Research Brief Dec 12

A second Tech bubble

Tech stocks are going through a prosperous period. Some analysts qualify

the recent tech rally as a bubble similar to the 2000 dot-com bubble. The

social distancing and the working f rom home strategy implemented in Dr. Marius-Cristian
Frunza
most big firms amid the pandemic were the main catalysts of this trend. Is

this situation sustainable? A halt of the qualitative easing could burst this

bubble?

NASDAQ, the leading index of technology stocks is at an unprecedented

climax. Its level is 2.4 times higher than its peak during the dot-com bubble.

There are many similarities between the current trends in the tech sector

and what occurred two decades ago. The enthusiasm around digitalisation

is at an all-time high, but like in 2000, a very few understand what

digitalisation means. If in 2000, any company with a website had colossal

valuation, currently any start-up claiming the use of AI is worth hundreds of

millions of dollars. The significant number of fast track IPOs is a common

feature in both bubbles.

The only major difference between the two episodes is the fact that the

current bubble is fuelled by the quantitative easing strategy of central

banks. QE is impacting the tech industry in many ways. The stock market

rush is a direct result of the money printing, but there are many other

by-products. Monies f rom QE are funnelled into the investment industry and

ultimately to the Venture Capital sector. VCs pumped and are pumping vast

amounts of physical dollars in early-stage start-ups. This type of capital is

amplifying the stock bubble and underpins the real risk behind this

phenomena. If in the near future, the US administration decides to put an

end to QE, not only that stock market will collapse, but also the tech sector

may be damaged irreversibly.

Tech stocks are, without any doubt, hot and nice to have items in the short

term. But, building a long term strategy entirely on NASDAQ shares exposes

the investors to unqualified risk. So, the trend is your f riend, as long as a

f riend does not change his/her mind.

The trend is your f riend?

The enthusiasm for Tesla and other bubble-basket stocks is

reminiscent of the March 2000 dot-com bubble. As was the case then,

the bulls rejected conventional valuation methods for a handful of

stocks that seemingly could only go up. While we don't know exactly

when the bubble will pop, it eventually will.

David Einhorn, American investor

Market overview

A small dip

Despite a significant correction that occurred last week, the S&P 500 is still

higher than it was one year ago. The uncertainty of the expected stimulus

package drove the markets into negative territory. The foreseeable no-deal

Brexit did not bring any support to markets.

Tesla will be seemingly included in the S&P 500 index, thereby bringing

additional volatility. Tesla became the most prominent car manufacturer in

the world in terms of market capitalisation. In only a decade, the young

unicorn went f rom rookie position to the status of a global leader. Time will

tell whether Musk’s primary company is able to compete with the

traditionally established Japanese and German competitors.

Next year should bring many swings in the S&P 500 levels due to Tesla

share’s volatility. Trading options on Tesla may not be a bad strategy.

Focus:

Airbnb

Looking for growth

Airbnb made its glorious entrance on the secondary market. The first day

did not bring a massive jump, but this does not mean that there is no

potential for future growth. Why is Airbnb attractive for investors?

Airbnb proved its resilience during the COVID crisis. Many analysts believed

that the coronavirus pandemic might hinder the online short-term renting

marketplace. But, the reality showed somehow the contrary, especially in big

metropoles. Big-city residents started a trend to relocate in suburban areas,

and the market for short terms stays in urban areas was covered by Airbnb.
Focus:
Zoom

Can Zoom grow more?

The COVID-19 crisis hammered the last nail in the coffins of many
businesses but made the success of a chosen few. Zoom is one of those
technologies that was emergent before COVID and became mainstream
after March 2020. The rate of adoption was very high, and except for a few
European institutions that are reluctant to use Zoom due to privacy issues,
there are not many companies which are not using it. The point is that the
growth perspectives are limited. So, Zoom needs to reinvent itself in order to
put some colour on its trends.

Focus:
Palantir

Will Palantir take over the

world?

Since its IPO, Palantir saw the price of its share almost tripling in value.
Palantir started as an innovative company proposing anti-financial crime
software, but over its existence, diversified in may areas, where its
technology can provide intelligence. Palantir has good growth perspectives
in the foreseeable future and is one of the companies that could be a serious
competitor to the GAFAs. Thus, Palantir is, for sure a buy.

Market outlook
Dow Jones entered into negative territory and ended the week above
30,000 USD. There are uncertainties about the foreseeable stimulus
package, and the market stopped its rally. Moreover, assets managers may
rebalance their portfolios and mark the profits for the year-end, thereby
amplifying the market dip.
Bitcoin dipped and ended the week above 18,000 USD. The challenge to
climb above 20,000 USD is on the table. The significant number of
Markets are stalling
speculators aiming to make a profit in the short term contributed to the
market dip. Bitcoin believers and institutional investors see the potential for
Bitcoin to expand. Thus, Bitcoin is becoming slowly but surely a leading
asset in the investment, and we expect to see Bitcoin rising towards 20,000
but not earlier than 2021.

Horizon BTC Gold Dow Jones Brent

1 week
18,500
1,850
29,500
49

Dec 2020
19,000
1,860
28,800
48

Jan 2021
20,000
1,870
28,500
47

Feb 2021 21,000 1,900 27,000 46

 Indices
NORTH AMERICA VA L U E CHANGE W E E K LY % M O N T H LY % Y E A R LY % W E E K LY R A N G E

29,820.84 30,319.70
US Dow Jones Industrial Avg 30,046.37 -171.89 -0.57% 3.32% 6.79%

US S&P 500 3,663.46 -35.66 -0.96% 3.58% 15.61% 3,633.40 3,712.39

US NASDAQ Composite 12,377.87 -86.36 -0.69% 5.71% 41.71% 12,214.74 12,607.14

US NYSE Composite 14,355.29 -62.04 -0.43% 5.93% 4.80% 14,184.49 14,476.68

US Russell 2000 1,911.70 19.25 1.02% 11.90% 16.71% 1,838.52 1,935.27

US VIX CBOE Volatility Index 23.31 2.52 12.12% 0.91% 92.01% 19.97 25.14

CA S&P/TSX Composite 17,548.92 27.92 0.16% 5.24% 3.55% 17,382.00 17,667.96

EMEA VA L U E CHANGE W E E K LY % M O N T H LY % Y E A R LY % W E E K LY R A N G E

3,461.47 3,557.39
EU EuroStoxx 50 3,485.84 -53.43 -1.51% 1.57% -6.78%

EU EuroNext 100 1,094.31 -14.29 -1.29% 2.45% -4.03% 1,086.66 1,108.60

UK FTSE 100 6,546.75 -3.48 -0.05% 3.65% -12.93% 6,430.27 6,640.74

DE DAX 30 13,114.30 -184.66 -1.39% 0.29% -1.27% 13,009.48 13,454.13

FR CAC 40 5,507.55 -101.60 -1.81% 2.37% -7.59% 5,466.56 5,616.62

ES IBEX 35 8,063.10 -259.80 -3.12% 3.59% -16.20% 7,978.10 8,322.90

IT FTSE MIB 21,702.16 -476.64 -2.15% 3.82% -7.75% 21,572.21 22,274.26

BE BEL 20 3,649.74 -77.12 -2.07% 3.56% -8.01% 3,611.22 3,745.03

NL AEX Amsterdam 614.46 -1.21 -0.20% 2.95% 1.39% 608.39 622.01

RU RTS Index 1,412.88 55.49 4.09% 15.08% -5.62% 1,321.42 1,413.56

A PA C VA L U E CHANGE W E E K LY % M O N T H LY % Y E A R LY % W E E K LY R A N G E

26,327.08 26,894.25
JP NIKKEI 225 26,652.52 -98.72 -0.37% 4.43% 13.78%

JP TOPIX Index 1,782.01 6.07 0.34% 3.23% 4.04% 1,751.63 1,785.83

CN HSI Hang Seng Index 26,505.87 -330.05 -1.23% 1.33% -1.81% 26,256.40 26,870.58

CN SSE Shanghai Composite 3,347.19 -97.39 -2.83% 1.12% 14.80% 3,325.17 3,452.16

AU S&P/ASX 200 Index 6,642.60 8.50 0.13% 3.71% -2.99% 6,590.20 6,745.30

NZ S&P/NZX 50 Index 12,919.25 287.87 2.28% 1.73% 14.25% 12,608.75 12,921.44

SG STI Straits Times Index 2,821.70 -18.19 -0.64% 4.07% -12.16% 2,792.74 2,853.23

ID JKSE Jakarta Composite 5,938.33 127.85 2.20% 8.79% -3.28% 5,734.26 6,004.42

MY FTSE Bursa Malaysia KLCI 1,684.58 62.73 3.87% 5.97% 7.48% 1,621.85 1,689.77

TW Taiwan Weighted Index 14,261.69 129.25 0.91% 7.45% 20.49% 13,940.07 14,427.41

L ATA M VA L U E CHANGE W E E K LY % M O N T H LY % Y E A R LY % W E E K LY R A N G E

111,873.88 115,526.57
BR BOVESPA Index 115,128.00 1377.78 1.21% 9.94% 2.61%

MX S&P/BMV IPC Mexico 43,612.31 -33.72 -0.08% 8.12% -1.45% 42,651.59 44,606.31

AR S&P Merval 53,822.44 -907.94 -1.66% 3.87% 51.59% 51,829.93 55,934.19

PE S&P Lima General 20,474.00 -116.58 -0.57% 14.99% 2.32% 20,097.47 20,827.00

RESEARCH 05
 Stocks US
TOP WINNERS PRICE W E E K LY % TOP LOSERS P R I C E W E E K LY %

1 TGTX TG Therapeutics $42.27 47.64% 1 TRIL Trillium Therapeutics $12.12 -28.87%

2 EH EHang Limited $18.93 40.74% 2 IPXL Impax Laboratories $14.71 -25.89%

3 IGMS IGM Biosciences $86.80 38.75% Agios

3 AGIO $33.71 -24.59%
Pharmaceuticals
4 CATM Cardtronics plc $36.09 37.17% 4 ALLO Allogene Therapeutics $27.42 -18.51%
BioCryst EnLink Midstream,
5 BCRX $8.12 33.11% 5 ENLC $3.74 -17.44%
Pharmaceuticals LLC

TOP STOCKS PRICE W E E K LY % Y E A R LY % EXCH M A R K E T C A P W E E K LY R A N G E

1 AAPL Apple Inc $122.41 0.13% 79.49% NASDAQ 2.07T $121.78 $124.38
TECHNOLOGY

2 MSFT Microsoft $213.26 -0.51% 39.47% NASDAQ 1.61T $210.52 $216.01

3 INTC Intel $49.73 -4.35% -11.81% NASDAQ 205.97B $49.73 $51.99

4 NVDA NVIDIA $520.53 -4.02% 132.77% NASDAQ 321.19B $517.23 $544.27

5 CSCO Cisco Systems $44.32 -0.14% 1.20% NASDAQ 185.61B $44.11 $44.69

6 GOOGL Alphabet Inc Class A $1,774.80 -2.68% 31.77% NASDAQ 1.20T $1,767.65 $1,823.76
COMMUNICATION

7 FB Facebook $273.55 -2.20% 40.93% NASDAQ 779.15B $273.55 $285.58

8 T AT&T Inc $31.01 4.98% -13.40% NYSE 218.96B $29.23 $31.46

9 DIS The Walt Disney $175.72 14.00% 20.04% NYSE 318.14B $153.24 $175.72

10 NFLX Net ix $503.22 0.99% 68.58% NASDAQ 222.32B $493.60 $515.78

11 AMZN Amazon.com $3,116.42 -1.46% 76.97% NASDAQ 1.56T $3,101.49 $3,186.73

12 BABA Alibaba Group $264.54 -1.01% 29.10% NYSE 713.13B $263.80 $267.25
CONSUMER
CYCLICAL

13 TSLA Tesla $609.99 1.83% 751.01% NASDAQ 578.05B $593.38 $649.88

14 NKE NIKE $137.41 0.16% 41.88% NYSE 215.55B $136.69 $139.12

15 SBUX Starbucks $103.00 0.70% 18.56% NASDAQ 120.89B $100.11 $105.39

16 WMT Walmart Inc $147.00 -0.92% 24.24% NYSE 416.22B $147.00 $148.91

17 PG The Procter & Gamble $136.51 -0.70% 11.49% NYSE 336.28B $135.51 $138.05
CONSUMER
DEFENSIVE

18 KO The Coca-Cola $53.35 -0.93% 1.39% NYSE 228.71B $52.78 $53.85

19 PEP PepsiCo $144.97 -0.60% 8.16% NASDAQ 200.34B $144.45 $145.85

20 COST Costco Wholesale $375.10 0.45% 33.00% NASDAQ 165.04B $372.79 $377.60

21 V Visa Inc $206.24 -3.03% 12.08% NYSE 454.64B $206.24 $212.77

22 MA Mastercard Inc $327.42 -4.92% 11.18% NYSE 324.63B $327.42 $344.35

FINANCIAL

23 JPM JPMorgan Chase & Co $119.56 -2.27% -9.44% NYSE 362.43B $119.56 $122.34

24 BAC Bank of America $28.57 -2.46% -14.82% NYSE 246.11B $28.57 $29.29

25 PYPL PayPal Holdings $214.06 -1.70% 98.85% NASDAQ 252.31B $210.80 $217.93

26 BA The Boeing $230.33 -1.02% -32.19% NYSE 129.94B $230.33 $238.17

$10.60 $11.39
INDUSTRIALS

27 GE General Electric $11.16 2.57% -1.09% NYSE 97.76B

28 LUV Southwest Airlines Co $45.88 -3.59% -14.95% NYSE 26.99B $45.76 $47.89

29 DAL Delta Air Lines $41.74 -1.46% -25.92% NYSE 26.62B $41.74 $42.95

30 UAL United Airlines Holdings $48.36 -1.79% -44.78% NASDAQ 14.20B $48.02 $49.91

RESEARCH * For other countries please visit app.darqube.io 06

 ETF US
TOP WINNERS VA L U E W E E K LY % TOP LOSERS VA L U E W E E K LY %

Breakwave Dry Bulk De ance NextGen Video

1 BDRY 7.18 9.79% 1 AUGR 4.24 -9.79%
Shipping ETF Gaming ETF
Vanguard Funds Direxion Daily
2 VNGCF 57.82 9.72% 2 SOXL 422.45 -9.60%
Public Limited -… Semiconductor Bull 3X…

iPath GBP/USD
3 IXSCF IXSCF 7.01 9.53% 3 GBB 0.20 -9.30%
Exchange Rate ETN

Vanguard FTSE
4 VNRDF 26.14 9.50% 4 POTX Global X Cannabis ETF 11.03 -9.29%
Canada Index ETF

Strategic Global BMO Low Volatility

5 SGL 20.80 9.47% 5 BMMWF 23.90 -9.09%
Income Fund Inc Canadian Equity ETF

TOP US ETFS VA L U E W E E K LY % M O N T H LY % Y E A R LY % W E E K LY R A N G E

Vanguard Total Stock Market Index

1 VTI $190.18 -0.69% 5.21% 17.88% $188.60 $192.64
Fund ETF Shares

2 VOO Vanguard S&P 500 ETF $336.55 -0.96% 3.68% 15.48% $333.77 $340.93

Vanguard Total International Stock

3 VXUS $59.30 -0.42% 6.29% 6.98% $58.91 $59.75
Index Fund ETF Shares

4 SPY SPDR S&P 500 ETF Trust $366.30 -0.96% 3.71% 15.44% $363.26 $371.05

Vanguard Total Bond Market Index

5 BND $88.19 0.36% 0.46% 4.75% $87.81 $88.23
Fund ETF Shares

6 IVV iShares Core S&P 500 ETF $367.62 -0.96% 3.70% 15.21% $364.62 $372.42

Vanguard Total International Bond

7 BNDX $58.75 0.62% 0.88% 1.12% $58.34 $58.77
Index Fund ETF Shares
Vanguard Growth Index Fund ETF
8 VUG $244.61 -0.97% 3.49% 37.17% $241.82 $248.98
Shares
Vanguard FTSE Developed
9 VEA $46.51 -0.49% 6.50% 5.80% $46.20 $46.85
Markets Index Fund ETF Shares

10 QQQ Invesco QQQ Trust $301.85 -1.20% 4.66% 45.69% $298.09 $308.60

Vanguard Mid-Cap Index Fund

11 VO $203.43 -0.59% 6.81% 15.91% $200.99 $205.93
ETF Shares
Vanguard Small-Cap Index Fund
12 VB $189.63 0.56% 10.35% 16.10% $183.52 $191.21
ETF Shares
Vanguard Value Index Fund ETF
13 VTV $118.26 -0.75% 5.45% -0.56% $117.25 $119.60
Shares
Vanguard FTSE Emerging Markets
14 VWO $49.23 -0.22% 5.78% 12.68% $48.70 $49.61
Index Fund ETF Shares
iShares Core U.S. Aggregate Bond
15 AGG $118.03 0.37% 0.35% 4.63% $117.51 $118.09
ETF
Vanguard Extended Market Index
16 VXF $160.05 0.65% 12.60% 29.11% $155.11 $162.08
Fund ETF Shares
17 IWD iShares Russell 1000 Value ETF $135.35 -0.71% 6.13% -0.09% $134.15 $136.70

18 GLD SPDR Gold Shares $172.49 0.10% -1.97% 24.05% $171.08 $175.93

Vanguard Real Estate Index Fund

19 VNQ $84.39 -2.35% 1.48% -6.60% $83.57 $86.49
ETF Shares
Vanguard Short-Term Bond Index
20 BSV $82.90 0.12% 0.16% 2.80% $82.75 $82.90
Fund ETF Shares

RESEARCH – Morningstar rating * For other countries please visit app.darqube.io 07

 Mutual Funds US
TOP WINNERS VA L U E W E E K LY % TOP LOSERS VA L U E W E E K LY %

INVESCO AMERICAN
1 ECC Eagle Point Credit Inc 10.43 8.63% 1 VAFCX 24.30 -10.00%
FRANCHISE FUND CLAS…
Vivaldi Opportunities GROWTH
2 VAM 11.88 7.66% 2 TGVYX 40.61 -10.00%
Fund OPPORTUNITIES FUND…

FPA PARAMOUNT MID CAPITALIZATION

3 FPRAX 24.30 7.57% 3 SPMAX 10.85 -9.96%
FUND, INC. FPA… PORTFOLIO MID…

The Herzfeld LARGE CAPITALIZATION

4 CUBA 5.28 7.54% 4 SLGYX 23.36 -9.95%
Caribbean Basin… GROWTH PORTFOLIO…

THE FINANCIAL COLUMBIA ACORN FUND

5 XLFS 163.93 6.77% 5 LACAX 12.37 -9.91%
SERVICES SELECT… COLUMBIA ACORN FUN…

TOP US MUTUAL FUNDS VA L U E W E E K LY % M O N T H LY % Y E A R LY % W E E K LY R A N G E

Vanguard Total Stock Market Index

1 VTSAX $92.59 -0.64% 5.25% 17.90% $92.23 $93.48
Fund Admiral Shares
Vanguard Total Stock Market Index
2 VTSMX $92.55 -0.64% 5.24% 17.91% $92.19 $93.44
Fund Investor Shares
Vanguard Total Stock Market Index
3 VITSX $92.61 -0.63% 5.25% 17.91% $92.24 $93.50
Fund Institutional Shares
Vanguard Total Stock Market Index
4 VSMPX $173.68 -0.64% 5.26% 17.92% $172.98 $175.35
Fund Institutional Plus Shares
Vanguard Total Stock Market Index
5 VSTSX $182.24 -0.63% 5.26% 17.91% $181.51 $183.99
Fund Institutional Select Shares
Vanguard 500 Index Fund Admiral
6 VFIAX $339.14 -0.95% 3.73% 15.49% $339.14 $342.68
Shares
Vanguard 500 Index Fund Investor
7 VFINX $339.11 -0.95% 3.72% 15.52% $339.11 $342.65
Shares

8 VFFSX Vanguard Instl 500 Index Trust $179.71 -0.95% 3.73% 15.51% $179.71 $181.59

Vanguard Total International Stock

9 VGTSX $19.07 -0.31% 6.12% 7.38% $18.96 $19.13
Index Fund Investor Shares
Vanguard Total International Stock
10 VTIAX $31.91 -0.28% 6.15% 7.40% $31.71 $32.00
Index Fund Admiral Shares
Vanguard Instl Total International
11 VTISX $134.45 -0.30% 6.15% 7.39% $133.64 $134.85
Index Trust
Vanguard Total International Stock
12 VTPSX $127.63 -0.30% 6.15% 7.39% $126.86 $128.01
Index Fund Institutional Plus…
Vanguard Total International Stock
13 VTSNX $127.60 -0.30% 6.15% 7.39% $126.83 $127.99
Index Fund Institutional Shares
Vanguard Total Bond Market Index
14 VBTLX $11.63 0.43% 0.43% 4.87% $11.58 $11.63
Fund Admiral Shares
Vanguard Institutional Index Fund
15 VIIIX $327.81 -0.95% 3.73% 13.83% $327.81 $331.24
Institutional Plus Shares
Vanguard Institutional Index Fund
16 VINIX $327.79 -0.95% 3.72% 13.83% $327.79 $331.21
Institutional Shares
Vanguard Total Bond Market Index
17 VBMFX $11.63 0.43% 0.43% 4.87% $11.58 $11.63
Fund Investor Shares

18 FXAIX Fidelity® 500 Index Fund $126.87 -1.40% 3.25% 15.54% $126.87 $128.79

Vanguard Total Bond Market Index

19 VBMPX $11.63 0.43% 0.43% 4.87% $11.58 $11.63
Fund Institutional Plus Shares
Vanguard Total Bond Market Index
20 VBTIX $11.63 0.43% 0.43% 4.87% $11.58 $11.63
Fund Institutional Shares

RESEARCH – Morningstar rating *For other countries please visit app.darqube.io 08

 Commodities
ENERGY PRICE UNIT W E E K LY % M O N T H LY % Y E A R LY % W E E K LY R A N G E

Brent Crude Oil 49.97 USD/bbl 1.46% 13.05% -14.58% 48.09 51.06

WTI Crude Oil 46.56 USD/bbl 0.65% 12.63% -22.67% 44.95 47.74

Natural Gas (Henry Hub) 2.59 USD/MMBtu 0.62% -13.49% 10.68% 2.37 2.63

RBOB Gasoline 1.31 USc/gal 3.09% 12.45% -21.86% 1.24 1.34

Heating Oil 1.44 USc/gal 2.42% 19.32% -28.32% 1.39 1.46

Uranium U3O8 30.95 USD/lb 0.00% -4.18% 20.19% 30.60 30.95

M E TA L S PRICE UNIT W E E K LY % M O N T H LY % Y E A R LY % W E E K LY R A N G E

Gold 1,843.50 USD/t oz 0.19% -2.35% 17.17% 1,826.80 1,879.80

PRECIOUS

Silver 24.09 USD/t oz -0.66% 0.18% 27.63% 23.69 25.02

Platinum 1,017.25 USD/t oz -4.97% 6.44% 5.29% 998.40 1,047.40

Palladium 2,333.10 USD/t oz -1.05% 0.15% 18.82% 2,261.00 2,383.50

Aluminum 2,031.00 USD/MT -0.55% 4.72% 16.31% 1,973.25 2,068.75

3.45 3.62
INDUSTRIAL

Copper 3.53 USc/lb 0.28% 9.70% 25.63%

Nickel 17,330.00 USD/MT 5.96% 9.01% 23.65% 16,282.50 17,662.50

Steel 575.50 USD/MT 3.14% 18.42% 29.33% 564.00 575.50

Zinc 2,786.00 USD/MT 1.58% 4.12% 21.63% 2,781.00 2,889.25

A G R I C U LT U R E PRICE UNIT W E E K LY % M O N T H LY % Y E A R LY % W E E K LY R A N G E

Corn 423.50 USc/bu 0.71% 3.17% 9.15% 418.00 427.50

Oats 338.00 USc/bu 10.28% 14.38% 9.92% 316.25 339.25

Rough Rice Futures 12.47 USD/cwt 2.00% 0.81% -1.07% 12.25 12.52
GRAINS

Soybeans 1,160.50 USc/bu -0.21% 1.09% 25.87% 1,142.75 1,178.00

Soybean Meal 380.30 USD/MT -1.35% -2.01% 24.36% 375.80 385.60

Soybean Oil 38.24 USc/lb -0.44% 2.99% 15.39% 37.29 38.75

Wheat 614.50 USc/bu 6.78% 3.54% 11.78% 567.25 619.25

Cocoa 2,622.00 USD/MT -1.21% 10.87% 3.03% 2,522.00 2,648.00

Cotton 74.08 USc/lb 3.51% 5.23% 10.62% 71.70 74.75

SOFTS

Coffee 119.00 USc/lb 3.12% 8.92% -14.36% 115.10 121.83

Lumber 795.00 USD/1000 bf 17.15% 37.47% 93.52% 701.40 801.60

Orange Juice 116.05 USc/lb -6.37% -5.34% 18.24% 115.50 126.75

Sugar 14.43 USc/lb -0.07% -3.54% 8.58% 14.34 15.07

136.58 139.85
LIVESTOCK

Feeder Cattle Futures 139.73 USc/lb -0.04% 1.34% -3.80%

Live Cattle Futures 113.25 USc/lb 0.76% 0.91% -11.00% 110.55 113.80

Lean Hogs 63.23 USc/lb -5.03% -2.09% -10.32% 63.00 66.58

RESEARCH 09
 Forex
TOP WINNERS VA L U E W E E K LY % TOP LOSERS VA L U E W E E K LY %

1 EURHTG 83.251 3.91% 1 MXNBRL 0.2516 -3.53%

2 USDHTG 68.577 3.79% 2 GBPBRL 6.6982 -3.34%

3 BRLMXN 3.9735 3.64% 3 GBPRUB 96.298 -3.25%

4 AUDMXN 15.165 3.33% 4 MXNAUD 0.0659 -3.23%

5 AUDGBP 0.5695 3.10% 5 GBPAUD 1.7549 -3.06%

OVERVIEW VA L U E W E E K LY % M O N T H LY % Y E A R LY % W E E K LY R A N G E

EURUSD Euro vs US Dollar 1.2111 -0.07% 2.19% 11.67% 1.21 1.22

USDJPY US Dollar vs Japanese Yen 104.01 -0.14% 0.16% -6.79% 103.72 104.57

GBPUSD Pound Sterling vs US Dollar 1.3223 -1.61% -0.37% 1.94% 1.31 1.35
MAJORS

USDCAD US Dollar vs Canadian Dollar 1.2766 -0.13% -2.42% -3.46% 1.27 1.29

USDCHF US Dollar vs Swiss Franc 0.8893 -0.31% -2.37% -9.09% 0.89 0.89

AUDUSD Australian Dollar vs US Dollar 0.7533 1.47% 3.11% 13.65% 0.74 0.76

NZDUSD New Zealand Dollar vs US Dollar 0.7070 0.31% 2.08% 11.46% 0.70 0.71

AUDJPY Australian Dollar vs Japanese Yen 78.350 1.33% 3.28% 5.94% 76.86 78.78

AUDNZD Australian Dollar vs New Zealand Dollar 1.0647 1.07% 0.93% 1.95% 1.05 1.07

CADJPY Canadian Dollar vs Japanese Yen 81.450 -0.04% 2.62% -3.45% 80.60 82.12

EURCAD Euro vs Canadian Dollar 1.5461 -0.22% -0.30% 7.78% 1.54 1.57

EURCHF Euro vs Swiss Franc 1.0770 -0.39% -0.24% 1.52% 1.07 1.09
MINORS

EURJPY Euro vs Japanese Yen 125.97 -0.23% 2.34% 4.09% 125.75 126.74

EURNZD Euro vs New Zealand Dollar 1.7118 -0.48% 0.02% 0.18% 1.71 1.73

GBPAUD Pound Sterling vs Australian Dollar 1.7549 -3.06% -3.40% -10.33% 1.74 1.82

GBPEUR Pound Sterling vs Euro 1.0915 -1.55% -2.52% -8.74% 1.08 1.11

GBPJPY Pound Sterling vs Japanese Yen 137.53 -1.75% -0.21% -4.98% 137.53 140.70

GBPNZD Pound Sterling vs New Zealand Dollar 1.8690 -1.99% -2.47% -8.55% 1.85 1.92

NZDJPY New Zealand Dollar vs Japanese Yen 73.540 0.18% 2.25% 3.84% 73.04 74.00

USDBRL US Dollar vs Brazilian Real 5.0656 -1.75% -7.18% 26.03% 5.01 5.23

USDCNY US Dollar vs Chinese Yuan 6.5445 0.20% -0.24% -6.26% 6.52 6.55

USDHKD US Dollar vs Hong Kong Dollar 7.7512 0.00% -0.02% -0.46% 7.75 7.75

USDINR US Dollar vs Indian Rupee 73.736 -0.05% -0.52% 2.98% 73.50 73.98
EXOTICS

USDMXN US Dollar vs Mexican Peso 20.132 1.84% -1.15% 6.50% 19.68 20.19

USDRUB US Dollar vs Russian Rouble 72.903 -1.64% -4.01% 13.72% 72.83 74.61

USDSEK US Dollar vs Swedish Krona 8.4560 -0.02% -1.67% -12.95% 8.35 8.52

USDSGD US Dollar vs Singapore Dollar 1.3363 0.05% -0.44% -4.45% 1.33 1.34

USDTRY US Dollar vs Turkish Lira 7.8562 0.68% 1.95% 28.87% 7.74 8.03

USDZAR US Dollar vs South African Rand 15.123 -0.60% -2.17% 0.77% 14.87 15.29

RESEARCH 10
 Crypto
Active Cryptocurrencies BTC Dominance ETH Dominance Total MarketCap Total Volume 24H

4,000 93 63.15% 0.55% 11.70% -0.2% $542.4B -4.32% $103.3B -36.39%

TOP WINNERS PRICE W E E K LY % TOP LOSERS PRICE W E E K LY %

1 DF $0.2616 186.62% 1 QUN $0.0031 -55.50%

2 LBC $0.0717 125.71% 2 XNS $0.0070 -51.78%

3 8X8 $0.0059 117.51% 3 XRPBULL $32.520 -42.37%

4 YOYOW $0.0140 84.10% 4 LINKBULL $691.00 -32.72%

5 FYZ $0.6470 79.08% 5 AMPL $0.9057 -30.38%

TOP 25 COINS PRICE W E E K LY % M O N T H LY % Y E A R LY % M A R K E T C A P W E E K LY R A N G E

1 BTC • Bitcoin $18,436.83 -1.22% 13.06% 160.40% $342.4B 17,598.13 19,417.33

2 ETH • Ethereum $556.67 -1.96% 20.29% 291.94% $63.3B 530.82 610.44

3 XRP • XRP $0.5191 -6.30% 103.57% 139.77% $51.9B 0.50 0.63

4 USDT • Tether $1.0010 0.00% 0.00% -0.10% $19.8B 0.95 1.05

5 LINK • Chainlink $12.090 -4.80% -2.66% 505.11% $12.1B 11.42 13.56

6 XLM • Stellar $0.1584 -1.92% 96.38% 210.16% $7.9B 0.14 0.18

7 LTC • Litecoin $75.240 -5.57% 23.85% 73.32% $5.0B 70.04 86.82

8 BCH • Bitcoin Cash $266.85 -4.62% 2.66% 29.34% $5.0B 258.30 294.17

9 BNB • Binance Coin $27.920 -3.79% 0.61% 82.25% $4.9B 27.08 30.39

10 ADA • Cardano $0.1457 -1.49% 39.03% 283.93% $4.6B 0.13 0.16

11 USDC • USD Coin $1.0000 0.01% 0.02% -0.30% $3.2B 0.95 1.05

12 BSV • Bitcoin SV $165.22 -6.83% 4.15% 78.27% $3.1B 160.83 186.31

13 EOS • EOS $2.7570 -3.16% 11.98% 6.98% $2.8B 2.65 3.03

14 TRX • TRON $0.0285 -3.72% 14.07% 102.92% $2.8B 0.03 0.03

15 XMR • Monero $144.99 14.35% 30.74% 182.36% $2.6B 129.99 165.53

16 NEO • NEO $16.450 -4.97% 6.33% 86.40% $1.6B 15.76 18.23

17 XTZ • Tezos $2.1310 -6.54% 2.70% 27.22% $1.6B 2.04 2.36

18 LEO • LEO Token $1.3717 0.64% 5.27% 55.89% $1.3B 1.34 1.38

19 ATOM • Cosmos $4.8370 -4.43% -3.97% 15.61% $1.3B 4.49 5.29

20 HT • Huobi Token $3.9824 3.01% 9.65% 46.95% $1.1B 3.68 4.29

21 DASH • Dash $96.300 -2.65% 23.38% 94.98% $950.2M 89.38 105.19

22 MIOTA • IOTA $0.2950 -8.53% 18.47% 55.84% $820.0M 0.27 0.35

23 ETC • Ethereum Classic $5.9530 -1.16% 17.51% 56.41% $736.2M 5.61 6.31

24 ZEC • ZCash $65.460 -5.24% 4.02% 103.73% $692.5M 63.46 76.46

25 HEDG • HedgeTrade $0.5396 -10.52% -25.86% -55.44% $539.6M 0.52 0.63

RESEARCH 11
 This Week Events
RELEASED EARNINGS PRICE I M PA C T R E V E N U E E S T /A C T E P S E S T /A C T SURPRISE D AT E

UNFI United Natural Foods $15.58 -14.54% $6.91B / $6.67B 0.74 / 0.51 -30.89% Dec 09

COST Costco Wholesale Corp $375.10 0.47% $43.05B / $43.21B 2.86 / 2.29 -19.91% Dec 10

ORCL Oracle Corp $60.61 1.35% $9.94B / $9.80B 0.88 / 1.06 20.59% Dec 10

AVGO Broadcom $405.82 -3.58% $6.53B / $6.47B 5.34 / 6.35 18.88% Dec 10

FLR Fluor Corp $16.77 -6.16% $3.98B / $3.80B 0.32 / 0.14 -55.64% Dec 10

THIS WEEK IPOS SHARES

EXCHANGE PRICE IPO/LAST I M PA C T SHARES D AT E
VA L U E

DASH DoorDash NYSE $102 / $175 71.57% 33.00M 3.37B Dec 09

AI C3ai NYSE $42 / $119.58 184.71% 15.50M 651.00M Dec 09

ABNB Airbnb NASDAQ $68 / $139.25 104.78% 51.55M 3.51B Dec 10

CERT Certara NASDAQ $19 / $38.08 100.42% 24.39M 617.07M Dec 11

ABCL AbCellera Biologics NASDAQ $14 / $58.9 320.71% 23.00M 449.65M Dec 11

ECONOMIC CALENDAR UNIT I M PA C T PREV EST ACT D AT E

CN Exports YY % 11.4 12 21.1 Dec 07

CN Imports YY % 4.7 6.1 4.5 Dec 07

CN Trade Balance USD USD 58.44 53.5 75.42 Dec 07

CN FX Reserves (Monthly) USD 3.128 3.15 3.178 Dec 07

EU Sentix Index Index (diffusion) -10 -8.3 -2.7 Dec 07

CA Ivey PMI SA Net balance 54.5 54.7 52.7 Dec 07

US Consumer Credit USD 15.03 16 7.23 Dec 07

JP All Household Spending MM % 3.8 1 2.1 Dec 07

JP All Household Spending YY % -10.2 2.5 1.9 Dec 07

JP Current Account NSA JPY JPY 1660.2 2126.3 2144.7 Dec 07

JP GDP Cap Ex Rev QQ % -5.7 -3.2 -2.4 Dec 07

JP GDP Rev QQ Annualised % -29.2 21.5 22.9 Dec 07

EU GDP Revised QQ % -11.8 12.6 12.5 Dec 08

EU GDP Revised YY % -14.8 -4.4 -4.3 Dec 08

CN CPI MM % -0.3 -0.2 -0.6 Dec 09

CN CPI YY % 0.5 0 -0.5 Dec 09

CN PPI YY % -2.1 -1.8 -1.5 Dec 09

CA BoC Rate Decision % 0.25 0.25 0.25 Dec 09

US JOLTS Job Openings Person 6.494 6.3 6.652 Dec 09

EU ECB Re nancing Rate % 0 0 0 Dec 10

EU ECB Deposit Rate % -0.5 -0.5 -0.5 Dec 10

US Core CPI MM, SA % 0 0.1 0.2 Dec 10

RESEARCH * prev – previous, est – estimated, act – actual 12

 Next Week Events
UPCOMING EARNINGS PRICE REVENUE EST EPS EST TIME* D AT E

RFIL RF Industries Ltd $5.70 $10.75M 0.01 amc Dec 17

APOG Apogee Enterprises $28.74 $332.32M 0.31 bmo Dec 18

DRI Darden Restaurants $112.72 $1.74B 0.04 bmo Dec 18

NKE Nike $137.41 $10.71B 0.43 amc Dec 18

WGO Winnebago Industries $58.56 $759.61M 0.90 bmo Dec 18

UPCOMING IPOS SHARES

EXCHANGE PRICE RANGE SHARES D AT E
VA L U E

WISH ContextLogic Inc NASDAQ $22-$24 46.00M 1.27B Dec 16

UPST Upstart Holdings NASDAQ $20-$22 12.02M 304.00M Dec 16

MDWT MIDWEST HOLDING INC NASDAQ $70-$74 1.00M 85.10M Dec 17

ECONOMIC CALENDAR UNIT I M PA C T PREV EST D AT E

EU Industrial Production MM % -0.4 2 Dec 14

EU Industrial Production YY % -6.8 -4.4 Dec 14

CN Urban Investment (YTD)YY % 1.8 2.6 Dec 15

GB ILO Unemployment Rate % 4.8 5.1 Dec 15

GB Avg Earnings (Ex-Bonus) % 1.9 2.6 Dec 15

GB Avg Wk Earnings 3M YY % 1.3 2.3 Dec 15

GB Employment Change Person -164 -250 Dec 15

CA House Starts, Annualized Number of 214.9 214.8 Dec 15

GB CPI MM % 0 0.2 Dec 16

GB CPI YY % 0.7 0.6 Dec 16

GB Core CPI MM % 0.2 0.2 Dec 16

GB Core CPI YY % 1.5 1.4 Dec 16

GB RPI MM % 0 0.2 Dec 16

GB RPI YY % 1.3 1.3 Dec 16

CA CPI In ation YY % 0.7 0.8 Dec 16

US Retail Sales MM % 0.3 -0.3 Dec 16

AU Unemployment Rate % 7 7 Dec 17

EU HICP Final MM % 0.2 -0.3 Dec 17

EU HICP Final YY % -0.3 -0.3 Dec 17

GB BOE MPC Vote Cut Number of 0 0 Dec 17

GB BOE MPC Vote Hike Number of 0 0 Dec 17

GB BOE MPC Vote Unchanged Number of 9 9 Dec 17

US Building Permits: Number Number of 1.545 1.55 Dec 17

JP CPI, Core Nationwide YY % -0.7 -0.9 Dec 17

RESEARCH * bmo – before market open, amc – after market close, dmh – during market hours 13
 Intelligence beyond data

Visit darqube.io/research

Dr. Marius-Cristian Frunza

The information and data published in this research were prepared by the market research department of
Darqube Ltd. Publications and reports of our research department are provided for information purposes only.
Market data and figures are indicative and Darqube Ltd does not trade any financial instrument or offer
investment recommendations and decision of any type. The information and analysis contained in this report
has been prepared from sources that our research department believes to be objective, transparent and
robust.