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On August 20th, following SK Hynixs US IPO and the subsequent plunge in AI-related stocks, the financing costs for global investors to leverage their investments in SK Hynixs Korean shares have halved in recent weeks. According to sources, several banks, including Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, are offering clients exposure to SK Hynix through swap transactions at a premium of approximately 150 to 300 basis points above the Secured Overnight Financing Rate (SOFR). In mid-June, some banks were offering clients seeking to establish or renew SK Hynix swap contracts at rates exceeding SOFR by 1000 basis points. Since May 1st, SOFR has fluctuated between 3.50% and 3.69%. Previously, banks quoted extremely high financing rates to allocate limited quotas among clients to meet the demand for new SK Hynix swap transactions, and in some cases, even rejected client requests outright. At that time, the AI boom had driven SK Hynixs Korean shares to rise 11-fold in the 12 months ending June 22nd. As market sentiment becomes extremely bullish, banks are concerned that their portfolios are overly concentrated in these stocks, potentially driving up their financing costs in the repurchase market. Sources say that some banks that previously rejected client requests are now actively seeking new business.According to Reuters, shipping data in the Strait of Hormuz shows that the geopolitical stalemate between the United States and Iran has not improved.August 20 - The National Immigration Administration announced today that starting August 20, 2026, citizens of Kyrgyzstan and Vietnam will be eligible for the 240-hour visa-free transit policy and the 30-day visa-free entry policy in Hainan to travel to China. The number of countries eligible for the 240-hour visa-free transit policy has increased to 57, and the number of countries eligible for the 30-day visa-free entry policy in Hainan has increased to 61.On August 20th, according to local media reports, an oil storage tank belonging to Stora Enso, located in the Kaukopaa industrial area of Imatra province in southeastern Finland, exploded and caught fire early on August 18th. Approximately 50 cubic meters of tar oil leaked onto the site, with some flowing into nearby Lake Saimaa. Stora Enso is investigating the cause of the tanks internal pressure buildup and subsequent rupture. The company stated that production at the Imatra plant has been temporarily suspended to assess the damage and begin repair work. It is currently unclear how long the shutdown will last. Stora Ensos Imatra plants, including the Kaukopaa and Teinjonkoski plants, are among the worlds largest producers of consumer packaging paperboard. The Kaukopaa plant is located in southern Finland, approximately 10 kilometers from the Russian border.On August 20th, the latest Loan Prime Rate (LPR) was released, with no adjustments made to the 1-year and 5-year LPRs. The Peoples Bank of China authorized the National Interbank Funding Center to announce that the 1-year LPR was 3% and the 5-year LPR was 3.5%. Loan interest rates in my country have remained low this year. Data shows that in July, the weighted average interest rate for newly issued corporate loans was slightly below 3%, about 0.2 percentage points lower than the same period last year; the weighted average interest rate for newly issued personal housing loans was about 3.1%, basically unchanged from the same period last year.

S&P 500 Price Forecast — Stock Market Looking for Footing

Florala Chen

Aug 24, 2022 15:54

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In the E-mini contract, the S&P 500 has gained a little bit of stability during the Tuesday trading session as we get closer to a critical support level.

Technical Analysis of the S&P 500

In the early stages of the E-mini contract, the S&P 500 has moved in a rather narrow range. Having said that, this week is the Jackson Hole Symposium, which is practically guaranteed to make a lot of noise. In this case, I believe the trading public will be paying great heed to central bankers' pronouncements, which, of course, may sometimes result in complete pandemonium.


In this case, I believe we could have a brief rebound followed by increased selling pressure. The 200-Day EMA is located around 4185, and there is considerable resistance at the 4300 level above. It's also important to pay attention to the 50-Day EMA, which is at 4082 and climbing below; it may provide dynamic support.


I do believe that it is extremely possible that traders will look to the 50-Day EMA to salvage the market upward, regardless of whether or not this turns out to be the case. If we break it down below that, the market is probably just trying to get to the 4000 level. Anything below the 4000 mark indicates that we have once again altered our mentality and that more downside is yet to come.


One thing you can certainly bet on, in my opinion, is a lot of noisy volatility, mostly as a result of the central bankers' ranting in Wyoming. They will almost certainly underline their resolve to battle inflation, which means that monetary policies will continue to tighten throughout the globe.

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