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The Saxo strategy team delivers insights and opinions about financial markets three times a week. Monday’s episode will focus on the events that have unfolded in the past week and what you should pay attention to in the coming week. Tuesday’s episode will focus on equities both in terms of performance and other relevant developments. Thursday’s episode will focus more narrowly on a specific topic, which can be everything from earning seasons, to yield curves and oil prices. The podcast will feature a wide array of Saxo’s financial experts.
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Tuesday Aug 08, 2023
Weak Chinese data jolt markets with fresh risk-off sentiment
Tuesday Aug 08, 2023
Tuesday Aug 08, 2023
Link to slide deck: https://shorturl.at/hnrHW -
Risk-off sentiment is coming back into markets today after disappointing July export figures from China confirming the weakness in the global manufacturing sector and risks to the global economy in the later part of the year. Equity futures are headed lower but in a bigger context still not showing signs of an incoming recession, so the direction in the bond market will be crucial to watch in the coming weeks and months, and especially given the recent curve steepening in US Treasuries. Commodities have lately been doing well due to tight supplies across many key commodities including oil, but some weakness has arrived on the back of disappointing demand linked to China's lack of economic momentum. With the market now pricing six Fed rate cuts by January 2025 we expect gold to come back into focus in the coming months. Finally, we talk about the surprise extra tax on Italian banks, Glencore's whopping 50% decline in EBITDA, and Palantir's positive revenue outlook last night. On today's podcast are Peter Garnry on equities, Ole S. Hansen on commodities, and Althea Spinozzi on fixed-income.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
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