Saxo Market Call

Today's slide deck:  https://bit.ly/3B8ZM09   - 

Today features Saxo Chief Investment Officer Steen Jakobsen as we look at the factors possibly artificially suppressing US yields, the rather weak performance of risk sentiment this week despite about as much support as could be expected from Fed Chair Powell. We also talk up the prospects of non-transitory inflation, the implications of the latest climate policy initiatives around the world and much more. John J. Hardy hosts today's pod.

Intro and outro music by AShamaluevMusic

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

Today we look at the ongoing unwind of the reaction to the very hot US June CPI print from earlier this as the market seems unwilling to take a stand on rising inflation, and perhaps as well after Fed Chair Powell stuck to his guns on the Fed's attitude toward "transitory" inflation in testimony before Congress yesterday. Also, a breakdown of USDCAD after the Bank of Canada meeting yesterday, a look at whether gold is set to fully reverse its declines since the June FOMC meeting, another look at weak participation in the US equity market rally and more. Today's pod hosted by John J. Hardy.

Intro and outro music by AShamaluevMusic

Today's slide deck: https://bit.ly/3hFqF44  -

Today we look at a fresh and unexpected spike back higher in the US June CPI numbers and whether this data is sufficient to shift the narrative on inflation. So far, the reaction is modest compared to the scale of the reaction. Elsewhere, we run through the theme of central banks unwinding accommodation as the RBNZ surprised on the hawkish side overnight and the Bank of Canada is up later today. Also, a look at the potential for a massive new US fiscal package proposed by Democrats in Congress. Today's pod is hosted by John J. Hardy.

Intro and outro music by AShamaluevMusic

Today's slide deck:  https://bit.ly/3xB7r5u    -

Today features special guest, Saxo Chief Investment Officer Steen Jakobsen, as we look at the lay of the land in equity themes and notable divergences there, look at upcoming earnings reports from the major US banks this week, talk central bank sending diverging signals, particularly the ECB, and how one off issues like excess liquidity from the US Treasury's activities could make August a pivotal month for markets. Today's pod is hosted by John J. Hardy.

Intro and outro music by AShamaluevMusic

Today's slide deck:  https://bit.ly/36tQPR5   -

Today we look at the strong Friday close in the US, but note that breadth in the US market is remarkably weak. Also, a look at the weakening of conviction on the reflation trade, whether the JPY is set to take the lead in the FX market from the US dollar, gold levels, a preview of the earnings and macro calendar for the week ahead and more. Today's pod is hosted by John J. Hardy.

Intro and outro music by AShamaluevMusic

Today's slide deck: https://bit.ly/3dZG8K2   - 

Yesterday finally saw a proper risk-off across all asset classes but it did reverse later during the US session spilling over today with USDJPY, US 10-year yields, commodities and equities higher. This week has smelled of technical selloff and repositioning on the reflation trades, so we recommend investors to put less weight on this week's price action. In today's podcast we also discuss our theme equity theme basket on cannabis and the growth vs value valuation spread which has hit dot-com levels. On commodities we discuss what happened this week, the rebound in oil and whether it has legs, and finally corn testing recent lows. On today's podcast are Ole Hansen on commodities and Peter Garnry hosting and on equities.

Intro and outro music by AShamaluevMusic

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

US equities post another new record yesterday with the second straight session of most of theme baskets declining suggesting that gains were driven by the "boring" stocks. FOMC Minutes suggested yesterday that the Fed is considering earlier tapering of bond purchases and China's State Council is considering lowering rates to stimulate the real economy supporting the growing view that China is experiencing a slowdown. The growth concerns are fueling lower interest rates, boosting technology stocks, causing equities to roll over from yesterday's highs. Oil prices are also weak on China's growth concerns and the Delta variant causing renewed disruptions to fuel demand. On today's podcast are Ole Hansen on commodities and Peter Garnry hosting and on equities.

Intro and outro music by AShamaluevMusic

Today's slide deck: https://bit.ly/2Vk5EUd   - 

A 5% plunge in oil prices yesterday took more steam out of the inflation trade sending the US 10-year yield to a fresh low hitting late February levels. The move caused Russell 2000 to decline and fueled a rally in Nasdaq 100 to a new all-time high. In equities the big story is China's crackdown on Didi Global that listed in the US last week despite warned by Chinese regulator to wait. In today's podcast we also cover Samsung earnings, attractiveness of gold, USDJPY move on US yield drop, and the upcoming G20 meeting on Friday and Saturday in Venice. On today's podcast are Ole Hansen on commodities and Peter Garnry hosting and on equities.

Intro and outro music by AShamaluevMusic