In case you missed it, Asia’s Most Read Publications 9 Jun to 15 Jun 2026

研报英文原文证据摘录

In case you missed it, Asia’s Most Read Publications 9 Jun to 15 Jun 2026

Asia Pacific Equity Research

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Asia Most Read 19 June 2026

In case you missed it, Asia’s Most Read Publications: 9 Jun to 15

Jun 2026

Asia Pacific Equity Derivatives Strategy (Tony SK Lee/Haoshun Liu/Xipu Han/Twinkle Mehta, CFA)

Skew Normalization Reinforces Our Consolidation View; Monetizing Elevated Volatility in AI-

Exposed Indices; Positioning for Rotation Beyond the AI Bottleneck Trade

Single-Stock Skew Normalization Reinforces Our Consolidation View: In recent weeks, we have favored call overwriting,

delta replacement strategies, and selective index hedges as technicals, positioning, and leverage within the AI complex

became increasingly stretched, leaving the risk-reward of chasing further upside less attractive. Single-stock skew was one of

several indicators supporting this view, with skew inversions reaching multi-year extremes and highlighting unusually strong

demand for upside exposure in a narrow group of AI beneficiaries. As rates move higher, oil prices rise, and liquidity conditions

become less supportive, these positioning risks have become more exposed, contributing to the recent normalization in

skew and moderation in momentum. Even so, the recent pullback still appears more consistent with a positioning reset than a

deterioration in fundamentals, and the core drivers of the AI investment cycle remain firmly intact. We therefore continue to