Starmer Stumble, Trump Toughness, Market Malaise

“NACHO” trade triggers a big yawn in the U.S. equity market — other regions and asset classes are responding, mind you.

Key Takeaways

• Markets Shrug Off Geopolitical Risk: The Teflon U.S. equity market has barely flinched from the renewed “NACHO” trade — “Not A Chance Hormuz Opens.” Just a short six weeks ago, what would have prompted a major equity market drawdown is now being met with a giant-sized yawn, at least outside of the bond and FX markets. The reason? The AI craze will cure all the world’s problems.