Daily Pulse · · 14:00 CET · market · MMYT
The country-level read behind today's Morning 10 — the split we track inside the US tape, translated onto the map, with a referee print before the open.
The split, translated into countries
The divide running through the US tape — the semi complex repriced for build-out risk while software recovers — has a country-level twin, and the pairing is almost mechanical. Korea and Taiwan trade like the semiconductor fund: a huge year, then a violent month. EWY is up 61.6% this year and 117% over twelve months — and down 17.3% over the past month. Taiwan reads +52.0% for the year, −10.0% for the month; the semi fund itself +50.1% and −10.6%. Now put India next to software: INDA is down 7.9% in the year Korea did +62 — derated straight through the AI-fear phase while the hardware countries rallied — the same shape as the software fund's −10.5%. What was software is India. What was semis is Korea and Taiwan.
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