South Korea EWY Sank 13.46%

Thursday brought a defensive rotation. North Asia equities and semiconductor beta fell sharply.

China outperformed, Korea-Taiwan weakness deepened

Movers

Leaders: China Large Cap FXI +1.01% (3M: -3.4%), China MCHI +0.93% (3M: -8.0%)

Laggards: South Korea EWY -13.46% (3M: -20.7%), Taiwan EWT -11.54% (3M: -16.7%)

3M Leaderboard

Strong: Healthcare XLV +12.0%, Consumer Staples XLP +7.9%, Energy XLE +7.8%

Weak: South Korea EWY -20.7%, Copper Miners COPX -20.2%, Taiwan EWT -16.7%

DAILY · 3M

High-quality duration led, credit-sensitive income lagged

Movers

Leaders: Muni Bonds MUB +0.43% (3M: -0.2%), Int. Treasuries VGIT +0.36% (3M: unch.)

Laggards: Preferred Stock PFF -2.02% (3M: -6.6%), EM Sovereign Bonds EMB -0.52% (3M: -2.1%)

3M Leaderboard

Strong: Short Corporate VCSH +0.2%, Long Treasuries TLT +0.2%, Short TIPS VTIP +0.1%

Weak: Preferred Stock PFF -6.6%, EM Sovereign Bonds EMB -2.1%, High Yield Bonds JNK -1.5%

DAILY · 3M

Precious metals led, chip and momentum proxies lagged

Movers

Leaders: Gold Miners GDX +1.37% (3M: -4.6%), Gold GLD +0.81% (3M: -5.8%)

Laggards: Semiconductors SMH -11.21% (3M: -23.2%), Momentum Factor MTUM -8.23% (3M: -18.4%)

3M Leaderboard

Strong: Ethereum Trust ETHA +17.0%, Bitcoin Trust IBIT +16.9%, Biotechnology IBB +6.2%

Weak: Semiconductors SMH -23.2%, Momentum Factor MTUM -18.4%, Infrastructure PAVE -13.6%

DAILY · 3M

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• Fear and greed: today's market sentiment reading

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.