Weekly Reading List: Finance Articles 2025/12/8 ~ 14

The Economist

• Asia’s inexpensive AI stocks should worry American investors
  • cyclically adjusted price-earnings (CAPE) ratio
• America’s bond market is quiet—almost too quiet
  • MOVE index
  • the term premium
• Oracle and the hard truths about software
  • six measures of corporate performance
    • operating margins
    • free-cashflow margins
    • operating profit to interest expense
    • capex to revenue
    • total debt to operating profit (before depreciation and amortisation)
    • return on capital.

Financial Times

• UK real estate groups can repel private equity bargain hunters
• Silver surges above $60 for first time on supply squeeze and industrial demand
• European banking regulator considers scrapping AT1 bonds
• Weinstein’s $2bn flagship hedge fund hit amid strong run for stocks
• Argentina sells local dollar debt as Milei plots trading return
• Ex-Evolution trader wins $5.4mn bonus in High Court
• US regulators scrap critical safeguard on risky lending
• Crypto adviser Clear Street plans to float in new year
• First Brands rescue loan falls in value as bankruptcy case drags on
  • debtor-in-possession loan
• UBS stocks hit 17-year high on hopes of capital rules reform compromise
  • AT1
• Regulators stymie Euronext’s proposals for ETF settlement
  • Euronext
  • Euroclear
  • central security depository
• Apollo shifts lending unit out of buyout division

Hankyung (한경)

• ‘Separate taxation on dividend income’ passes parliamentary hurdle… How to earn more than bank interest
  (국회 문턱 넘은 ‘배당소득 분리과세’…예금이자보다 더 벌려면 [한경우의 케이스스터디])
  • 배당성향
• Korea Exchange implements call auction method. 24 low-liquidity stocks selected
  (한국거래소, 단일가 매매 적용…‘저유동성 종목’ 24개 선정)
• Hanyang Securities begins ETF AP/LP operations
  (한양증권, 상장지수펀드 AP·LP 업무 개시)
  • LP
  • AP
  • MM
• Invested 100 million won aiming for a fourfold profit, but it turned into 40 million won… Retail investors ‘panic’.
  (‘따따블’ 노리고 1억 넣었더니 4000만원 됐다…개미들 ‘패닉’ [분석+])
  • SPAC
  • 공모주
• 국민연금, 이지스운용 투자금 전액 뺀다…경영권 매각 급제동
  • Note: I don’t translate the title because of the translation of ‘경영권’.
  • LP
• “Reached 630,000 won”… Samsung Fire & Marine shares surge 28% in late trading — what happened?
  (“63만원 찍었다”…장 막판 28% 폭등한 삼성화재, 무슨 일이 [종목+])
  • ETF
• They claimed financial difficulties, yet invested in a hair regrowth shampoo company right before early CB redemption?
  (“자금난이라더니 CB 조기상환 앞두고 탈모샴푸회사 투자?” [진영기의 찐개미 찐투자])
  • CB
  • EB
  • 해외매출채권
• Hanwha Investment & Securities CEO Jang Byung-ho: “Issuing RWA for the defense industry… launching a high-net-worth investor platform next year.”
  (장병호 한화證 대표 “방위산업 RWA 발행…내년 고액자산가 투자 플랫폼 출시”)
  • RWA(실물자산토큰)
  • 토큰증권발행(STO)
• KB Financial Group raises 1.3 trillion won through interim dividends from subsidiaries
  (자회사 중간배당으로 1.3조 조달한 KB금융)
  • 중간배당
  • 보통주 자본비율 (CET1)
  • 배당가능이익
  • 감액배당
• YouTube to offer U.S. creators the option to be paid in stablecoins
  (유튜브, 美 크리에이터에 스테이블코인 지급 옵션 도입)

Nikkei (日本経済新聞)

• Neutral rate of interest: Key factor in policy decisions, yet difficult to grasp.
  (中立金利　政策判断で重視、把握難しく（きょうのことば）)
  • 中立金利
  • 政策金利
• SBI Shinsei Bank to list on the 17th, urgently expanding regional bank partnerships
  (１７日　ＳＢＩ新生銀が上場、地銀連携、拡大急ぐ（ＮｅｗｓＦｏｒｅｃａｓｔ）)
• FX investors’ ‘profitability’ hits a record long streak; accounts with increased assets reach a record 60%. Trend-following bias strengthens, potentially lowering the deterrent effect on a weak yen
  (ＦＸ投資家「黒字」最長に　資産増加の口座、最多の６割　強まる順張り志向　円安抑止力低下も)