Saxo Market Call

Central banks and key figures run the show

In today's episode of the Saxo Market Call, Charu Chanana, Market Strategist and Head of FX strategy is the expert. Together with Søren Otto, she provides an overview of the financial status in important financial regions.

First, she talks about the US and how a variety of factors may impact the timing and pacing of rate cutes by the FED (1.02).

She also gives a brief overview of the European situation and how the ECB meeting this week may affect that (6.45), before a short status on the earnings season (9.49).

Moving East, Chanana gives a brief take on China's challenges (11.30), before zeroing in on Japan and the BOJ's approach to interest rates (14.30). Finally, she considers how that may affect forex and Japanese equities (22.02).

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

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Sticking the landing: what a normalising yield curve means for bond investors

In the first episode of our thematic podcast, we zero in yield curve normalisation. The expert in the studio is Head of fixed income strategy, Althea Spinozzi. She talks about how the yield curve is bound to normalise and how that may look depending on whether we see a soft or hard landing - or what she refers to as a 70's landing. She also takes the temperature on both sovereign and corporate bonds to consider the risk and return pictures for the fixed income asset class.

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Click here to open an account with Saxo.

Uncertainty is the name of the game

In today's episode of the Saxo Market Call, Søren Otto and Ole S. Hansen discuss the conflicting CPI and PPI numbers that came out last week and their potential impact on the markets' expectations to rate cuts through the year (01.57).

They then talk about the new SEC-approved Bitcoin ETFs (04.48) followed by a brief update on the Taiwan election (9.36).

Friday, the banks kicked of the earnings season, which is only going to pick up pace over the next weeks (10.51).

As Ole is our commodities expert, we take the temperature on different commodities, starting with gas (12.50), followed by our (15.55), grain (17.36).

We end with a discussion about price conviction and what commodities look to have a tough year and which may increase in value in 2024.

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Click here to open an account with Saxo.

Fixed-income: Fair value, inflation report and our outlook for bonds

This is the first fixed-income episode of the year and we are talking about the negative start to the year with rising bond yields and one US rate cut almost being priced out already. We also talk about whether the US 10-year yield here at 4% is attractive and what the risks are and especially in the context of tomorrow's US inflation report. We also talk about our recently published quarterly outlook where we highlighted three scenarios in the economy and how these scenarios will impact the yield curve, with Peter Garnry and Althea Spinozzi.

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

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Macro and FX: Upcoming US CPI figures, USD momentum, and musings on China

In today's episode we talk about Friday's US Nonfarm Payrolls and how to read the report while looking ahead to this week's US macro figures across NFIB small business optimism index, initial jobless claims and the important inflation report on Thursday. We also talk about the USD rebound this year and whether momentum can continue and touches on levels in USDJPY and EURUSD. Finally, we touch on the weak sentiment in China and the big batch of Chinese macro data coming out before ending the week with a lot of tensions around the Taiwan election, with Charu Chanana and Peter Garnry.

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

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Commodities: Crude oil and gold in focus as a new year begins

In today's episode we discuss the developments in the Middle East and how it is impacting crude oil, gold given the expected lower policy rate this year and inflation expectations generally trending down, and finally a perspective on the grains sector that had a terrible 2023, with Ole S Hansen and Peter Garnry.

Read daily in-depth market updates from the Saxo Market Call and the SaxoStrats here.

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Equities: What to expect in 2024?

In the first episode of the year we discuss what to expect in equities. We touch on different topics ranging from BYD overtaking Tesla as the largest EV maker in the world, earnings growth expectations and whether they are realistic, the AI hype and whether it can continue, what we like the most in developed market equities, thoughts on China and India, and whether we can expect a recession or not, with Søren Otto Simonsen and Peter Garnry.

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

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Macro and FX: Watch USD sentiment and BoJ hints on rate policy

This is the last macro episode before the holiday season. We talk about the upcoming macro figures this week and why they might matter less given the Fed pivot on policy rates. The USD weakening last week and we discuss whether the trend will continue into in the year. Finally, we focus on BoJ rate decision tomorrow with expectations looking for no change but markets are certain that BoJ will hint of maybe leaving negative interest rates behind at the January meeting, with Charu Chanana and Peter Garnry.

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Click here to open an account with Saxo