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2021-06-18

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AstraZeneca Vaccine Faces More Supply Hurdles, Now From Thailand

2021-06-19

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Dow falls more than 500 points to close out its worst week since October

2021-06-16

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Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets

2021-06-19

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2021-06-15

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08:41","market":"us","language":"en","title":"Dow falls more than 500 points to close out its worst week since October","url":"https://stock-news.laohu8.com/highlight/detail?id=1156696708","media":"cnbc","summary":"Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since Octob","content":"<html><body><div>\n<p>Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since October, as traders worried the Federal Reserve could start raising rates sooner than expected.\nThe blue-...</p>\n<a href=\"https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html\">Web Link</a>\n</div>\n</body></html>","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>Dow falls more than 500 points to close out its worst week since October</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ 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float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow falls more than 500 points to close out its worst week since October\n</h2>\n<h4 class=\"meta\">\n\n\n2021-06-19 08:41 GMT+8   <a href=\"https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html\"><strong>cnbc</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since October, as traders worried the Federal Reserve could start raising rates sooner than expected.\nThe blue-...</p>\n<a href=\"https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html\">Web Link</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1156696708","content_text":"Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since October, as traders worried the Federal Reserve could start raising rates sooner than expected.\nThe blue-chip average dropped 533.37 points, or 1.6%, to 33,290.08. TheS&P 500slid 1.3% to 4,166.45. Both the Dow and S&P 500 hit their session lows in the final minutes of trading and closed around those levels. TheNasdaq Compositeclosed 0.9% lower at 14,030.38. Economic comeback plays led the market losses.\nFor the week, the 30-stock Dow lost 3.5%. The S&P 500 and Nasdaq were down by 1.9% and 0.2%, respectively, week to date.\nSt. Louis Federal Reserve President Jim Bullardtold CNBC's \"Squawk Box\"on Friday it was natural for the Fed to tilt a little \"hawkish\" this week and that the first rate increase from the central bank would likely come in 2022. His comments came after the Fed on Wednesday added two rate hikes to its 2023 forecast and increased its inflation projection for the year, putting pressure on stock prices.\n\"The fear held by some investors is that if the Fed tightens policy sooner than expected to help cool inflationary pressures, this could weigh on future economic growth,\" Truist Advisory Services chief market strategist Keith Lerner said in a note. To be sure, he added it would be premature to give up on the so-called value trade right now.\nPockets of the market most sensitive to the economic rebound led the sell-off this week. The S&P 500 energy sector and industrials dropped 5.2% and 3.8%, respectively, for the week. Financials and materials meanwhile, lost more than 6% each. These groups had been market leaders this year on the back of the economic reopening.\nThe decline in stocks came as the Fed's actions caused a drastic flattening of the so-called Treasury yield curve. This means the yields of shorter-duration Treasurys — like the 2-year note — rose while longer-duration yields like the benchmark 10-year declined. The retreat in long-dated bond yields reflects less optimism toward economic growth, while the jump in short-end yields shows the expectations of the Fed raising rates.\nThis phenomenon hurt bank stocks particularly as their earnings could take a hit when the spread between short-term and long-term rates narrows. Bank of America and JPMorgan Chase shares on Friday lost more than 2% each. Citigroup fell by 1.8%, posting its 12th straight daily decline.\nFed Chairman Jerome Powell said Wednesday that officials have discussed tapering bond buying and would at some point begin slowing the asset purchases.\n\"This week's first whiff of an eventual change in Fed policy was a reminder that emergency monetary conditions and the free-money era will ultimately end,\" strategists at MRB Partners wrote in a note. \"We expect a series of incremental retreats from the Fed's benign inflation outlook in the coming months.\"\nCommodity prices were underpressure this weekas China attempted to cool rising prices and as the U.S. dollar strengthens. Copper, gold and platinum fell once again on Friday.\nFriday also coincided with the quarterly \"quadruple witching\" in which options and futures on indexes and equities expire. This event may have contributed to more volatile trading during the session.","news_type":1},"isVote":1,"tweetType":1,"viewCount":474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":166692424,"gmtCreate":1624005074368,"gmtModify":1703826332321,"author":{"id":"3585127296595680","authorId":"3585127296595680","name":"_lbgg_","avatar":"https://static.tigerbbs.com/06d4ef68a254afd794a1783ed7262f82","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585127296595680","authorIdStr":"3585127296595680"},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/166692424","repostId":"1176081814","repostType":4,"repost":{"id":"1176081814","kind":"news","pubTimestamp":1624002595,"share":"https://ttm.financial/m/news/1176081814?lang=&edition=fundamental","pubTime":"2021-06-18 15:49","market":"us","language":"en","title":"AstraZeneca Vaccine Faces More Supply Hurdles, Now From Thailand","url":"https://stock-news.laohu8.com/highlight/detail?id=1176081814","media":"bloomberg","summary":"AstraZeneca Plc’s Covid-19 vaccine manufacturing partner in Southeast Asia has missed a delivery tar","content":"<html><body><p>AstraZeneca Plc’s Covid-19 vaccine manufacturing partner in Southeast Asia has missed a delivery target in Thailand and shipments to other countries in the region have been delayed, the latest setback for a shot that was meant to be the backbone of the global inoculation effort.</p>\n<p>Thailand was slated to receive and administer 6 million AstraZeneca vaccine doses in June but health authorities this week said they would be distributing only about 3.5 million of those shots this month. Pledging to still give out 6 million doses as planned, officials appear to be making up the shortfall with millions of shots from China’sSinovac Biotech Ltd.</p>\n<p>Shipments of shots made by Siam Bioscience -- AstraZeneca’s Bangkok-based partner, which has links to the Thai royal family -- to Malaysia and the Philippines have also been delayed, though both countries say they don’t expect to be waiting for too long.</p>\n<p>The situation comes on top of delivery problems at India’sSerum Institute of India Ltd., another AstraZeneca partner, which has left developing countries from Nepal to Rwanda short of shots that were promised through the World Health Organization-backed Covax program. Siam Bioscience is AstraZeneca’s sole Covid vaccine partner in Southeast Asia, a region that is trailing on inoculation and where the virus continues to flare, including in Thailand where infections have surged over the past two months.</p>\n<p>AstraZeneca declined to comment, while Siam BioScience didn’t respond to requests for comment.</p>\n<p>The Philippines now expects a batch of nearly 1.2 million AstraZeneca shots to be shipped from Thailand in mid-July rather than this month, though a government official saidthe initial delaywill not derail the country’s vaccination push. In Malaysia, authorities say they’re working to resolve the issues around the delivery schedule, which the government stated in May would see 610,000 doses arrive from Thailand in June and another 410,000 in July.</p>\n<p>AstraZeneca itself is also facing legal action from the European Union for a production shortfall, with the company only delivering 30 million doses to the bloc in the first quarter, compared with an original target of 120 million.</p>\n<p>Seeking Alternatives</p>\n<p>The Anglo-Swedish company, which partnered with the University of Oxford on the vaccine, received orders to supply as many as 3 billion doses worldwide before efficacy data came out last year, more than twice as many as any other first wave shot, data compiled by Bloomberg shows.</p>\n<p>While not exclusive to AstraZeneca, the various delays -- particularly out of India, which has banned the export of Covid vaccines -- have left dozens of countries that were counting on the shot desperate to find doses elsewhere, and undermined the company’s bid to supply the developing world.</p>\n<p>Now, countries are turning to alternatives, particularly shots developed by Chinese companies Sinovac and Sinopharm that recently received approval from the WHO. While they’re less effective than the Messenger RNA vaccines made by Pfizer Inc., BioNTech SE and Moderna Inc., these shots are easier to store and transport.</p>\n<p>Thailand, which aims to vaccinate70% of its populationby the end of this year, is also now allowing regional health authorities to extend the interval between Astrazeneca vaccine doses to 16 weeks, from 10 to 12 weeks previously, though officials say the move is to optimize the shot’s effectiveness and not for lack of supply.</p>\n<p>The country has alsoordered20 million doses of the Pfizer-BioNTech vaccine and isin talksfor 5 million doses of the single-shot Johnson & Johnson vaccine as it continues to expect deliveries of the Astra shots from Siam Bioscience.</p>\n<p>New to Vaccine-making</p>\n<p>AstraZeneca’s vaccine is among the cheapest of the first round of Covid shots because the company said it wouldn’t take a profit, selling it at cost.</p>\n<p>But the lack of economic incentives could have constrained AstraZeneca and its manufacturing partners’ ability to get the supply chain in order, said Carlos Cordon, a professor of strategy and supply chain management at the Institute for Management Development in Lausanne, Switzerland.</p>\n<p>“The supply chain of the Astra vaccine is not an easy one and, logically, one would assume that there will be more than one source of supply to avoid bottlenecks,” Cordon said. “A little bit of an economic incentive would have certainly helped to make companies in the supply chain even eager to make higher production volumes.”</p>\n<p>AstraZeneca’s choice of Thai partner raised questions from the start. Unlike India’s Serum -- which was the world’s biggest vaccine maker before the pandemic -- and other Asia partners like South Korea’sSK Bioscience Co., Siam Bioscience is new to the vaccine-making business.</p>\n<p>The company was founded in 2009 as Thailand’s first domestic bio-pharmaceutical drugmaker by the father of the nation’s current King Maha Vajiralongkorn, to provide cheaper alternatives to imported drugs. It has also made Covid test kits.</p>\n<p>It’s set up by theCrown Property Bureau, an agency that managed assets for the palace no matter who sat on the throne. The company had been operating at a loss in the four years leadingup tothe year of pandemic, when it brought in anet profitof 35.8 million baht ($1.1 million), according to data published by the Department of Business Development.</p>\n<p>In February, Thai Prime Minister Prayuth Chan-Ocha said Siam Bioscience does not seek to profit from making the Astra vaccines.</p>\n<p>Royal Links</p>\n<p>Complicating matters is Thailand’s lese majeste law, which can see jail time ofup to15 years for defaming the royal family. Its sweeping mandate means that little is said publicly about Siam Bioscience, even as concerns over vaccine supplies grow.</p>\n<p>In January, Thai officialssaidthat Siam Bioscience would make 200 million doses each year. They haven’t spoken publicly again about the company in detail since.</p>\n<p>When former prime-ministerial candidate Thanathorn Juangroongruangkit suggested that Siam Bioscience’s royal ties played a role in its appointment as AstraZeneca’s partner, the high-profile government critic waschargedwith royal defamation.</p>\n<p>Prime Minister Prayuthapologizedthis week to the public for the delay, blaming “supply and distribution issues” without elaborating. Neither the Thai government nor Siam Bioscience responded to repeated requests for information on what is causing the supply shortfalls.</p>\n<p>One Thaihealthcareindustry veteran, who asked not to be identified for fear of legal repercussions, likened the situation with Siam Bioscience to a bakery that just started making bread.</p>\n<p>“They still haven’t perfected their craft,” he said. “None of us really knows their production capacity because they haven’t publicized it and we can’t criticize it. No one is willing to say. They can’t say it, because it’s Siam Bioscience.”</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>AstraZeneca Vaccine Faces More Supply Hurdles, Now From Thailand</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAstraZeneca Vaccine Faces More Supply Hurdles, Now From Thailand\n</h2>\n<h4 class=\"meta\">\n\n\n2021-06-18 15:49 GMT+8   <a href=\"https://www.bloomberg.com/news/articles/2021-06-18/astrazeneca-vaccine-faces-more-supply-hurdles-now-from-thailand?srnd=premium-asia\"><strong>bloomberg</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>AstraZeneca Plc’s Covid-19 vaccine manufacturing partner in Southeast Asia has missed a delivery target in Thailand and shipments to other countries in the region have been delayed, the latest setback...</p>\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-18/astrazeneca-vaccine-faces-more-supply-hurdles-now-from-thailand?srnd=premium-asia\">Web Link</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AZN":"阿斯利康"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-18/astrazeneca-vaccine-faces-more-supply-hurdles-now-from-thailand?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176081814","content_text":"AstraZeneca Plc’s Covid-19 vaccine manufacturing partner in Southeast Asia has missed a delivery target in Thailand and shipments to other countries in the region have been delayed, the latest setback for a shot that was meant to be the backbone of the global inoculation effort.\nThailand was slated to receive and administer 6 million AstraZeneca vaccine doses in June but health authorities this week said they would be distributing only about 3.5 million of those shots this month. Pledging to still give out 6 million doses as planned, officials appear to be making up the shortfall with millions of shots from China’sSinovac Biotech Ltd.\nShipments of shots made by Siam Bioscience -- AstraZeneca’s Bangkok-based partner, which has links to the Thai royal family -- to Malaysia and the Philippines have also been delayed, though both countries say they don’t expect to be waiting for too long.\nThe situation comes on top of delivery problems at India’sSerum Institute of India Ltd., another AstraZeneca partner, which has left developing countries from Nepal to Rwanda short of shots that were promised through the World Health Organization-backed Covax program. Siam Bioscience is AstraZeneca’s sole Covid vaccine partner in Southeast Asia, a region that is trailing on inoculation and where the virus continues to flare, including in Thailand where infections have surged over the past two months.\nAstraZeneca declined to comment, while Siam BioScience didn’t respond to requests for comment.\nThe Philippines now expects a batch of nearly 1.2 million AstraZeneca shots to be shipped from Thailand in mid-July rather than this month, though a government official saidthe initial delaywill not derail the country’s vaccination push. In Malaysia, authorities say they’re working to resolve the issues around the delivery schedule, which the government stated in May would see 610,000 doses arrive from Thailand in June and another 410,000 in July.\nAstraZeneca itself is also facing legal action from the European Union for a production shortfall, with the company only delivering 30 million doses to the bloc in the first quarter, compared with an original target of 120 million.\nSeeking Alternatives\nThe Anglo-Swedish company, which partnered with the University of Oxford on the vaccine, received orders to supply as many as 3 billion doses worldwide before efficacy data came out last year, more than twice as many as any other first wave shot, data compiled by Bloomberg shows.\nWhile not exclusive to AstraZeneca, the various delays -- particularly out of India, which has banned the export of Covid vaccines -- have left dozens of countries that were counting on the shot desperate to find doses elsewhere, and undermined the company’s bid to supply the developing world.\nNow, countries are turning to alternatives, particularly shots developed by Chinese companies Sinovac and Sinopharm that recently received approval from the WHO. While they’re less effective than the Messenger RNA vaccines made by Pfizer Inc., BioNTech SE and Moderna Inc., these shots are easier to store and transport.\nThailand, which aims to vaccinate70% of its populationby the end of this year, is also now allowing regional health authorities to extend the interval between Astrazeneca vaccine doses to 16 weeks, from 10 to 12 weeks previously, though officials say the move is to optimize the shot’s effectiveness and not for lack of supply.\nThe country has alsoordered20 million doses of the Pfizer-BioNTech vaccine and isin talksfor 5 million doses of the single-shot Johnson & Johnson vaccine as it continues to expect deliveries of the Astra shots from Siam Bioscience.\nNew to Vaccine-making\nAstraZeneca’s vaccine is among the cheapest of the first round of Covid shots because the company said it wouldn’t take a profit, selling it at cost.\nBut the lack of economic incentives could have constrained AstraZeneca and its manufacturing partners’ ability to get the supply chain in order, said Carlos Cordon, a professor of strategy and supply chain management at the Institute for Management Development in Lausanne, Switzerland.\n“The supply chain of the Astra vaccine is not an easy one and, logically, one would assume that there will be more than one source of supply to avoid bottlenecks,” Cordon said. “A little bit of an economic incentive would have certainly helped to make companies in the supply chain even eager to make higher production volumes.”\nAstraZeneca’s choice of Thai partner raised questions from the start. Unlike India’s Serum -- which was the world’s biggest vaccine maker before the pandemic -- and other Asia partners like South Korea’sSK Bioscience Co., Siam Bioscience is new to the vaccine-making business.\nThe company was founded in 2009 as Thailand’s first domestic bio-pharmaceutical drugmaker by the father of the nation’s current King Maha Vajiralongkorn, to provide cheaper alternatives to imported drugs. It has also made Covid test kits.\nIt’s set up by theCrown Property Bureau, an agency that managed assets for the palace no matter who sat on the throne. The company had been operating at a loss in the four years leadingup tothe year of pandemic, when it brought in anet profitof 35.8 million baht ($1.1 million), according to data published by the Department of Business Development.\nIn February, Thai Prime Minister Prayuth Chan-Ocha said Siam Bioscience does not seek to profit from making the Astra vaccines.\nRoyal Links\nComplicating matters is Thailand’s lese majeste law, which can see jail time ofup to15 years for defaming the royal family. Its sweeping mandate means that little is said publicly about Siam Bioscience, even as concerns over vaccine supplies grow.\nIn January, Thai officialssaidthat Siam Bioscience would make 200 million doses each year. They haven’t spoken publicly again about the company in detail since.\nWhen former prime-ministerial candidate Thanathorn Juangroongruangkit suggested that Siam Bioscience’s royal ties played a role in its appointment as AstraZeneca’s partner, the high-profile government critic waschargedwith royal defamation.\nPrime Minister Prayuthapologizedthis week to the public for the delay, blaming “supply and distribution issues” without elaborating. Neither the Thai government nor Siam Bioscience responded to repeated requests for information on what is causing the supply shortfalls.\nOne Thaihealthcareindustry veteran, who asked not to be identified for fear of legal repercussions, likened the situation with Siam Bioscience to a bakery that just started making bread.\n“They still haven’t perfected their craft,” he said. “None of us really knows their production capacity because they haven’t publicized it and we can’t criticize it. No one is willing to say. They can’t say it, because it’s Siam Bioscience.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":596,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3566190997597521","authorId":"3566190997597521","name":"Jia jia","avatar":"https://static.tigerbbs.com/a5e41a8432102fa946fee83eeb1384d7","crmLevel":4,"crmLevelSwitch":0,"idStr":"3566190997597521","authorIdStr":"3566190997597521"},"content":"I came here to leave a comment","text":"I came here to leave a comment","html":"I came here to leave a comment"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160540050,"gmtCreate":1623802898270,"gmtModify":1703819759245,"author":{"id":"3585127296595680","authorId":"3585127296595680","name":"_lbgg_","avatar":"https://static.tigerbbs.com/06d4ef68a254afd794a1783ed7262f82","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585127296595680","authorIdStr":"3585127296595680"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/160540050","repostId":"1191245053","repostType":4,"repost":{"id":"1191245053","kind":"news","pubTimestamp":1623762167,"share":"https://ttm.financial/m/news/1191245053?lang=&edition=fundamental","pubTime":"2021-06-15 21:02","market":"us","language":"en","title":"Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets","url":"https://stock-news.laohu8.com/highlight/detail?id=1191245053","media":"zerohedge","summary":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers .So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fis","content":"<html><body><p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p>\n<p>So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-height=\"765\" tg-width=\"959\"/></p>\n<p>Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-height=\"298\" tg-width=\"500\"/></p>\n<p>It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-height=\"541\" tg-width=\"936\"/></p>\n<p>The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-height=\"558\" tg-width=\"952\"/></p>\n<p>This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-height=\"561\" tg-width=\"1236\"/></p>\n<p>Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-height=\"560\" tg-width=\"931\"/></p>\n<p>Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-height=\"608\" tg-width=\"1212\"/></p>\n<p>One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p>\n<p>As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-height=\"1128\" tg-width=\"954\"/></p>\n<p>Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nQuad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets\n</h2>\n<h4 class=\"meta\">\n\n\n2021-06-15 21:02 GMT+8   <a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\"><strong>zerohedge</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is ...</p>\n<a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\">Web Link</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191245053","content_text":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").\nSo picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.\n\nYet while these totals are massive,when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.\n\nIt's worth noting that according to Goldman estimates that combos accountfor 15-20% of SPX options,so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.\n\nThe Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPXrealized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.\n\nThis contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.\n\nThen, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees thatthe extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:the market will become much more volatile in a selloff.\n\nMeanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.\n\nOne final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.\nAs Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"\n\nWhy is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!","news_type":1},"isVote":1,"tweetType":1,"viewCount":525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184424095,"gmtCreate":1623722389317,"gmtModify":1704209566920,"author":{"id":"3585127296595680","authorId":"3585127296595680","name":"_lbgg_","avatar":"https://static.tigerbbs.com/06d4ef68a254afd794a1783ed7262f82","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585127296595680","authorIdStr":"3585127296595680"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184424095","repostId":"1126626020","repostType":4,"isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":166692424,"gmtCreate":1624005074368,"gmtModify":1703826332321,"author":{"id":"3585127296595680","authorId":"3585127296595680","name":"_lbgg_","avatar":"https://static.tigerbbs.com/06d4ef68a254afd794a1783ed7262f82","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585127296595680","authorIdStr":"3585127296595680"},"themes":[],"htmlText":"????","listText":"????","text":"????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/166692424","repostId":"1176081814","repostType":4,"repost":{"id":"1176081814","kind":"news","pubTimestamp":1624002595,"share":"https://ttm.financial/m/news/1176081814?lang=&edition=fundamental","pubTime":"2021-06-18 15:49","market":"us","language":"en","title":"AstraZeneca Vaccine Faces More Supply Hurdles, Now From Thailand","url":"https://stock-news.laohu8.com/highlight/detail?id=1176081814","media":"bloomberg","summary":"AstraZeneca Plc’s Covid-19 vaccine manufacturing partner in Southeast Asia has missed a delivery tar","content":"<html><body><p>AstraZeneca Plc’s Covid-19 vaccine manufacturing partner in Southeast Asia has missed a delivery target in Thailand and shipments to other countries in the region have been delayed, the latest setback for a shot that was meant to be the backbone of the global inoculation effort.</p>\n<p>Thailand was slated to receive and administer 6 million AstraZeneca vaccine doses in June but health authorities this week said they would be distributing only about 3.5 million of those shots this month. Pledging to still give out 6 million doses as planned, officials appear to be making up the shortfall with millions of shots from China’sSinovac Biotech Ltd.</p>\n<p>Shipments of shots made by Siam Bioscience -- AstraZeneca’s Bangkok-based partner, which has links to the Thai royal family -- to Malaysia and the Philippines have also been delayed, though both countries say they don’t expect to be waiting for too long.</p>\n<p>The situation comes on top of delivery problems at India’sSerum Institute of India Ltd., another AstraZeneca partner, which has left developing countries from Nepal to Rwanda short of shots that were promised through the World Health Organization-backed Covax program. Siam Bioscience is AstraZeneca’s sole Covid vaccine partner in Southeast Asia, a region that is trailing on inoculation and where the virus continues to flare, including in Thailand where infections have surged over the past two months.</p>\n<p>AstraZeneca declined to comment, while Siam BioScience didn’t respond to requests for comment.</p>\n<p>The Philippines now expects a batch of nearly 1.2 million AstraZeneca shots to be shipped from Thailand in mid-July rather than this month, though a government official saidthe initial delaywill not derail the country’s vaccination push. In Malaysia, authorities say they’re working to resolve the issues around the delivery schedule, which the government stated in May would see 610,000 doses arrive from Thailand in June and another 410,000 in July.</p>\n<p>AstraZeneca itself is also facing legal action from the European Union for a production shortfall, with the company only delivering 30 million doses to the bloc in the first quarter, compared with an original target of 120 million.</p>\n<p>Seeking Alternatives</p>\n<p>The Anglo-Swedish company, which partnered with the University of Oxford on the vaccine, received orders to supply as many as 3 billion doses worldwide before efficacy data came out last year, more than twice as many as any other first wave shot, data compiled by Bloomberg shows.</p>\n<p>While not exclusive to AstraZeneca, the various delays -- particularly out of India, which has banned the export of Covid vaccines -- have left dozens of countries that were counting on the shot desperate to find doses elsewhere, and undermined the company’s bid to supply the developing world.</p>\n<p>Now, countries are turning to alternatives, particularly shots developed by Chinese companies Sinovac and Sinopharm that recently received approval from the WHO. While they’re less effective than the Messenger RNA vaccines made by Pfizer Inc., BioNTech SE and Moderna Inc., these shots are easier to store and transport.</p>\n<p>Thailand, which aims to vaccinate70% of its populationby the end of this year, is also now allowing regional health authorities to extend the interval between Astrazeneca vaccine doses to 16 weeks, from 10 to 12 weeks previously, though officials say the move is to optimize the shot’s effectiveness and not for lack of supply.</p>\n<p>The country has alsoordered20 million doses of the Pfizer-BioNTech vaccine and isin talksfor 5 million doses of the single-shot Johnson & Johnson vaccine as it continues to expect deliveries of the Astra shots from Siam Bioscience.</p>\n<p>New to Vaccine-making</p>\n<p>AstraZeneca’s vaccine is among the cheapest of the first round of Covid shots because the company said it wouldn’t take a profit, selling it at cost.</p>\n<p>But the lack of economic incentives could have constrained AstraZeneca and its manufacturing partners’ ability to get the supply chain in order, said Carlos Cordon, a professor of strategy and supply chain management at the Institute for Management Development in Lausanne, Switzerland.</p>\n<p>“The supply chain of the Astra vaccine is not an easy one and, logically, one would assume that there will be more than one source of supply to avoid bottlenecks,” Cordon said. “A little bit of an economic incentive would have certainly helped to make companies in the supply chain even eager to make higher production volumes.”</p>\n<p>AstraZeneca’s choice of Thai partner raised questions from the start. Unlike India’s Serum -- which was the world’s biggest vaccine maker before the pandemic -- and other Asia partners like South Korea’sSK Bioscience Co., Siam Bioscience is new to the vaccine-making business.</p>\n<p>The company was founded in 2009 as Thailand’s first domestic bio-pharmaceutical drugmaker by the father of the nation’s current King Maha Vajiralongkorn, to provide cheaper alternatives to imported drugs. It has also made Covid test kits.</p>\n<p>It’s set up by theCrown Property Bureau, an agency that managed assets for the palace no matter who sat on the throne. The company had been operating at a loss in the four years leadingup tothe year of pandemic, when it brought in anet profitof 35.8 million baht ($1.1 million), according to data published by the Department of Business Development.</p>\n<p>In February, Thai Prime Minister Prayuth Chan-Ocha said Siam Bioscience does not seek to profit from making the Astra vaccines.</p>\n<p>Royal Links</p>\n<p>Complicating matters is Thailand’s lese majeste law, which can see jail time ofup to15 years for defaming the royal family. Its sweeping mandate means that little is said publicly about Siam Bioscience, even as concerns over vaccine supplies grow.</p>\n<p>In January, Thai officialssaidthat Siam Bioscience would make 200 million doses each year. They haven’t spoken publicly again about the company in detail since.</p>\n<p>When former prime-ministerial candidate Thanathorn Juangroongruangkit suggested that Siam Bioscience’s royal ties played a role in its appointment as AstraZeneca’s partner, the high-profile government critic waschargedwith royal defamation.</p>\n<p>Prime Minister Prayuthapologizedthis week to the public for the delay, blaming “supply and distribution issues” without elaborating. Neither the Thai government nor Siam Bioscience responded to repeated requests for information on what is causing the supply shortfalls.</p>\n<p>One Thaihealthcareindustry veteran, who asked not to be identified for fear of legal repercussions, likened the situation with Siam Bioscience to a bakery that just started making bread.</p>\n<p>“They still haven’t perfected their craft,” he said. “None of us really knows their production capacity because they haven’t publicized it and we can’t criticize it. No one is willing to say. They can’t say it, because it’s Siam Bioscience.”</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>AstraZeneca Vaccine Faces More Supply Hurdles, Now From Thailand</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAstraZeneca Vaccine Faces More Supply Hurdles, Now From Thailand\n</h2>\n<h4 class=\"meta\">\n\n\n2021-06-18 15:49 GMT+8   <a href=\"https://www.bloomberg.com/news/articles/2021-06-18/astrazeneca-vaccine-faces-more-supply-hurdles-now-from-thailand?srnd=premium-asia\"><strong>bloomberg</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>AstraZeneca Plc’s Covid-19 vaccine manufacturing partner in Southeast Asia has missed a delivery target in Thailand and shipments to other countries in the region have been delayed, the latest setback...</p>\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-18/astrazeneca-vaccine-faces-more-supply-hurdles-now-from-thailand?srnd=premium-asia\">Web Link</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AZN":"阿斯利康"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-18/astrazeneca-vaccine-faces-more-supply-hurdles-now-from-thailand?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1176081814","content_text":"AstraZeneca Plc’s Covid-19 vaccine manufacturing partner in Southeast Asia has missed a delivery target in Thailand and shipments to other countries in the region have been delayed, the latest setback for a shot that was meant to be the backbone of the global inoculation effort.\nThailand was slated to receive and administer 6 million AstraZeneca vaccine doses in June but health authorities this week said they would be distributing only about 3.5 million of those shots this month. Pledging to still give out 6 million doses as planned, officials appear to be making up the shortfall with millions of shots from China’sSinovac Biotech Ltd.\nShipments of shots made by Siam Bioscience -- AstraZeneca’s Bangkok-based partner, which has links to the Thai royal family -- to Malaysia and the Philippines have also been delayed, though both countries say they don’t expect to be waiting for too long.\nThe situation comes on top of delivery problems at India’sSerum Institute of India Ltd., another AstraZeneca partner, which has left developing countries from Nepal to Rwanda short of shots that were promised through the World Health Organization-backed Covax program. Siam Bioscience is AstraZeneca’s sole Covid vaccine partner in Southeast Asia, a region that is trailing on inoculation and where the virus continues to flare, including in Thailand where infections have surged over the past two months.\nAstraZeneca declined to comment, while Siam BioScience didn’t respond to requests for comment.\nThe Philippines now expects a batch of nearly 1.2 million AstraZeneca shots to be shipped from Thailand in mid-July rather than this month, though a government official saidthe initial delaywill not derail the country’s vaccination push. In Malaysia, authorities say they’re working to resolve the issues around the delivery schedule, which the government stated in May would see 610,000 doses arrive from Thailand in June and another 410,000 in July.\nAstraZeneca itself is also facing legal action from the European Union for a production shortfall, with the company only delivering 30 million doses to the bloc in the first quarter, compared with an original target of 120 million.\nSeeking Alternatives\nThe Anglo-Swedish company, which partnered with the University of Oxford on the vaccine, received orders to supply as many as 3 billion doses worldwide before efficacy data came out last year, more than twice as many as any other first wave shot, data compiled by Bloomberg shows.\nWhile not exclusive to AstraZeneca, the various delays -- particularly out of India, which has banned the export of Covid vaccines -- have left dozens of countries that were counting on the shot desperate to find doses elsewhere, and undermined the company’s bid to supply the developing world.\nNow, countries are turning to alternatives, particularly shots developed by Chinese companies Sinovac and Sinopharm that recently received approval from the WHO. While they’re less effective than the Messenger RNA vaccines made by Pfizer Inc., BioNTech SE and Moderna Inc., these shots are easier to store and transport.\nThailand, which aims to vaccinate70% of its populationby the end of this year, is also now allowing regional health authorities to extend the interval between Astrazeneca vaccine doses to 16 weeks, from 10 to 12 weeks previously, though officials say the move is to optimize the shot’s effectiveness and not for lack of supply.\nThe country has alsoordered20 million doses of the Pfizer-BioNTech vaccine and isin talksfor 5 million doses of the single-shot Johnson & Johnson vaccine as it continues to expect deliveries of the Astra shots from Siam Bioscience.\nNew to Vaccine-making\nAstraZeneca’s vaccine is among the cheapest of the first round of Covid shots because the company said it wouldn’t take a profit, selling it at cost.\nBut the lack of economic incentives could have constrained AstraZeneca and its manufacturing partners’ ability to get the supply chain in order, said Carlos Cordon, a professor of strategy and supply chain management at the Institute for Management Development in Lausanne, Switzerland.\n“The supply chain of the Astra vaccine is not an easy one and, logically, one would assume that there will be more than one source of supply to avoid bottlenecks,” Cordon said. “A little bit of an economic incentive would have certainly helped to make companies in the supply chain even eager to make higher production volumes.”\nAstraZeneca’s choice of Thai partner raised questions from the start. Unlike India’s Serum -- which was the world’s biggest vaccine maker before the pandemic -- and other Asia partners like South Korea’sSK Bioscience Co., Siam Bioscience is new to the vaccine-making business.\nThe company was founded in 2009 as Thailand’s first domestic bio-pharmaceutical drugmaker by the father of the nation’s current King Maha Vajiralongkorn, to provide cheaper alternatives to imported drugs. It has also made Covid test kits.\nIt’s set up by theCrown Property Bureau, an agency that managed assets for the palace no matter who sat on the throne. The company had been operating at a loss in the four years leadingup tothe year of pandemic, when it brought in anet profitof 35.8 million baht ($1.1 million), according to data published by the Department of Business Development.\nIn February, Thai Prime Minister Prayuth Chan-Ocha said Siam Bioscience does not seek to profit from making the Astra vaccines.\nRoyal Links\nComplicating matters is Thailand’s lese majeste law, which can see jail time ofup to15 years for defaming the royal family. Its sweeping mandate means that little is said publicly about Siam Bioscience, even as concerns over vaccine supplies grow.\nIn January, Thai officialssaidthat Siam Bioscience would make 200 million doses each year. They haven’t spoken publicly again about the company in detail since.\nWhen former prime-ministerial candidate Thanathorn Juangroongruangkit suggested that Siam Bioscience’s royal ties played a role in its appointment as AstraZeneca’s partner, the high-profile government critic waschargedwith royal defamation.\nPrime Minister Prayuthapologizedthis week to the public for the delay, blaming “supply and distribution issues” without elaborating. Neither the Thai government nor Siam Bioscience responded to repeated requests for information on what is causing the supply shortfalls.\nOne Thaihealthcareindustry veteran, who asked not to be identified for fear of legal repercussions, likened the situation with Siam Bioscience to a bakery that just started making bread.\n“They still haven’t perfected their craft,” he said. “None of us really knows their production capacity because they haven’t publicized it and we can’t criticize it. No one is willing to say. They can’t say it, because it’s Siam Bioscience.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":596,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3566190997597521","authorId":"3566190997597521","name":"Jia jia","avatar":"https://static.tigerbbs.com/a5e41a8432102fa946fee83eeb1384d7","crmLevel":4,"crmLevelSwitch":0,"idStr":"3566190997597521","authorIdStr":"3566190997597521"},"content":"I came here to leave a comment","text":"I came here to leave a comment","html":"I came here to leave a comment"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162272692,"gmtCreate":1624066480916,"gmtModify":1703827987403,"author":{"id":"3585127296595680","authorId":"3585127296595680","name":"_lbgg_","avatar":"https://static.tigerbbs.com/06d4ef68a254afd794a1783ed7262f82","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585127296595680","authorIdStr":"3585127296595680"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162272692","repostId":"1156696708","repostType":4,"repost":{"id":"1156696708","kind":"news","pubTimestamp":1624063306,"share":"https://ttm.financial/m/news/1156696708?lang=&edition=fundamental","pubTime":"2021-06-19 08:41","market":"us","language":"en","title":"Dow falls more than 500 points to close out its worst week since October","url":"https://stock-news.laohu8.com/highlight/detail?id=1156696708","media":"cnbc","summary":"Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since Octob","content":"<html><body><div>\n<p>Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since October, as traders worried the Federal Reserve could start raising rates sooner than expected.\nThe blue-...</p>\n<a href=\"https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html\">Web Link</a>\n</div>\n</body></html>","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>Dow falls more than 500 points to close out its worst week since October</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow falls more than 500 points to close out its worst week since October\n</h2>\n<h4 class=\"meta\">\n\n\n2021-06-19 08:41 GMT+8   <a href=\"https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html\"><strong>cnbc</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since October, as traders worried the Federal Reserve could start raising rates sooner than expected.\nThe blue-...</p>\n<a href=\"https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html\">Web Link</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/06/17/stock-market-futures-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1156696708","content_text":"Stocks fell on Friday, with theDow Jones Industrial Averageposting its worst weekly loss since October, as traders worried the Federal Reserve could start raising rates sooner than expected.\nThe blue-chip average dropped 533.37 points, or 1.6%, to 33,290.08. TheS&P 500slid 1.3% to 4,166.45. Both the Dow and S&P 500 hit their session lows in the final minutes of trading and closed around those levels. TheNasdaq Compositeclosed 0.9% lower at 14,030.38. Economic comeback plays led the market losses.\nFor the week, the 30-stock Dow lost 3.5%. The S&P 500 and Nasdaq were down by 1.9% and 0.2%, respectively, week to date.\nSt. Louis Federal Reserve President Jim Bullardtold CNBC's \"Squawk Box\"on Friday it was natural for the Fed to tilt a little \"hawkish\" this week and that the first rate increase from the central bank would likely come in 2022. His comments came after the Fed on Wednesday added two rate hikes to its 2023 forecast and increased its inflation projection for the year, putting pressure on stock prices.\n\"The fear held by some investors is that if the Fed tightens policy sooner than expected to help cool inflationary pressures, this could weigh on future economic growth,\" Truist Advisory Services chief market strategist Keith Lerner said in a note. To be sure, he added it would be premature to give up on the so-called value trade right now.\nPockets of the market most sensitive to the economic rebound led the sell-off this week. The S&P 500 energy sector and industrials dropped 5.2% and 3.8%, respectively, for the week. Financials and materials meanwhile, lost more than 6% each. These groups had been market leaders this year on the back of the economic reopening.\nThe decline in stocks came as the Fed's actions caused a drastic flattening of the so-called Treasury yield curve. This means the yields of shorter-duration Treasurys — like the 2-year note — rose while longer-duration yields like the benchmark 10-year declined. The retreat in long-dated bond yields reflects less optimism toward economic growth, while the jump in short-end yields shows the expectations of the Fed raising rates.\nThis phenomenon hurt bank stocks particularly as their earnings could take a hit when the spread between short-term and long-term rates narrows. Bank of America and JPMorgan Chase shares on Friday lost more than 2% each. Citigroup fell by 1.8%, posting its 12th straight daily decline.\nFed Chairman Jerome Powell said Wednesday that officials have discussed tapering bond buying and would at some point begin slowing the asset purchases.\n\"This week's first whiff of an eventual change in Fed policy was a reminder that emergency monetary conditions and the free-money era will ultimately end,\" strategists at MRB Partners wrote in a note. \"We expect a series of incremental retreats from the Fed's benign inflation outlook in the coming months.\"\nCommodity prices were underpressure this weekas China attempted to cool rising prices and as the U.S. dollar strengthens. Copper, gold and platinum fell once again on Friday.\nFriday also coincided with the quarterly \"quadruple witching\" in which options and futures on indexes and equities expire. This event may have contributed to more volatile trading during the session.","news_type":1},"isVote":1,"tweetType":1,"viewCount":474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160540050,"gmtCreate":1623802898270,"gmtModify":1703819759245,"author":{"id":"3585127296595680","authorId":"3585127296595680","name":"_lbgg_","avatar":"https://static.tigerbbs.com/06d4ef68a254afd794a1783ed7262f82","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585127296595680","authorIdStr":"3585127296595680"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/160540050","repostId":"1191245053","repostType":4,"repost":{"id":"1191245053","kind":"news","pubTimestamp":1623762167,"share":"https://ttm.financial/m/news/1191245053?lang=&edition=fundamental","pubTime":"2021-06-15 21:02","market":"us","language":"en","title":"Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets","url":"https://stock-news.laohu8.com/highlight/detail?id=1191245053","media":"zerohedge","summary":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers .So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fis","content":"<html><body><p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p>\n<p>So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-height=\"765\" tg-width=\"959\"/></p>\n<p>Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-height=\"298\" tg-width=\"500\"/></p>\n<p>It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-height=\"541\" tg-width=\"936\"/></p>\n<p>The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-height=\"558\" tg-width=\"952\"/></p>\n<p>This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-height=\"561\" tg-width=\"1236\"/></p>\n<p>Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-height=\"560\" tg-width=\"931\"/></p>\n<p>Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-height=\"608\" tg-width=\"1212\"/></p>\n<p>One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p>\n<p>As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p>\n<p><img referrerpolicy=\"no-referrer\" src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-height=\"1128\" tg-width=\"954\"/></p>\n<p>Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta content=\"text/html; charset=utf-8\" http-equiv=\"Content-Type\"/>\n<meta content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\" name=\"viewport\"/>\n<meta content=\"telephone=no,email=no,address=no\" name=\"format-detection\"/>\n<title>Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nQuad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets\n</h2>\n<h4 class=\"meta\">\n\n\n2021-06-15 21:02 GMT+8   <a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\"><strong>zerohedge</strong></a>\n</h4>\n</header>\n<article>\n<div>\n<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is ...</p>\n<a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\">Web Link</a>\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite","SPY":"标普500ETF",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191245053","content_text":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").\nSo picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.\n\nYet while these totals are massive,when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.\n\nIt's worth noting that according to Goldman estimates that combos accountfor 15-20% of SPX options,so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.\n\nThe Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPXrealized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.\n\nThis contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.\n\nThen, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees thatthe extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:the market will become much more volatile in a selloff.\n\nMeanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.\n\nOne final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.\nAs Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"\n\nWhy is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!","news_type":1},"isVote":1,"tweetType":1,"viewCount":525,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162277413,"gmtCreate":1624066616932,"gmtModify":1703827992153,"author":{"id":"3585127296595680","authorId":"3585127296595680","name":"_lbgg_","avatar":"https://static.tigerbbs.com/06d4ef68a254afd794a1783ed7262f82","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585127296595680","authorIdStr":"3585127296595680"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/162277413","repostId":"1199331995","repostType":4,"isVote":1,"tweetType":1,"viewCount":548,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184424095,"gmtCreate":1623722389317,"gmtModify":1704209566920,"author":{"id":"3585127296595680","authorId":"3585127296595680","name":"_lbgg_","avatar":"https://static.tigerbbs.com/06d4ef68a254afd794a1783ed7262f82","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585127296595680","authorIdStr":"3585127296595680"},"themes":[],"htmlText":"??","listText":"??","text":"??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184424095","repostId":"1126626020","repostType":4,"isVote":1,"tweetType":1,"viewCount":503,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}