Taco to Nacho: the new buzzword on Wall Street amid Trump’s trip to China

With a fragile US-Iran ceasefire barely holding, the Strait of Hormuz still blockaded, and all eyes on the upcoming Trump-Xi meeting, investors are embracing a new market narrative: “Nacho”. The acronym – short for “Not a Chance Hormuz Opens” – reflects a growing bet on prolonged gridlock and high o