The narrative is a lot shakier than the positive market action

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

The European and US equity markets saw a chunky additional bounce yesterday, perhaps on further signs of calm in the crypto market, but also as commodities prices and inflation fears have eased over the last couple of sessions, together with sovereign yields. But the equity-treasury market correlation still spooks us and we discuss this and an overriding sense of narrative fragility, commodity perspectives for the week, gold, real yield themes and whether the JPY is unfairly unloved, the Aussie, earnings, a new Saxo Equity Theme basket and 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