From the Securities Lending Trading Desk

In the Americas, new short positions drive demand on SPDR Barclays High Yield Bond ETF (JNK) amidst rally to start 2019. In Asia, SJM Holdings, the casino business founded by gambling tycoon Stanley Ho, rose by 8% last Thursday. In Europe, Metro Bank shares fell the most since its launch as it revealed an erroneous capital shortfall. 

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2019 Hedge Fund Outlook – The Only Way is up?

The new year is traditionally a period to take stock, reflect on the prior year and more importantly, start making predictions. The beginning of 2019 has been no different for hedge funds, as we see many market commentators look to quantify performance in 2018 and take a forward-looking view on themes which may persist over the course of this year.

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From the Securities Lending Trading Desk

Baozun’s shares bounced back up in January amid rebounds for the Chinese tech sector and the broader market. In Asia, analysts are beginning to see signs the Chinese property market is cooling and homeowners are asking for refunds from developers. In Europe, Italian banks dropped this week as reports emerged that the European Central Bank has told lenders they have to clean up bad debt.

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From the Securities Lending Trading Desk

In the Americas, SQM is expected to be a long term focus of demand as they are one of the top four companies controlling the roughly $3 billion global lithium market. In Asia, analysts predict that shares in the smartphone manufacturer, Xiaomi Corp, could fall further if the company loses market share to Huawei. In Europe, A mixed week for UK energy firm Ophir as it loses a key exploration license and then receives a takeover offer.

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From the Securities Lending Trading Desk

In the Americas, Tencent Music, which owns the four largest music apps in China, has seen lending volumes and fees jump after the Chinese manufacturing sector reported its first contraction in 2 years. In Asia, we have seen strong long term lending demand for Pilbara Minerals Ltd following a 38% decline in its share price in 2018. In Europe, China slowdown weighing on European luxury sector.

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Did 2018 Have it all for Securities Lending?

For some commentators, this year has had it all!  It was the year that Apple Inc. became the first public company to reach the $1 trillion market cap level, the VIX nearly hit 50 for the first time since 2015, the cryptocurrencies bubble burst, global equity markets suffered a torrid time and Tesla Inc nearly went private. It was also a year where we faced unprecedented geopolitical news.

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From the Securities Lending Trading Desk

In the US, as directional demand for Buckle(BKE) continues to be strong for the struggling retailer combined with high market utilization, fee levels have remained elevated. In Asia, Samsung Group’s biotechnology arm surged last week after it avoided a delisting. Bonmarche (BON LN) also suffered this week as the retailer blamed Brexit for a lack of trade

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From the Securities Lending Trading Desk

In the US, with the deal expected to close in Q1 of 2019, trading volume and velocity of SIRI shares have increased. In, Asia, Takeda Pharmaceutical’s shareholders approved a $62 billion acquisition of Shire Plc, enabling the company to continue its quest to become a global drug giant. In Europe, A seesaw week for Thomas Cook as Moody’s downgrades the travel operators outlook to negative.

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From the Securities Lending Trading Desk

Amidst a rocky week in the US stock market, Pinduoduo’s ADRs bucked the trend and reported extraordinary growth. One of China’s largest smartphone makers delivered strong revenue results in the third quarter despite a slowdown in the global market. In Europe, The Restaurant Group’s (RTN LN) potential takeover of Wagamama continued to divide shareholder opinion as large shareholders released their views on the potential deal.

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