Saxo Market Call

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

The European and US equity markets saw a chunky additional bounce yesterday, perhaps on further signs of calm in the crypto market, but also as commodities prices and inflation fears have eased over the last couple of sessions, together with sovereign yields. But the equity-treasury market correlation still spooks us and we discuss this and an overriding sense of narrative fragility, commodity perspectives for the week, gold, real yield themes and whether the JPY is unfairly unloved, the Aussie, earnings, a new Saxo Equity Theme basket and more. On today's pod were Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

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

Today we look at how the market reacted to the traumatic deleveraging event in the cryptocurrency space that was clearly made worse by forced liquidation of leveraged accounts, the technical levels in focus for Bitcoin after this latest sell-off, as well as how broader markets reacted to the event and the rather tepid language in the FOMC minutes pointing to an eventual discussion around tapering of Fed asset purchases. Cisco and other earnings, China moving against commodity price rises, the USD status and more on the call. Today's pod featured Ole Hansen on commodities, Peter Garnry on equities and John J. Hardy hosting and on FX.

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

Today we look at another weak session for global equities and not least, for the cryptocurrency space, were this latest bout of selling has reached deeper and wider than prior episodes, with thin excuses for the proximate cause of the selling. For Bitcoin, we identify key technical next steps, as we do for the US S&P 500, both in terms of the local pivot and whether momentum will suffer a further breakdown from these pivotal levels. Comments on Home Depot, the semi-conductor shortage, a possibly oversold USDCAD, the new highs in EURUSD and more on the call. Today's pod with 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/3bvR8Oc   -

Today we look at the US dollar biting the dust as real US yields continue to decline and the long end of the US yield curve remains quiet despite fireworks elsewhere of late. Also, a look at interesting signals out of Europe, where optimism remains high, yields are pushing on cycle highs and Hungary surprised with an indication that it may hike rates as early as next month. Commodities markets are also in focus on Chilean election news and gold ripping to new highs on the US real yield story. Sterling, equity valuation perspectives, earnings, and the economic calendar ahead also on the call. Today's pod are 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

Today's slide deck: https://bit.ly/3ootp7G 

Today we look at the high degree of correlation between US equities and US treasuries and why this is cause for discomfort, note recent surges in inflation readings and inflation expectations as a sign of an inflationary cycle igniting. We also discuss weakness, however, in major commodities since mid-last week, save for gold, where the market is attempting a breakout today. Elsewhere, we look at key earnings and macro numbers for the week ahead. On today's pod are Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

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This Special Edition podcast is a conversation with Saxo CIO Steen Jakobsen, who discusses the recent rise in inflation, the difficulty in defining it and measuring it and the implications of a conflux of policy choices that will continue to drive an inflation cycle unlike anything we have seen in decades. Also, we look at where central banks risk making policy mistakes in not realizing we are in a new paradigm. Hosting the pod is John J. Hardy.

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

Today Head of Quant and Equity Strategy Peter Garnry offers perspective on what has happened over the last few months with stocks linked to the "green transformation" of our economy, which have collapsed relative to the broader market and relative to black energy companies since their spectacular run-up in recent years, particularly from the depths of the Covid outbreak panic. We also engage in a discussion on whether this marks the beginning of a comeback for value-style investing after decades of wandering in the desert for value investors and whether there are parallels with this cycle to the 1999-2002 market cycle for the broader market. Hosting the pod is John J. Hardy.

Intro and outro music by AShamaluevMusic

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

Today we assess the bounce in the most speculative corners of the market starting around the US equity open yesterday, while the broader market failed to bounce as much and Asian suffered a bit of trauma overnight, centered on Taiwanese stocks and specifically TSMC. Elsewhere, a run-down of developments in fixed income as EU yields are pushing on the key levels at cycle highs even without notable pressure from the US, look at key event risks today for US treasuries and broader markets, rundown crypto, oil and carbon emissions markets and much more in this action packed pod with 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