Saxo Market Call

Market warning: dominoes are falling.

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

Article link discussed in this podcast on market sell-off risks: https://bit.ly/3z3ZWVn   -

Today we look at an attempt by the US market to post a recovery yesterday after an extension of the sell-off, but how we continue to see a number of divergences within the market, as well as a backdrop in which an increasing number of key cyclical assets are not only rolling over, but showing aggressive downside momentum, all of this aggravated, if not driven, by a very strong US dollar. This leads us to upgrade the risk that we are set for a significant market setback in coming weeks, something that might actually be healthy for the broader and extremely extended bull market. A look at recent commodity performance, FX lining up in risk-on, risk-off fashion, an interesting new vertical farming stock and more. 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

A different breed of market sell-off from the previous six sell-offs this year?

Today's slide deck:   https://bit.ly/3xVjMR7   -

Yesterday's market rout deepened the recent rut in global markets, with the timing making it a bit difficult to call this a taper tantrum, as the selling was most intense at the end of yesterday's trading session in New York, not around the time of the release of the FOMC minutes, although these do show a clear intent to begin tapering before year end. We look at the odd internals amidst the sell-off, the sympathetic sell-off in commodities, the takeaway for treasuries from the FOMC, perspectives on inflation-linked treasuries globally as well as the USD reaction and more. Today's pod features Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

US equity volatility picks up, RBNZ holds

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

Today we look at the most volatile US equity market session in weeks and whether risk sentiment is deteriorating, in part on concerns linked to China's policy agenda of fighting inequality. Also, a look at copper trading down at pivotal levels, cotton gunning at a huge resistance level, the RBNZ's holding back from hiking rates but providing hawkish guidance. In equities, we look at the impact and implications of new headlines on the policy focus in China and preview Nvidia and other earnings. 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

Covid casts shadow in Asia, Europe needs more gas, RBNZ hike in doubt

Today's slide deck:  https://bit.ly/3sB2Kad    -

Today we look across asset classes as the Nasdaq 100 stubbornly refuses to post new all-time highs, Asia frets the ongoing Covid impact - in New Zealand on the first new "community" case in six months that is triggering a nation-wide shutdown the day before an expected first rate hike of the cycle for the RBNZ, and in China on port shutdowns. Also, a look at key earnings reports for today, US and EU fixed income, Europe desperately short of gas, wheat prices spiking and much more. Today's pod features Peter Garnry on equities, Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

Delta variant impact, busy Chinese equity calendar and RBNZ in spotlight

Today's slide deck: https://bit.ly/2VXVUj0   - 

Today we look at the week ahead as the earnings calendar remains busy, especially for interesting Chinese names. We also look at the potential impact of the ongoing delta variant surge and its impact, especially heavy on US sentiment as seen in Friday's preliminary University of Michigan sentiment reading. A preview of the RBNZ decision this week and a fairly busy macro calendar for the week and much more on the pod. 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

Global equities are shrugging off worries about delta and inflation

Today's slide deck: bit.ly/37Eu79x   -

Global equities are increasingly throwing away worries over the delta variant and inflation with the S&P 500 and European equities hitting new all-time highs yesterday and most likely again today. However, valuations are getting stretched and we would not be surprised if equities experienced a mild correction before year-end. In today's podcast we also take a look at agricultural prices with wheat moving higher and yesterday's partially shutdown of one of China's largest ports. Finally, we go through Airbnb earnings and next week's earnings. On today's podcast are Ole S. Hansen on commodities and hosting Peter Garnry on equities.

Intro and outro music by AShamaluevMusic

US CPI report failed to pump energy into markets - now what?

Today's slide deck: bit.ly/3s84MOK   -

Yesterday's US CPI report for July failed to be the big market event although in the subcomponents of the CPI report there were clues about elevated rent prices which could be the next catalyst for higher inflation than what many market participants expect. We talk about technology stocks underperforming the rest of the market over the past week and comment on strong Q2 earnings from Foxconn and NIO's earnings from yesterday. On commodities we touch on the situation in oil markets with the latest comment from the White House asking OPEC+ to raise production to ease US gasoline prices. Finally, we round off with today's important macro releases and the earnings to watch. On today's podcast are Ole S. Hansen on commodities and hosting Peter Garnry on equities.

Intro and outro music by AShamaluevMusic

USD is rallying to key levels ahead of US CPI report

Today's slide deck: bit.ly/37B1hHc   -

Today we talk about this week's biggest event which is today's US CPI report for July which could become a game changer for the market if it shows that inflation is accelerating or remain more sticky than expected. This could extend the rally higher in US yields and strengthen the USD and potentially hurt technology stocks short-term. We also touch on earnings from Vestas and Unity, and commodities such as oil and copper. On today's podcast are Ole S. Hansen on commodities and hosting Peter Garnry on equities.

Intro and outro music by AShamaluevMusic