Frank Benzimra, head of Asia equity strategy at Societe Generale in Hong Kong,
says equities are extremely crowded and are undergoing liquidation. The largest
falls are in the most leveraged names — notably single-stock leveraged ETFs that
swelled in May–June and peaked at end-June — and the market has been
deleveraging since; he says it is unclear when the sell-off will end and that,
for now, this is not a trade they want to engage in.
