Saxo Market Call

Trump going soft on tariffs versus the direction of travel

Today's slide deck: https://bit.ly/4jHvS8G    -

Today we look at the impact of Trump's big softening on tariffs against China as well as his declaration he has no intention of firing Fed Chair Powell, asking whether this is a major reversal across the board or merely a big slow-down in the "direction of travel" toward a US-China economic decoupling. We talk gold, silver, crude oil, equities, currencies and key US earnings as everything has been roiled once again by Trump's latest rhetoric. On today's pod are Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J. Hardy.

 

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The great bear market of our generation in store?

Today's slide deck: https://bit.ly/3Yz632x   -

Today we look at more market volatility on the latest US-China trade friction and look ahead to the next key event risks on the geopolitical front as US-Japan trade talks are set to get under way and with Italian PM Meloni in Washington. We also wonder whether the US equity market is shaping up for the greatest bear market in a generation as market bailouts are likely no longer a major Washington priority, among other reasons. Today's podcast hosted by Saxo's Global Head of Macro Strategy John J. Hardy.

 

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

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US and China are slipping into an economic war

Today's slide deck: https://bit.ly/4jdtaZ6    -

After Trump's 90-day delay on reciprocal tariffs, we have a short window of time to find out how the global geopolitical order will shape up from here as US trading partners scramble to make deals with the US on trade. Will they be willing to sign on to the US' anti-China policy as we now have what amounts to a US-China economic war until or unless until or unless we suddenly see a move to the negotiating table. On today's pod are Jacob Falkencrone on equities, Ole Hansen on commodities, and John J. Hardy on macro and hosting.

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

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Market melts down as recession risks go global

Today's slide deck.    -

Today we look at a historic, very bad day for US markets in the wake of Trump's Liberation Day tariffs as the market positions for disruption and widening recession risks. On that note, Europe is certainly at risk, especially relative to recent enthusiasm. Elsewhere, we talk through the FX market and how risk off may see some shifts in recent patterns, look at precious metals after the plunge in silver, discuss what OPEC+ just did that added to the downdraft in crude oil prices, and much more. On today's pod were Ole Hansen on commodities and John J. Hardy hosting.

Read John's FX Update from this morning, April 4.

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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Markets on tilt after Trump's Liberation Day tariff blitz

Trump's Liberation Day tariffs proved far larger than expected and have markets in a defensive posture for good reason. Today we break down why this moment has come as well as what to watch for as the ongoing impact of this historic policy move unfolds. Today hosted by John J. Hardy, Saxo Global Head of Macro Strategy.

 

White House official announcement on the tariffs: https://bit.ly/4ld2E3e 

Michael Every's latest after the new tariffs: https://bit.ly/4iSClO7 

Yanis Varoufakis on this once-in-a-generation moment: https://bit.ly/3E1VP3U 

 

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

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Bracing for Liberation Day

Today's slide deck: https://bit.ly/4lbxQ2T   -

Today we look at the state of the market a day ahead of Trump's "Liberation Day" tariff announcements as the market braces for impact. We also discuss the outlook for gold now that it has tacked on another massive rally and run down the performance across the commodity complex in Q1, where gold was surprisingly not the top performer. The latest developments in FX, equity technical levels of note and our top must reads also in today's podcast, which features Ole Hansen on commodities and John J. Hardy hosting.

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

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Did Trump just blink?

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

Trump is supposedly set to go easier than originally planned with the reciprocal tariffs to be announced next Wednesday, April 2. There are few details on this story, which provided the strong boost to risk sentiment today. Does this mean that Trump has "blinked" on the tariff issue? We assess where we are and what to watch for across asset classes, as well as highlighting incoming economic data and much more. Today's pod hosted by Saxo's John J. Hardy.

 

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

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US market found some support, but how durable will it be?

Today's slide deck: https://bit.ly/3DLe6SW   -

The US market found some more solid buying support than it has in a while, but not yet enough to turn the technical tide. We look at what forces could drive the market in either direction, but suspect that US under-performance relative to a hard charging Europe may be here to stay for a while. A thorough look at FX, gold and silver, important links, the macro calendar and more on today's pod, which features Ole Hansen on commodities and John J. Hardy on FX and Macro.

John's latest FX Update.

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

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