Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
European Stocks Rally on Chinese Growth and Mining Merger Speculation 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
AI-Driven Memory Chip Prices May Be Skewing U.S. Inflation Data, Fed Minutes Suggest 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
Wall Street Analysts Weigh in on Latest NFP Data 
US Economy Fueled by AI Investment Faces Rising Risks Ahead of Fed Meeting 
Goldman Sachs Sees Stronger U.S. Dollar as Global Economic Gaps Widen 
Gold Cracks Below $4,500 as Safe-Haven Shine Fades; Technical Breakdown Signals Sell-on-Rallies Toward $4,000 
US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Stock Futures Dip as Investors Await Key Payrolls Data 
UBS Projects Mixed Market Outlook for 2025 Amid Trump Policy Uncertainty 
Cuba needs a long-term solution to its energy crisis 
Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
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.
