Geopolitical Shocks That Could Reshape Financial Markets in 2025 
China's Refining Industry Faces Major Shakeup Amid Challenges 
UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
Bank of America Posts Strong Q4 2024 Results, Shares Rise 
US Gas Market Poised for Supercycle: Bernstein Analysts 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
Stock Futures Dip as Investors Await Key Payrolls Data 
U.S. Stocks vs. Bonds: Are Diverging Valuations Signaling a Shift? 
Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
The EUR short rates gamma risk premium is likely to start depreciating vs longer expiries early next week unless the French elections disappoint.
Buying collars at the EUR front end remains a cheap way to position for higher EUR rates.
The roll down cost is limited compared with outright front-end paying, and the vega profile increases the trade’s appeal.
Buy EUR 2m5y ATMF payers, sell 3w5y ATMF payers – for 2.7bp running (indicative mid). Indicative forwards: 3w5y: 0.173%, 2m5y: 0.195%.
Buy EUR 6m2y ATMF+10bp payers, sell EUR 6m2y ATMF-10bp payers – for 1bp running (indicative mid). Indicative 6m2y forward: -0.066%, 2y spot: -0.147%. Maintain or initiate longs in EUR 1x2 caps vs 1y1y payers.
