB +3.6%, Preferred Stock PFF +3.1%, High Yield Bonds JNK +2.5%

Weak: 7-10yr Treasuries IEF -0.4%, 3-7yr Treasuries IEI -0.4%, Int. Treasuries VGIT -0.3%

Specialty: Tech and momentum led, miners and crypto lagged

Movers

Leaders: Semiconductors SMH +5.76% (3M: +67.1%), Momentum Factor MTUM +3.12% (3M: +37.3%)

Laggards: Gold Miners GDX -2.19% (3M: -0.5%), Bitcoin Trust IBIT -2.04% (3M: -10.5%)

3M Leaderboard

Strong: Semiconductors SMH +67.1%, Momentum Factor MTUM +37.3%, Infrastructure PAVE +17.1%

Weak: Ethereum Trust ETHA -20.3%, Bitcoin Trust IBIT -10.5%, Gold GLD -9.2%

Notable Setups

Equity Volatility Expansion: US Technology IYW, Nasdaq 100 QQQ, Technology XLK

Fixed Income Volatility Compression: Global Bonds BNDX, EM Sovereign Bonds EMB, High Yield Bonds JNK

Specialty Volatility Expansion: Biotechnology IBB, Momentum Factor MTUM, Semiconductors SMH

Cross-Asset Read

Asia-led growth extension framed the session across equities, semiconductors, and credit.
EWY, EWT, and SMH sit at +62.6%, +52.5%, and +67.1% on a 3M basis, while XLK, QQQ, IYW, and SMH carry vol expansion.
EMB, BNDX, and JNK sit in vol compression; a volatility break there would confirm whether the Asia-led growth extension is broadening beyond equity leadership.

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.