PremiumThe Korean-focused ETF, EWY, closed at a 73bp discount to NAV a day after a major rout sent Korean stocks 9.99% lower. The selloff dragged US stocks closed lower with NDX seeing its 3rd largest daily pullback in the last year as Semis (SOX) dropped nearly ~8%.According to Goldman's US desk notes, manager and HF flows were notably for sale and concentrated in tech and macro products but flows felt "orderly" with no sense of over-reaction/panic.
Ahead Of The Korea Open: Goldman Warns More Selling On Deck, As Everyone Dumps On Retail
"headlines point lower with MSCI keeping Korea off the DM watchlist, sentiment weaker in the overall AI trade, impending tightening of bank lending standards to retail investors, and the ongoing overhang of mechanical selling from both foreigners and domestic pensions"
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