As markets brace after Archegos' fire sale of $20b worth of stocks last Friday, Asian markets seem to have held up well on Mon’s open. Malaysia’s Ministry of Finance has revised Malaysia’s budget deficit to 6% of 2021 GDP; will this lead to the introduction of capital gains tax as market grapevine suggests? As the Federal Reserve prepares to do away with restrictions on bank dividends and buybacks, are there signs that Singapore banks will follow suit? Intel announced that it will spend $20b to build 2 fabrication plants in Arizona, including a plan to serve third party and fabless chip designers. Will this swing the balance with TSMC and who are the supply chain winners in ASEAN?