US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 
China's Refining Industry Faces Major Shakeup Amid Challenges 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
Lithium Market Poised for Recovery Amid Supply Cuts and Rising Demand 
Stock Futures Dip as Investors Await Key Payrolls Data 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
Moldova Criticizes Russia Amid Transdniestria Energy Crisis 
Increased buy-in to the carry thesis. The vast majority of US investors is bullish emerging market assets; with most participating in EM carry plays. Of note, previous holdouts who were uber-bearish EM and who have attempted repeatedly to bet on EM blow-up scenarios have recently capitulated to the prevailing favourable carry story.
EM favourites currently include Mexico, Russia, Poland, and Indonesia. Most investors expressed a preference for high-yielding markets over low-yielding markets.
Investor participation was limited in Turkey and South Africa, with most investors either sidelined or underweight in sovereign hard and local currency debt.
Persistence of disinflationary / low-inflationary processes. Most investors believe that reflationary dynamics may continue to be pushed out further and further, extending the favourable environment for the yield-hunt and for emerging market out-performance.
Trade highlights:
Bonds: Long SAGB 2048s, FX-unhedged
FX: Short SGDINR
FX: Stay long USDRUB via 3m call spreads, buy strike 59, and sell call strike 62 knock-in 65.
