Market Highlights for 15 May 2023

Market Movement

• S&P 500: +0.30%
• Nasdaq: +0.66%

Drivers

The market ended the day higher despite being a quiet news day.

Regional bank rallied, although we struggled to find the reasons why. Perhaps it is because the?Federal Reserve released data on Friday?showing regional bank deposits had stabilised. Our holding in CUBI benefited from the regional bank rally, but we expect volatility to continue in the near term.

Our Chinese businesses benefited from the?People’s Bank of China keeping rates unchanged?and?rumours of further policy easing?from the government (note that these are just rumours.)

HUYA is releasing results today. We will post our analysis on the APP later today.

Lockstep's actions for the day

None.

Company news for Lockstep's holdings

None.