108 episodes

Weston Nakamura’s “Market Depth” is your direct access to the Asia Pacific region. Tune in every Monday, Wednesday & Friday to stay up to date on the macro forces driving markets from Asia to the U.S and everywhere in between.

Market Depth Blockworks

    • Business
    • 4.8 • 22 Ratings

Weston Nakamura’s “Market Depth” is your direct access to the Asia Pacific region. Tune in every Monday, Wednesday & Friday to stay up to date on the macro forces driving markets from Asia to the U.S and everywhere in between.

    How Asia Markets Are Reacting To Nvidia’s Blowout Earnings

    How Asia Markets Are Reacting To Nvidia’s Blowout Earnings

    Nvidia surprised the street with another major beat to guidance estimates for its Q2 earnings release - arguably the most widely watched corporate earnings report globally in 2023, with the stock +9% higher in after-hours trading.
    However, in the following Asia trading session - which is the world's first region to start the full trading day, and thereby the first to react to the A.I. giant's strong quarter and optimistic guidance - the various market reactions were surprisingly tepid. Shares of TSMC, SK Hynix, Advantest and other "A.I. plays" were consistent in being fairly muted. The broader Nikkei225 and Nasdaq 100 index futures were also limited in both upside and in volume traded.
    Weston Nakamura walks through these market cues out of Asia, which point to a potentially disappointing market response on NVDA shares themselves at US market open later, as well as other A.I. thematic shares globally.
    Weston also provides the market background of what had helped drive the A.I. and NDX momentum from last quarter, as well as the August market sell-off for critical context in understanding NVDA and A.I. momentum plays.
    --
    Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U
    Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm
    Follow Weston: https://twitter.com/acrossthespread
    Follow Blockworks: https://twitter.com/Blockworks_ 

    Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
    --
    Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

    • 40 min
    China Drags Global Markets Down As Half-Measure Policies Prove To Be Ineffective

    China Drags Global Markets Down As Half-Measure Policies Prove To Be Ineffective

    China has had a very rough 2023, in markets and in the real economy. But, last week was a particularly brutal week for China’s markets, as the Hang Seng Index closed the week in bear market territory, and the yuan edged ever closer to its treacherous 15-year lows - all of which had spilled over to broader global markets.
    Weston Nakamura gives a comprehensive overview of what happened in China through the week of utmost consequence to global markets, including record strong yuan fixings, Country Garden Holdings Group’s bond defaults, Zhongzhi Enterprise Group and the $3 trillion Chinese shadow banking industry contagion risk, and China’s policymakers daily policy proposals in attempt to support markets (to no avail), and much more.
    This is not only a way to catch up on a critical and consequential week of non-stop headlines and developments, but this is the ongoing state of affairs in China that had been dragging global equity markets down since the start of August, and therefore is relevant to all investors everywhere.
    --
    Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U
    Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm
    Follow Weston: https://twitter.com/acrossthespread
    Follow Blockworks: https://twitter.com/Blockworks_ 

    Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
    --
    Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

    • 1 hr 6 min
    Asia Pulls Down Global Equities, As The Dollar Weighs On Asia

    Asia Pulls Down Global Equities, As The Dollar Weighs On Asia

    As followers of Market Depth Podcast know- this year's NASDAQ upside rally was largely driven by Japan and the Nikkei225. Now, Weston Nakamura explains how the current market sell-off is being driven by China, and the plunging yuan.
    Weston also discusses his views on the Japanese yen, and how he is approaching the FX market intervention risk, as the yen weakens to previous unilateral intervention levels - as well as his views on the Chinese yuan, also reaching critical levels despite heavy-handed state intervention underway.
    This is the episode that will make equity investors, particularly US equities, to fixate on the Asia market impact effect.
    --
    Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U
    Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm
    Follow Weston: https://twitter.com/acrossthespread
    Follow Blockworks: https://twitter.com/Blockworks_ 

    Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
    --
    Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

    • 38 min
    Japanese Investors Rush Back Into Global Bond Markets

    Japanese Investors Rush Back Into Global Bond Markets

    Ahead of the US July CPI data and the 30-year Treasury auction, Weston Nakamura follows up from the previous episode of Market Depth with an update on bond market activity from Japanese investors, who have been driving the week's drop in global sovereign bond yields via the JGB and US Treasury markets.
    Using futures markets, Weston shows the renewed bullish sentiment as exhibited by a surprisingly strong 30-year JGB auction, and a smooth scheduled Bank of Japan bond buying operation.
    Japan is once again back to anchoring global bond yields - for now.
    --
    Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U
    Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm
    Follow Weston: https://twitter.com/acrossthespread
    Follow Blockworks: https://twitter.com/Blockworks_ 

    Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
    --
    Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

    • 15 min
    What Triggered Fitch's Downgrade Of U.S Debt?

    What Triggered Fitch's Downgrade Of U.S Debt?

    With still no further clarity on Bank of Japan’s new policy framework of Yield Curve Control, and currency and cash bond markets out of sync, Weston Nakamura examines market price action and activity on US and Japan rates through the lens of futures markets, in order to determine if cross asset market behavior is normalizing.
    Weston also notes the schedule for this week, in which there will be 30-year auctions held in both the Japanese Government Bond market, as well as the US Treasury market, within 2 days of one another. Given the respective policy setups for US debt issuance and Bank of Japan YCC, there may be competition for investors’ capital playing out at these long-dated bond auctions.
    Finally, Weston offers a potential theory as to why Fitch Ratings had suddenly downgraded their credit rating of US debt, while subsequently publishing positive commentary on Japan’s credit risk in light of the Bank of Japan’s surprise jump in interest rates - which largely went unnoticed. In doing so, Weston dives into the very active world of of yen-denominated foreign bond issuance, in which global corporates and sovereigns have been rushing in to Japan in order to tap the last bastion of cheap money left.
    --
    Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U
    Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm
    Follow Weston: https://twitter.com/acrossthespread
    Follow Blockworks: https://twitter.com/Blockworks_ 
    Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
    --
    Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

    • 49 min
    Bank Of Japan's Week Of Bond Market Meddling Spikes Global Yields

    Bank Of Japan's Week Of Bond Market Meddling Spikes Global Yields

    Developed markets globally saw a dramatic rise in sovereign bond yields that spanned this whole week - notably at the long end of US Treasuries. Some attribute the move to Fitch Ratings downgrade of US debt, while others point to the government's announcement to boost its bond issuance in the coming months.
    Following up from the previous episode of Market Depth, Weston Nakamura shows how this week's global bond rout not only stems directly from the Japanese Government Bond market and the Bank of Japan's recent surprise policy change to the way in which it conducts Yield Curve Control policy, but also how previous major episodes of extreme global bond market volatility had been triggered by an illiquid, malfunctioning JGB market, and Bank of Japan meetings as market moving catalysts.
    In light of these recent developments in policy experimentation and purposeful obfuscation by the central bank, Weston also provides an explainer on a "trading-day-in-the-life" of a Bank of Japan bond buying operation for a critical dose of clarity as we move forward with Bank of Japan's experimental processes.
    --
    Follow Market Depth On Spotify: https://spoti.fi/3mVTs9U
    Follow Market Depth On Apple Podcasts: https://apple.co/40dA2vm
    Follow Weston: https://twitter.com/acrossthespread
    Follow Blockworks: https://twitter.com/Blockworks_ 

    Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
    --
    Disclaimer: Nothing discussed on Market Depth should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

    • 1 hr 6 min

Customer Reviews

4.8 out of 5
22 Ratings

22 Ratings

EmmaMuhleman ,

BEST CROSS-ASSET ANALYSIS OUT THERE

We should refer to him as Nakamura-San, best markets analyst out there, whether you trade equities, futures, options, CDS, options on futures, currencies, commodities, sovereign bonds, corporate bonds, Weston Nakamura is the best.

FlyingSparky ,

HIGH LEVEL

Alfonso interviews the greatest minds of the macro world…absolutely fabulous! High Level Macro Economics.

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