Pre mkt thoughts - 18 May 26

Spotlight on yields as they continue their ascent worldwide. US30 and 10Y went above 5.15 and 4.63 respectively in early Asian trading. meanwhile JGBs also had a huge move in long term rates almost 15bps!....correspondingly, risk assets opened lower in asian trading with some recovering by the european session. notable ones with strength - $MU opened lower but recovered to fridays highs ~740. $SMH as well was trading ~550s before recovering to 560s,
Assets that showed weakness - $btc, $eth - crypto has taken on all the downside without much of the upside recovery.
$KOSPI as well opened weaker but retail buying managed to push the index back up. Though there are reports surfacing of the vast amount of margin loans being taken up by korean retails as they embark on a gambit. Directionally this offers little information, however expect moves in $KOSPI to become even more volatile as margin stop outs become a factor in play.
$NVDA reports on wednesday this week - would expect muted activity till then.
Fun fact - the surge in Semis has led to funny weightings in ETFs. For example, $IWM's top holding now is $BE. This is good for the short term, however if the ETFs/Index rebalance the weightings, this could introduce an automatic passive selling flow.
$CXMT also posted very strong results in preparation for its IPO. Do check it out!