Saxo Market Call

US yield spike demands attention. EURUSD jumps above 1.20

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

Today we highlight the sudden rise in US yields that deserves perhaps the most attention of any market development, as rising yields are a strong challenge to growth stock valuations for stocks that have proven such outperformers in recent market history. We also look at the US stimulus package news that may be behind yesterday's treasury sell-off and the plunge in the US dollar. A look at gold and oil positioning and the future of energy demand also on the call. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Mood rips back to positive on first day of month, Moderna flies

Today's slide deck: https://bit.ly/3mqgG2L    -  

Today we look at the whiplash-inducing shift from yesterday's last-day-of-the-month sell-off to a surge in equity futures and Asian markets overnight, perhaps on the clean calendar month start, but also on strong manufacturing PMIs in Asia and on Moderna's request for emergency authorization to roll-out its vaccination in just a few weeks' time. Elsewhere, a look at inflation-protected treasury out-performance in the US and the ongoing squeeze in EU peripheral spreads, the US dollar and Fed Chair Powell out speaking today and more. Today with Althea Spinozzi on fixed income, Peter Garnry on equities and John J. Hardy hosting and on FX.

Asia stumbles to start week, possibly on geopolitics

Today's slide deck: https://bit.ly/2Jp3igO   - 

Today we look at Asian markets stumbling at the start of the week and possible drivers, including diplomatic push from the EU to ally with the US against the "challenge" posed by China and the US adding two Chinese large companies to its blacklist. Elsewhere, a rundown of the huge divergence in precious versus industrial metals, thoughts on the EURUSD, upcoming earnings releases and the busy macro calendar this week. 

Commodities are heating up reviving the inflation ghost

Today's slide deck: https://bit.ly/37eDL1U   - 

The energy in markets is low due to US Thanksgiving holiday, but three markets are on the move. Chinese equities are up 1.6% today on government statistics showing industrial profits are up 28% y/y in October. In commodities economic activity and the rebound in China continue to drive copper and oil higher. But it is not only spot prices that are showing interesting signs, the average forward curve in commodity futures has shifted into backwardation for the first time since 2014 indicating further potential in commodities. Finally, we take a look at Bitcoin which was selling off hard yesterday on potential regulatory crackdown coming to crypto currencies. Today with Peter Garnry on equities and Ole Hansen on commodities. 

USD bears need to pick up pace. Bitcoin dives.

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

Today we look at still strong markets as the US heads out for a long Thanksgiving holiday weekend and global equity markets eye their strongest monthly return in history. USD bears appear in good shape, but the price action is sluggish relative to the supportive backdrop for a weaker US dollar. Elsewhere, we look at oil prices and the forward price curve, Salesforce eyeing a possible Slack takeover, inflation in delivery costs, the sudden correction in Bitcoin overnight and more. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX. 

EV sector getting frothy. How to get rare earth exposure.

Today's slide deck: https://bit.ly/3m3C3qh   - 

Today we look at what may be shaping up as the greatest month for equity markets in history, ponder whether the EV sector is getting overheated, take a deep dive into rare earth minerals, check in on oil prices making major new highs and much more. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on currencies.

Janet Yellen as Treasury Secretary: when doves fly.

Today's slide deck:   https://bit.ly/3pVC8yB    -

The market in a positive mood today after late developments yesterday, including news that US president-elect Biden is set to nominate former Fed Chair Janet Yellen as Secretary of the Treasury and after Trump late yesterday ordered a key agency to prepare for a presidential transition, even as he vowed to fight on against the election result. We look at the implications of Yellen as Treasury Secretary, talk emerging markets and the US dollar, why gold corrected so sharply yesterday and much more. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX. 

Ethereum seizes the initiative in crypto. Positive market looks beyond Covid-19.

Today's slide deck: https://bit.ly/35VjYoP     - 

The market generally in a positive mood to start the week despite an odd wobble into the close on Friday, apparently enthusiastic on the imminent roll-out of Covid-19 vaccine efforts and generally bidding up assets globally, including especially in emerging markets in recent weeks. On today's call we discuss why Ethereum is grabbing attention in the crypto space. We also look at sterling as we await an expected Brexit breakthrough soon and discuss a very interesting move from Chancellor Sunak on infrastructure. A look at commodity markets includes a rare look at cocoa after a huge spike last week. Today's call with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.