Market Colour and Semis Retail and Staples Conference Earnings

US markets retreated after a hot CPI reading, while the semiconductor sector faces heightened volatility due to $2bn in levered ETF short gamma. Notable earnings updates include a strong orders beat and buyback from Siemens and an upgrade for Umicore.

Key Takeaways

• 1.US equities fell following a hotter-than-expected Core CPI report (0.4% m/m), with small-caps and tech indices underperforming.
• 2.Levered ETFs in the semiconductor sector have significantly increased, creating an effective short gamma position of approximately $2bn, which is driving higher volatility.
• 3.Siemens reported a significant orders beat driven by the Smart Infrastructure (SI) division and announced a new €6bn share buyback program.

Table of Contents

• Marketcolour + Semis/Retail & Staples Conference / Earnings
• Interesting / Semis
• Semis / explaining the rally
• Retail / Staples Conference
• Siemens
• UMICORE upgrade to BUY
• ALLIANZ
• DT
• SIEMENS ENERGY (BUY, 20% upside)
• Notice to Australian Investors
• Additional Disclaimers

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