Saxo Market Call

Strong US jobs data spooks US bubble stocks, boosts the buck.

June 4, 2021

Today's slide deck:   -

Today, a look at yesterday's weak US equity market session, which saw averages broadly lower, but with bubble stocks including Tesla in for especially heavy damage. Part of the damage may be due to concerns that strong US jobs data will bring forward Fed tightening, with today's official May jobs report and non-farm payrolls change data as the next important test. We also look into a sharp correction in metals, especially copper, the strong UDS reaction to the US data, copper stocks as the green transformation attempt will prove highly copper-intensive, and much more. On today's pod were 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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