The Point for CEEMEA

Research evidence excerpt

The Point for CEEMEA

short covering, with the DAX standing out as the region's most likely source of

further squeeze-driven upside. Across Asia, positioning trends are less uniform:

KOSPI has seen a meaningful rebuild in bearish exposure, while Hang Seng's

recent rebound has been supported by the unwinding of profitable shorts. Overall,

positioning risks remain more skewed toward incremental short squeezes than

broad-based investor de-risking.

David T Chew | Richard W Schlatter | Anju Bhandari | Yue Hin Pong

World Radar Screen - July Update: Net Positive Gains Amidst Divergent Regional

Performance

Value–Momentum performance was mixed across regions over the month. MSCI

Europe ex-UK (+3.6%), Japan (+3.1%), and Emerging Markets (+2.4%) led regional

gains, while Asia ex Japan (-14.6%) and UK (-10.7%) experienced sharp declines. In

both underperforming regions, returns were marked by significant dispersion, with

substantial underperformance from long-side along with strong gains on shorts.

Nevertheless, the broader aggregate AC World strategy remained positive,

returning +1.8% for the month and 13% YTD.

David T Chew | Richard W Schlatter | Anju Bhandari | Yue Hin Pong | Kuldeep M Tilara

European Economics - Eurozone PPI: Upstream Price Pressures Still Elevated

Eurozone May PPI points to some price pressures in goods sectors are in the

pipeline.

Giada Giani

Fixed Income & FX

Global FX Flows Weekly - Flat USD flows while real money exits EM

USD flows were flat last week. EM aggregate saw net outflows driven by real

money, banks, and leveraged accounts. Regionally, Asia saw net outflows that

were almost entirely driven by leveraged and real money sellers. CEEMEA was net

flat but saw strong two-way flow with leveraged and real money buyers while

banks netted out as sellers.