Saxo Market Call

That was ugly. Does it get uglier still?

Today's slide deck: https://bit.ly/39fLtuv   -

Yesterday's US equity session saw an ugly, across-the-board sell-off, with the most intense weakness in the most speculative names and the median stock stumbling badly on the day. It's a particularly worrying session as there seemed no proximate cause for the weakness other than recently weak Asian markets and no pattern we can directly link back to rising Covid numbers, an increasingly global phenomenon. Also on the call - a look at weakness in industrial metals, the US dollar's latest surge, a basket of equities linked to the rising battery industry, and more. On today's call were Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Asian malaise is not getting enough attention

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

Asian equities were in for another drubbing overnight and the development is not getting the attention it deserves, although yesterday also showed a very rocky session in the US market, if we take the median equity, at least. Today we delve into that, the spiking US dollar, crude oil and gold, and importantly, the upcoming US Treasury auctions today and tomorrow and whether the lid will stay on US yields through quarter end. On today's call were Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Mashed kiwi for breakfast.

Today's slide deck: https://bit.ly/3ca5W5M   -

Today we look at the significant move lower in the kiwi and why we should pay attention to the very loud signal from the New Zealand government as the sign of the new reality in the post-pandemic era. We also delve into equity technicals in the US and China, look at commodities market moves, particularly in metals, discuss the future of hydrogen, Adobe as the poster child of growth equity valuation as it reports later today, and much more. On today's call were Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Can markets regain their calm?

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

Today we look at the quiet start to the week for equities after the US managed to avoid any further panic despite the Fed announcing the SLR rule suspension for banks will expire at the end of this month. We also break down the assumptions in Ark investment's $3,000 Tesla call. Elsewhere, commodities are under considerable pressure as the US dollar remains firm even with US treasury yields consolidating lower. That US yield focus is likely to continue this week, with important Treasury auctions on tap. On today's call were Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Rising yields bite again. Gold revival brewing?

Today's slide deck:  https://bit.ly/3c0yvm2   -

Today we look at yesterday's steep and broad sell-off in US equities after the dovish FOMC meeting failed to reassure the market on fears that yields and inflation will continue to rise. Also a look at the massive sell-off in crude oil, gold's interesting resilience and divergence from previous behavior, a round-up of the Bank of Japan meeting, FedEx and Nike earnings and more. Today's call with Peter Garnry on equities, Ole Hansen on commodities, and John J. Hardy hosting and on FX.

FOMC flashes green light. US treasury yields flash red.

Today's slide deck:  https://bit.ly/2Nwjcs4   -

Today we round up yesterday's FOMC meeting and weigh the initial reaction after the Fed effectively flashed a very accommodative green light for risky asset and for USD bears, versus the follow-on nervousness due to the ongoing question of whether the Fed is making a "policy mistake" in seeing the rise in longer US yields as entirely benign. A look through the reaction in USD, US Treasuries, gold, credit, upcoming calendar events, Tesla versus the German automakers and more on the call. Today's episode with Peter Garnry on equities, Althea Spinozzi on fixed income, Ole Hansen on commodities, and John J. Hardy hosting and on FX.

Fed has a tough task at possibly pivotal FOMC meeting

Today's slide deck:  https://bit.ly/38OuyPn   -

Today we take a look at the run-up into today's potentially pivotal FOMC meeting, as the Fed likely wants to have a look at how the economy is shaping up after the vaccine roll-out before updating its guidance, but can't help in reacting to some degree - in the policy statement and in its policy and economic forecasts - to signs of strength already in the economy even before the passage of the recent huge stimulus package. Global assets will key off the implications of the FOMC meeting today on yields all along the yield curve. Today's episode with Peter Garnry on equities, Ole Hansen on commodities, and John J. Hardy hosting and on FX.

Volkswagen is coming for the Techno-king

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

Today we look at the market's confident stance ahead of a possibly pivotal FOMC meeting tomorrow, where the market is nervously awaiting the Fed messaging around the SLR issue as well as any possible adjustments to guidance and the "dot plot". The US treasury auction today and UK yields ahead of an interesting speech are also on our radar. Elsewhere we discuss Volkswagen's impressive roadmap and its intent to effectively take control of the EV market, as Tesla CEO Musk declares himself "Techno-king". Our travel stock basket and much more also on the call. Today's episode with Peter Garnry on equities, Althea Spinozzi on fixed income and John J. Hardy hosting and on FX.