Saxo Market Call

Dark clouds are forming as equities extend declines

September 1, 2022

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Today we discuss the continuing declines in equities as US leading indicators are now fast approaching negative suggesting heightened risk of a recession in 6-9 months from now. Overnight in Asia weak PMI figures from South Korea and China confirmed our recent worries of the economic slowdown materialising broadly. We also discuss Europe's electricity market which seems to have been taken over by speculation and is not working properly. In FX we highlight the recent strength of the EUR and the dismal weakness of the GBP. Higher interest rates are also hurting silver and gold extending the negative momentum. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

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