China’s Growth Faces Structural Challenges Amid Doubts Over Data 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
ETHUSD Defies ETF Outflows: Holds Above $3000, Bulls Eye $3200 Breakout 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
Urban studies: Doing research when every city is different 
Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
Geopolitical Shocks That Could Reshape Financial Markets in 2025 
2025 Market Outlook: Key January Events to Watch 
US Gas Market Poised for Supercycle: Bernstein Analysts 
Stock Futures Dip as Investors Await Key Payrolls Data 
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.
