Workers pick chili peppers under parasols during a heat wave warning in Andong, South Korea, yesterday.
Photo: Reuters
When rival hedge funds face catastrophic losses, billionaire investor Ken Griffin has a habit of identifying opportunities and showing up with a checkbook. Citadel’s founder last week reprised his role as one of Wall Street’s rescue buyers, stepping in to salvage California hedge fund Situational Awareness as it buckled under souring bets on artificial intelligence (AI) stocks. Amid market rumblings that at least one firm was in trouble, Griffin, 57, assembled his top lieutenants to investigate, five people with knowledge of the matter said. By Wednesday morning, Citadel executives had reached out to Situational Awareness, and Griffin spoke directly with Leopold Aschenbrenner,
TURBULENCE: Many Taiwanese exporters took advantage of a weaker NT dollar to sell US dollars, while the central bank stepped in late to smooth volatility, dealers said The New Taiwan dollar fell sharply against the US dollar yesterday to move past NT$32.4 due to large fund outflows, dealers said. The NT dollar dropped NT$0.146 to close at NT$32.438 against the US dollar after reaching an intraday low of NT$32.490. Combined turnover on the Taiwan Foreign Exchange and the Cosmos Foreign Exchange totaled US$3.92 billion. The US dollar initially weakened against the NT dollar as the US dollar index, which tracks the greenback against the currencies of six major trading partners, declined, dealers said. However, after the US dollar dipped to the day’s low, the currency rebounded as
TURNOVER WATCH: While the benchmark jumped 3,186.45 points, a turnover fall indicated that investors are still wary of volatility in geopolitics in the Middle East Taiwan stocks rebounded yesterday, with the benchmark TAIEX surging nearly 8 percent in its largest-ever points gain as a global technology rally and renewed confidence in artificial intelligence (AI) demand lifted heavyweight electronics shares. The TAIEX jumped 3,186.45 points, or 7.98 percent, to close at 43,119.75, marking the biggest single-day points increase and its second-largest percentage gain. However, turnover fell to NT$833.713 billion (US$25.82 billion) from the previous session, suggesting that some investors remained cautious. The rally followed a broad rebound in global equities after gains in technology shares and better-than-expected corporate earnings in the US revived risk appetite. “Concerns over market fundamentals have
South Korea’s retail traders have long built a reputation for embracing risk. Yet last month’s punishing reversal in the KOSPI has rattled even this hardened group, reaching the limits of their tolerance for volatility. Some, such as Kim Han-kyung, a Seoul resident in her 30s, have resolved never to invest again, while others are comparing the US$3.9 trillion market to a casino. Retail investors sold a record amount of KOSPI shares on Friday despite a stunning 18 percent rebound. The gauge still capped a 22 percent loss for the month, the steepest since the global financial crisis. Signs of frustration are everywhere
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