US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 
UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
Stock Futures Dip as Investors Await Key Payrolls Data 
U.S. Black Friday Online Spending Surges to $8.6 Billion, Boosted by Mobile Shoppers 
Trump’s "Shock and Awe" Agenda: Executive Orders from Day One 
Bitcoin Reserves Hit 5-Year Low as $2.15B Exits Exchanges – Bulls Quietly Loading the Spring Below $100K 
Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
Citi Sets Bullish 2026 Target for STOXX 600 as Fiscal Support and Monetary Easing Boost Outlook 
Moldova Criticizes Russia Amid Transdniestria Energy Crisis 
Fed May Resume Rate Hikes: BofA Analysts Outline Key Scenarios 
Geopolitical Shocks That Could Reshape Financial Markets in 2025 
Wall Street Analysts Weigh in on Latest NFP Data 
In EM, keep structural long in ILS vs a 50:50 EUR:USD basket and stay short EURCZK. We are bullish the koruna and expect the currency to trend appreciate over the coming months.
Long ILS vs a 50:50 EUR:USD basket for a target of 3.60, and review point of 3.85. Marked at -2.27%.
Elsewhere, RUB valuations now seem to be cheaper, the bias is to go OW post seasonal current account weakness. In terms of EURRUB and USDRUB, we still see extended recovery potential into decisive T junctions in form of internal 38.2 % retracements at 71.681 (EURRUB) and at 65.217 (USDRUB).
At the start of the week TRY benefitted from a low trade balance deficit and better tourist numbers. The rising number of Russian and Asian tourists, in particular, is bringing more money into the country.
The ratio of copper to oil (Chile’s main export to main import) has risen to the highest level seen at least in last five years. The CLP has rallied but has lagged this terms-of-trade improvement, in our view, and is now trading cheap in our short terms valuation models.
In Brazil, we hold our long BRL position as strong fundamentals and no significant news on the politics front justify our bullish stance on the currency.
Stay short EURCZK forward – sold 26.6883 expiry 27 November 2017. Marked at 2.64%
Long CZK positions are supported by strong macroeconomic fundamentals, a forthcoming policy rate hiking cycle (the first policy rate hike of 20bp is expected in 3Q’17) and cheap valuations (JPM’s BEER and FEER models show CZK REER vs EUR as 7% undervalued on average).
JPM’s strategists also maintain our structural longs in CZK cheap valuations, a large current account surplus, and low inflation.
