August 5, 2021
Today's slide deck: bit.ly/3jmWQFb -
Yesterday's session proved a bit of a rollercoaster with initially a bad ADP employment number but then later ISM Services Index showed record strong US services. Fed's Clarida (FOMC voter) also outlined his views that inflation will stay above target for the next three years with upside risks and that a rate hike in early 2023 is not unlikely. These events turned markets around with the USD higher against the EUR and JPY. The US 10-year yield seems to have bottomed for now pushing higher today. We also discuss Chinese technology stocks, natural gas prices in the US, gold and US earnings from yesterday and finally today's earnings. On today's podcast are Ole S. Hansen on commodities and hosting Peter Garnry on equities.
Intro and outro music by AShamaluevMusic
August 4, 2021
Today's slide deck: bit.ly/3ltKeir -
Today we discuss the bounce back in Chinese equities driven by today by a new health initiative in China despite Alibaba weaker than expected earnings yesterday and the increasing concerns over Covid19 Delta variant outbreaks in the country leading to potential downgrades on economic growth. These concerns over growth continues to weigh on oil prices, but elsewhere in the commodity sector prices are rallying such as natural gas prices in Europe and Japan. We also talk about wheat and gold's lack of reactions to anything at the moment. Overnight New Zealand surprised to the upside on employment which we cover together with more momentum in AUDUSD. Finally, we talk recent earnings releases and what to expect today. On today's podcast are Ole S. Hansen on commodities and hosting Peter Garnry on equities.
Intro and outro music by AShamaluevMusic
August 3, 2021
Today's slide deck: bit.ly/3yljBQl -
Today we discuss the dramatic decline in Tencent shares as a Chinese newspaper is hinting that gaming could be the next target of China's crackdown on the technology sector. We also take a look at the shipping industry and Maersk's recent profit guidance. Finally on equities we discuss earnings from BMW and Infineon Technologies. On commodities we touch on gold lack of reaction to new low in US real yields, oil demand and the Delta variant, and finally the positive roll yield observed across more and more commodities. On today's podcast are Ole S. Hansen on commodities and hosting Peter Garnry on equities.
Intro and outro music by AShamaluevMusic
![Equities race higher despite softer China PMI figure]()
August 2, 2021
Today's slide deck: bit.ly/3fkWmhU -
Despite softer China PMI Manufacturing overnight global equities are off to a good start with the biggest story being Square's $29bn acquisition of Afterpay in what might be the world's most expensive acquisition ever of this size. Equities also being lifted by lower US bond yields which should also give some support to gold which otherwise has not been responding too well to lower yields recently; maybe gold is once gain put into the shadow of rallies in cryptocurrencies? We also talk latest Israel and Iran tensions over drone attack on Israeli-linked ship which has spillover effects into the global oil market which is otherwise trapped in uncertainties over the Covid-19 Delta variant and its impact on the global economy. We are also talking about carmakers and their new EV figures, and finally we go through this week's earnings releases. On today's podcast are Ole S. Hansen on commodities and hosting Peter Garnry on equities.
Intro and outro music by AShamaluevMusic
July 30, 2021
Today's slide deck: https://bit.ly/3xi2jlv -
Today features Saxo CIO Steen Jakobsen, who takes a look at the implications of the internals in yesterday's US Q2 GDP estimate miss, which the US market seemed oddly to celebrate before dumping after the market close on very weak guidance from Amazon in its earnings call. We also look at factors that will continue to drive inflation, the bearish equity market technical case that is still in effect after yesterday's action and in particular, the strong sense of foreboding Steen feels as he looks at the market backdrop here. A preview of the busy economic calendar for the week ahead and more on the call. Today's pod hosted by John J. Hardy.
Intro and outro music by AShamaluevMusic
July 29, 2021
Today's slide deck: https://bit.ly/3xca1On -
Today we look unpack the modest changes to the July FOMC monetary policy statement last night that elicited a fleeting sell-off in US treasuries and boost to the USD before that move was reversed. We also ask whether there were more interesting takeaways from the Fed Chair Powell press conference than the market reaction seemed to suggest. Finally we assess the market reaction to last night's meeting and what we are looking for from here, particularly as some of Fed Chair Powell's comments on inflation and incoming data could mean a highly reactive market around coming Fed speakers and labor-market data. Today's pod features Althea Spinozzi on fixed income and is hosted by John J. Hardy.
Intro and outro music by AShamaluevMusic
