Taiwan EWT Rose 3.15%

Friday registered a selective North Asia bid. Taiwan EWT led, and leadership concentrated in North Asian equity exposures and adjacent growth-sensitive expressions.

Taiwan and Korea led, China weakness deepened

Movers

Outperformers: Taiwan EWT +3.15% (3M: +8.4%), South Korea EWY +3.10% (3M: +1.1%)

Underperformers: China Large Cap FXI -2.15% (3M: +2.2%), China MCHI -1.67% (3M: -1.5%)

3M Leaderboard

Strong: Energy XLE +18.9%, Copper Miners COPX +9.5%, Brazil EWZ +9.4%

Weak: Utilities XLU -11.4%, Industrials XLI -8.2%, S&P SmallCap Growth SLYG -7.5%

Preferreds and global bonds led, tax-exempts lagged

Movers

Outperformers: Preferred Stock PFF +0.34% (3M: -2.4%), Global Bonds BNDX +0.15% (3M: -2.1%)

Underperformers: Muni Bonds MUB -0.37% (3M: -5.4%), Mortgage-Backed MBB -0.37% (3M: -4.3%)

3M Leaderboard

Strong: Short TIPS VTIP -0.7%, Short Corporate VCSH -1.2%, Global Bonds BNDX -2.1%

Weak: Long Treasuries TLT -8.2%, Muni Bonds MUB -5.4%, EM Sovereign Bonds EMB -5.2%

Tech-adjacent themes led, alternatives lagged

Movers

Outperformers: Clean Energy ICLN +2.08% (3M: -14.6%), Semiconductors SMH +2.07% (3M: +4.4%)

Underperformers: Ethereum Trust ETHA -1.28% (3M: +48.4%), Gold GLD -0.68% (3M: -0.5%)

3M Leaderboard

Strong: Ethereum Trust ETHA +48.4%, Bitcoin Trust IBIT +32.1%, Gold Miners GDX +11.5%

Weak: Clean Energy ICLN -14.6%, Real Estate VNQ -7.2%, Global REITs REET -7.1%

Related

• Tactical Trends: Asia and Growth Reclaim Ground Across Equities
• Intermediate Trends: Equity Breakdown Concentrates in Growth and Asia
• SPY candlestick signals: forward returns by pattern and sentiment
• 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.