image image

Multi-asset chart of the week

Multi Asset chart of the week

22 July 2026 Multi-asset
Week to 24 July 2026

The AUM in South Korean leveraged ETFs has grown exponentially since the start of the year

Stephanie Chan, CFA, Portfolio Manager, said: “South Korean ETF investment has surged in 2026, with SK Hynix-related ETFs alone reaching $22 billion in assets by June, equal to almost 2% of the company's market capitalization. South Korea's stock market is closely linked to the AI boom because chipmakers Samsung Electronics and SK Hynix make up more than 40% of the market. Many investors, particularly retail investors, have used leveraged ETFs to increase their exposure to these companies. This has contributed to larger day-to-day price swings in Samsung, SK Hynix, and the broader Korean stock market.”

COW2207.png

Source: Insight Investment, Bloomberg as at 20 July 2026.

Week to 17 July 2026

The equity market rally seen this year has been driven by rising earnings expectations

Stephanie Chan, CFA, Portfolio Manager, said: “Equity markets had one of their strongest quarters in the past 20 years, driven largely by strong semiconductor and tech hardware performance. Markets like Japan, Korea, Taiwan, and the US are especially exposed to the AI hardware and chips theme. The equity market rally, however, has so far been supported by strong earnings expectations rather than simply ballooning valuations. In fact, valuation changes across markets have been relatively flat or even negative YTD.”

COW1407V5.png

Source: Insight Investment, Bloomberg as at 30 June 2026.

Week to 03 July 2026

The oil futures curve has reset significantly lower than the Iran highs

Stephanie Chan, CFA, Portfolio Manager, said: “Since the Iran ceasefire and reopening of the Strait of Hormuz, oil prices have fallen back close to pre-war levels. Tanker traffic is still only about 25% of previous peaks, but supply is gradually normalising. Markets now expect oil prices to stabilise around $73 per barrel – well below May highs – easing pressure on global inflation.”

2COW0107.png

Source: Insight Investment, Bloomberg as at 30 June 2026.

Back to top