Saxo Market Call

A look ahead at Nvidia earnings and German election

Today's slide deck: https://bit.ly/431GGtt   - 

Today we look at the pivotal German election this weekend and a number of scenarios in what will inevitably prove a weak showing for the centrist parties. We also discuss the implications of Walmart's weak outlook and look ahead at the most pivotal earnings event of the quarterly cycle: the post-Wednesday close Nvidia report. The latest on FX and more also on today's pod, which features Saxo Global Head of Investment Strategy Jacob Falkencrone, with Saxo Global Head of Macro Strategy John J. Hardy hosting.

Jacob's piece on Ali Baba's earnings. 

John's latest FX Update on JPY, German election and more.

 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

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Europe is on fire

Today's slide deck: https://bit.ly/3EVhtGQ   -

European equity markets are on fire this year, and European defense stocks have lifted aggressively in recent days on fears that the entire transatlantic alliance is collapsing and will require a massive fiscal boost across Europe if it is to defend itself in a new geopolitical backdrop. We pick through one interesting angle on EU defense spending, break down the latest action in FX and commodities and much more as the world seems to spin faster and faster every day. Today features Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J. Hardy hosting.

 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

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Trump's risky gambit

Today's slide deck: https://bit.ly/4jWq1NY   -

Today we sift through the market reaction to Trump's announcement of reciprocal tariffs, with the market celebrating their delayed implementation until at least after the April 1 report on US trade policy. We also discuss the mostly wound-down US earnings season, which has proven the best in three years, the big reversal in bond yields, developments in FX and some great links/must reads (see slide deck link) for those trying to grasp the Trump administration's risky strategy. Today features Jacob Falkencrone, Global Head of Investment Strategy with host John J. Hardy, Global Head of Macro Strategy.

Jacob's piece on BYD: https://bit.ly/4hE819m 

John's latest FX Update: https://bit.ly/3X3Axcf 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

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How the USD bear case finds confirmation

Today's slide deck: https://bit.ly/417UZv0   -

While we have made the USD bear case to materialize at some point, we don't have much in the way of confirmation that it will arrive sooner rather than later, even if USDJPY may have posted a significant top. Today, a look at what is needed to get that confirmation while also running through the news of the day and what to watch for next across asset classes. Hosting today's podcast is John J. Hardy, Global Head of Macro Strategy.

 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

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The US dollar bear case

Today's slide deck: https://bit.ly/3ECSW9o   -

Today, we round up Amazon.com's results and the refrain we are hearing from them that rhymes with Meta, Microsoft and Alphabet's complaints on capacity constraints and the need for massive further capital expenditures to build out data centers. And that being the case, how to position the DeepSeek news? Also on this podcast, Macro Strategist John J. Hardy lays out the US dollar bearish case as the US government will find that its chief priority is getting its fiscal house in order. Also on today's call is Jacob Falkencrone, Global Head of Investment Strategy.

 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Mag 7 risks underappreciated?

Today's slide deck: https://bit.ly/4gs9L4q   -

Today we discuss the weakness in US tech sector after the close yesterday on Google's operational results and huge cap-ex spending plans and on AMD's weak forecast. As well, a look at the frictions already developing after 10% tariffs against China went ahead yesterday, together with the risks from AI disappointments to China exposure in most of the Mag 7 stocks. Elsewhere, the US dollar is falling and the JPY is surging after US 10-year rates have crossed below a key chart point. Precious metals are also on the rise. On today's call are Ole Hansen, Head of Commodity Strategy and John J. Hardy, Global Head of Macro Strategy.

 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

 

If new Trump tariffs stick, markets have only just begun to react

Today's slide deck: https://bit.ly/3CyH5bX   -

Trump delivered on the comprehensive tariffs he promised at the weekend against Canada, Mexico and China, although they don't actually go into effect until 12:01 a.m (0501 GMT) tonight. That's when we find out how much the market is hoping that we somehow see Trump climb down from imposing these tariffs at the last moment. Today we discuss the quite modest market reaction to this momentous news and what to look for next across asset classes, from foreign exchange to equities, commodities and US treasuries. On today's pod are John J. Hardy, Global Head of Macro Strategy and Ole Hansen, Head of Commodity Strategy.

 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

 

Does the market think Trump is bluffing?

Today's slide deck: https://bit.ly/40SLUGi

Today we look at the tepid market reaction to Trump's threat of imminent tariffs on Canada and Mexico as we wonder whether the market refuses to react until the tariffs are actually in force, thinking some last minute deal will avoid them.

Also, lots to sift through in the blitz of earnings announcements incoming this week and next, as well as some thoughts on the ECB, EURUSD and macro data in store for us in the coming week. On today's pod were Global Head of Investment Strategy Jacob Falkencrone, with Head of Macro Strategy John J. Hardy hosting.

 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.