‼️ Options investors are increasingly positioning for further gold upside. Call skew has risen materially relative to puts—reversing the earlier summer preference for downside protection—allowing investors to add upside exposure without taking on higher volatility. The shift is reinforced by gold funds recording their strongest inflows since January.
‼️ South Korea denied a local report that semiconductors are being considered as the first project under its $350 billion US investment commitment. The Blue House said Tuesday that the claim is “not true.”
🇭🇰 Hong Kong is pushing through a sweeping tax bill to fend off rivals like Singapore and Dubai, with a broad expansion of carried-interest exemptions that has sparked a rush among hedge funds and unease at investment banks worried about losing prop traders. Some firms are even exploring creative restructures—such as rebranding a receptionist as an investor relations officer—to maximize the potential tax windfall.
‼️ Overseas holdings of US Treasuries fell by $72.1 billion in June to $9.3 trillion, marking declines in three of the past four months after peaking in February.