I'm heading out on the bike to do some light work near Centennial park and to grab a cooling smoothy. I won't be trying to set any records and I will be taking two water bottles.
Yesterday there was all sorts of shenanigans in Korea and specifically in the Kospi futures. I got some details of what happened via connections in HK. It seems an algo sent an order to buy a 1 lot 100k times. This means that at one stage there was a bid for USD15bn of Kospi futures.
As a result of all this Kospi futures turnover jumped by 30% and open interested went up by 19k contracts. It's likely that when margins are due at 1200hrs Seoul time today that the perpetrator will be forced to unwind . . . quickly . . . if they haven't already done so. Orderly markets? Maybe?
I haven't mentioned Samsung much since I began this blog. Back in the early 2000's it used to be a favourite of mine as I was able to make a bit of money out of restructuring CB's and issuing various structured products based on the company for my old shop. I guess it's easy with all the iPhone hype to miss the market penetration of Samsung smart phones. Samsung's operating profit hit a record for the fifth straight quarter, rising 88% from a year earlier to about Won8.8tn ($8.27bn), while revenue rose 18% to approximately Won56tn. Analysts reckon the handset business accounted for about two-thirds of earnings in the previous quarter.
This is Samsung Elec v. Apple. Not as spectacular, but interesting nonetheless. The market is very long this stock even after its 46% run last year, so it would be best to sit back, do the numbers and wait for the moment.
I just got back from my ride and I can tell you the average temperature on my short 26km ride was over 41 degrees. That is seriously hot and I can tell you the air that hits you in the face is almost blistering in its effect. For the record here are the stats:
Ciao!
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