Saxo Market Call

Today's slide deck:  https://bit.ly/3c2kNhS   -

Today we look at the tense situation in markets after the hot US October CPI print on October and then yesterday's awkward bank holiday-warped session, as well as whether Fed expectations are really driving the US dollar, not to mention China maintaining its currency near recent lows in USDCNH. Elsewhere, we look at the very tense situation in Europe as natural gas prices refuse to continue lower and the potential for geopolitical mishaps on the Polish/Belarus border and/or in Ukraine. Also: the still busy earnings calendar for the week ahead, which features some of the highest profile Chinese tech names, as well as the macro calendar, where we highlight a potentially interesting speech from Fed Vice Chair Clarida late next week. 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

Today's slide deck:  https://bit.ly/308prbs   -

Today we look at yesterday's painfully hot US CPI inflation readings and the reactions across markets, as traders rushed to price in a faster pace of Fed lift-off next year, generally sold US Treasuries and risky assets and snapped up the US dollar. But the most important move yesterday was in gold, which ripped through major resistance and was up across the board as real yields dropped further on the US inflation data - making the most interesting macro statement of the moment. Also, we look at key equity stories for the day ahead, run down the US,  EU and UK sovereign yields and more on today's pod, which features Peter Garnry on equities, Althea Spinozzi  on fixed income and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

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

Today we break down yesterday's interesting US equity market session, as $140 billion leaked out of the Tesla market cap in a single day, helping drag the broader market lower. Plenty of single stock stories to focus on today, including the IPO today of (future) EV-maker Rivian, and as earnings season marches on. Elsewhere, a look at whether markets are making too much of a fuss about the possibility that US President Biden may nominate Lael Brainard to head the Fed, why crude oil rallied yesterday and gold poking at important resistance.  Today's pod Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

Today's slide deck:  https://bit.ly/3bWtXN0   -

Today we look at US market internals and the sector performances that stand out as the broader market has lost some momentum over the last couple of days. We also discuss the conundrum and lack of coherence across markets as inflation concerns rage while nominal yields at the long end of the curve drop, zero in on US treasuries, German Bunds and the JPY and other FX themes. In equities, a focus on PayPal selling off after the close, NIO, and Coinbase, which is set to report today with Bitcoin conveniently at new highs.  Today's pod Peter Garnry on equities, Althea Spinozzi on fixed income and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

Today's slide deck:  https://bit.ly/31KJ5v7   -

The nominally strong US jobs report on Friday was unable to sustain the US dollar rally, but more curiously, saw long treasuries rallying sharply and driving yields at the long end of the US yield curve sharply lower - a development that demands the most attention this week for follow on action. We also look at another rally attempt in gold, latest energy market developments, the upcoming Rivian IPO pricing, other EV-linked equities, and earnings and macro risks for the week ahead. Today's pod Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

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

Today we look at the post-FOMC meeting melt-up extending aggressively and the degree to which options may be in control of this market as volumes have exploded in recent years and Tesla and Amazon options are a staggering percentage of that development, to such a degree that the options tail may be wagging the market dog. We also look into why oil prices have dipped again after the OPEC+ meeting yesterday, talk copper, the Bank of England's terrible communication fail, EURUSD drivers, earnings results, today's US October payrolls and earnings numbers and more. Today's pod Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

Today's slide deck:  https://bit.ly/3mLmO8t   -

Today we look at the market getting what it wanted from the FOMC, as the Fed delivered the expected pace of QE purchase tapering, even if it reserved the right to shift the pace at future meetings if warranted. Our belief is that it will prove more than warranted and we take you through the rationale in today's podcast. Also a look at the drivers of the collapse in oil prices yesterday, concerns on rising food prices and credit spreads in China, thoughts on fixed income after the FOMC and on the Bank of England meeting later today, earnings highlights and more. Today's pod features Althea Spinozzi on fixed income, Ole Hansen on commodities, Peter Garnry on equities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

Today's slide deck:  https://bit.ly/3q1VgxF   -

Today we look at the long term implications of Republicans winning the Virginia governor race in the US, perspectives on the US bond market after the under-appreciated trauma globally in the short end of yield curves nearly everywhere and whether a bit more calm post-FOMC tonight in rate expectations might open up for more volatility at the long end - which could prove more contagious across asset classes than the big shift in central bank expectations. We also look at the latest on global natural gas market, earnings and more. Today's pod features Ole Hansen on commodities, Peter Garnry on equities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic