UBS Projects Mixed Market Outlook for 2025 Amid Trump Policy Uncertainty 
Will a new border deal with the US open a backdoor into Kiwis’ personal data? 
Lithium Market Poised for Recovery Amid Supply Cuts and Rising Demand 
Urban studies: Doing research when every city is different 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
God on their side: how the US, Israel and Iran are all using religion to garner support 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Mexico's Undervalued Equity Market Offers Long-Term Investment Potential 
Energy Sector Outlook 2025: AI's Role and Market Dynamics 
The US Congress finally passed the tax reform bill, which provides significant tax cuts including a reduction in the headline corporate tax rate to 21% from 35%. President Trump will now sign it into law, although reports suggest he may do so in the New Year. Asian equities were mixed overnight, with news of the US tax overhaul seemingly already priced in.
Buy NDX Call 6-month 102.5% keeping contingent on EURUSD above 1.235 for 0.85% – 77% discount to vanilla (3.7% for a 6-month 45 Delta call) (Spot references: NDX 6472, EURUSD 1.1860).
It is expected that EURUSD to gradually spike and approach the 1.23 level by the mid-year point. Tech would be the sector with the highest exposure to international revenue, so a weaker dollar would be a tailwind.
Moreover, the powerful worldwide tech cycle may not be dead yet and NASDAQ could surprise more on the upside. The historically low level of volatility makes call premia cheap and the negative correlation between NDX and EURUSD dramatically enhances that cheapness. The recent leg down in the index is an interesting entry point into the trade.
