US Gas Market Poised for Supercycle: Bernstein Analysts 
Moldova Criticizes Russia Amid Transdniestria Energy Crisis 
U.S. Banks Report Strong Q4 Profits Amid Investment Banking Surge 
Mexico's Undervalued Equity Market Offers Long-Term Investment Potential 
Lithium Market Poised for Recovery Amid Supply Cuts and Rising Demand 
SpaceX Earnings Preview: Bernstein Says 4 Key Factors Will Drive Long-Term Valuation 
Geopolitical Shocks That Could Reshape Financial Markets in 2025 
Bank of America Posts Strong Q4 2024 Results, Shares Rise 
Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
Stock Futures Dip as Investors Await Key Payrolls Data 
Energy Sector Outlook 2025: AI's Role and Market Dynamics 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
The headwinds we highlighted last week for EM FX remain; negative EM political news flow is high, US tax reform discussions continue to provide upside USD risk, and EM FX positioning remains crowded even though outflows are picking up. As such, we add to our bearish stance and move underweight TRY, leaving us underweight in EMEA EM FX overall.
We encourage UW in the JPM’s GBI-EM Model Portfolio with an UW in ZAR and TRY vs. OW in RUB, and OW in PLN and CZK hedged against UW in RON. We also buy a 2m 4.10 USDTRY call option in outright trades.
Outright trades:
08-Jan-18 USDTRY call (4.10), spot reference: 3.8856
Short ZAR vs basket (0.5 EUR, 0.5 USD)
Short EURCZK spot reference: 25.55
Long ILS vs. basket (0.5 EUR, 0.5 USD) spot reference: 4.1460 (EURILS), 3.5101 (USDILS)
01-Mar-18 EURHUF downside seagull (Long put spread (304, 297), short call (312)), spot reference: 311.720.
