2025 Market Outlook: Key January Events to Watch 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
U.S. Banks Report Strong Q4 Profits Amid Investment Banking Surge 
Macquarie Names Five Taiwan AI Stocks Set to Benefit From Data Center Growth in 2026 
US Economy Fueled by AI Investment Faces Rising Risks Ahead of Fed Meeting 
Energy Sector Outlook 2025: AI's Role and Market Dynamics 
Cuba needs a long-term solution to its energy crisis 
China's Refining Industry Faces Major Shakeup Amid Challenges 
Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
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.
