Episodes

18 hours ago
18 hours ago
Link to slide deck: https://bit.ly/3N6dzMZ -
Today, we discuss the steep consolidation in AI-related names after the recent huge surge, also noting the S&P 500 in complete limbo technically, possibly on volatility sellers continuing to bottle up the action. We also look at the winding down of debt ceiling concerns, which ironically could lead to liquidity pressures across markets as the US Treasury will need to rebuild its reserves. A look at crude oil ahead of the OPEC+ meeting, copper, grains, incoming earnings and sharp market reactions for Crowdstrike and Salesforce, important incoming macro data and more on today's pod, which features Peter Garnry on equities, Ole Hansen on commodities, with John J. Hardy hosting and on FX.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Click here to open an account with Saxo -
Intro and outro music by AShamaluevMusic

2 days ago
2 days ago
Link to slide deck: Saxo Market Call slide deck -
Risk sentiment headed lower yesterday as the AI hype was faded by traders and the weaker sentiment extended overnight as China published weaker than estimated PMI figures for May adding fresh worries over global growth. In today's podcast we cover equity futures, Salesforce earnings, China's weaker growth, lower bond yields, the US debt ceiling deadline, strength in gold, and weaker across iron ore and copper. Today's podcast features Peter Garnry on equities, Ole Hansen on commodities, and Althea Spinozzi on fixed-income.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Click here to open an account with Saxo -
Intro and outro music by AShamaluevMusic

3 days ago
3 days ago
Link to slide deck: https://bit.ly/3ILNoZJ -
Today, we note the extreme divergence in equity market themes over the last week that is a hidden development underneath the strong performance of the major US indices on Friday. We look at the moderate impact thus far of the debt ceiling agreement-in-principle reached at the weekend, discuss the strong earnings season and few interesting names set to report this week. Energy and the European natural gas market are in focus in commodities while we also try to gauge where we are in terms of timing an eventual recession with US yield-curve and consumer confidence survey indicators. This and more in today's, which features Peter Garnry on equities, Ole Hansen on commodities, with John J. Hardy hosting and on FX.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Click here to open an account with Saxo -
Intro and outro music by AShamaluevMusic

4 days ago
4 days ago
Link to slide deck: https://bit.ly/3q82UbL -
This special episode of the podcast features an in-depth view on how to invest in commodities, one of the more difficult to understand asset classes at first glance for the novice, whether using futures, equities and other exchange traded products. The podcast is hosted by Saxo Head of FX Strategy, John Hardy and features Ole S. Hansen, Head of Commodity Strategy and Peter Garnry, Head of Equity Strategy. This episode was recorded on Wednesday, May 24, 2023.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Click here to open an account with Saxo -
Intro and outro music by AShamaluevMusic

7 days ago
7 days ago
Link to slide deck: https://bit.ly/3IIo7PR -
Today we do a brief market wrap as US treasury yields continue to ratchet higher as a possible debt ceiling deal may be looming and as we ponder how that could alter the landscape. But the bulk of today's podcast is dedicated to the results from our latest Listener survey, rounding up the SMC listener's thoughts on where the US equity market, commodities and the US dollar are headed and addressing some of the many topics that our listeners thoughtfully forward. We'll round up some answers to more of these great questions in next Friday's podcast. Today's pod features Peter Garnry on equities, Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX.
Read daily in-depth market updates from the Saxo Market Call and Saxo Strategy Team here.
Click here to open an account with Saxo -
Intro and outro music by AShamaluevMusic

Thursday May 25, 2023
Nvidia and the AI bubble risk as its valuation nears $1 trillion
Thursday May 25, 2023
Thursday May 25, 2023
Latest Saxo Market Call Survey will be available until 1400 CET on May 25. If you haven't accessed the survey yet, don't miss out on your chance to provide feedback and drive the content of our next two Friday Listeners' Editions podcasts: https://bit.ly/3OEFntn -
Link to slide deck: https://bit.ly/3IEHtoZ -
Today we look at yesterday's session, which was mostly downbeat as US treasury yields continue to back up, but then with a huge change of tune in late trading on Nvidia results beating handily and guidance smashing expectations on company anticipating a bonanza of AI-related chip sales. We do a deep dive on the company's valuation and outlook and wonder, at 29.2 x sales (before the big jump after hours) whether the company's future growth can live up to the hype. Elsewhere, we look at another slide in copper prices, the performance of uranium prices and ETFs, key FX themes and much more. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.
Read daily in-depth market updates from the Saxo Market Call and Saxo Strategy Team here.
Click here to open an account with Saxo -
Intro and outro music by AShamaluevMusic

Wednesday May 24, 2023
An ugly feeling about yesterday’s pivot
Wednesday May 24, 2023
Wednesday May 24, 2023
Latest Saxo Market Call Survey is now available! If you haven't accessed the survey yet, don't miss out on your chance to provide feedback and drive the content of our next two Friday Listeners' Editions podcasts: https://bit.ly/3OEFntn -
Link to today's slide deck: https://bit.ly/3IH63FR -
Today we assess yesterday's market downdraft and some of the reasons it is giving us an uneasy feeling, particularly with unknown volatility risk from rampant speculation in short term options in the mix. The big mark-down in luxury stocks was also a key signal. As well, we break down massive core inflation surprise in the UK and what it might mean for sterling and gilts, the debt ceiling lessons from 2011 for the US treasury market, key stocks reporting earnings, including NVidia today and much more. Note that we are saving the deep dive podcast on commodities for later release. Stay tuned for that. Today's pod features Peter Garnry on equities, Althea Spinozzi on fixed income and John J. Hardy hosting and on FX.
Read daily in-depth market updates from the Saxo Market Call and Saxo Strategy Team here.
Click here to open an account with Saxo -
Intro and outro music by AShamaluevMusic

Tuesday May 23, 2023
Are equity investors missing what treasury investors see?
Tuesday May 23, 2023
Tuesday May 23, 2023
The latest Saxo Market Call Survey is now available! If you haven't accessed the survey yet, don't miss out on your chance to provide feedback and drive the content of our next two Friday Listeners' Editions podcasts: https://bit.ly/3OEFntn -
Link to slide deck: https://bit.ly/3WwUirs -
Today we look at building tensions as US equities trade sideways at elevated levels for the cycle while US treasury yields rose once again to new highs since the March banking system turmoil. We wonder whether equity market investors are complacent on the risks of a liquidity pinch once the US debt ceiling issue is (presumably) resolved. We also take a look at Japanese and even Greek equities, two star-performing markets this year, the reaction to Zoom's earnings report, the upcoming RBNZ meeting, crude oil and gold and positioning and more. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.
Read daily in-depth market updates from the Saxo Market Call and Saxo Strategy Team here.
Click here to open an account with Saxo -
Intro and outro music by AShamaluevMusic

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