Saxo Market Call

Mnuchin pulls plug on Fed, market shrugs.

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

Today we look at reflationary narrative and how it is holding up - or not, especially in the US treasury market, where the longest yields continue to fall. Also a look into the implications of US Treasury Secretary Mnuchin pulling the plug on emergency Fed lending programs, signs of stress in Chinese corporate debt, a fresh look at EV stocks like Tesla, NIO and Nikola and more. Today with Althea Spinozzi on fixed income, Peter Garnry on equities and John J. Hardy hosting and on FX.

Market focus zooming back in on near term concerns?

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

Today we look at the weakness in the US equity market late in yesterday's session, ponder whether the market could struggle to look through the near term Covid-19 doom and gloom, highlight the complacency on the situation in the EU after Poland and Hungary vetoed the EU budget and recovery package, with a meeting today on next steps. Also a look at earnings from NVidia and Workday, thoughts on gold, platinum and soaring soybeans and more. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

On Bitcoin, booby traps for Biden and too-bullish sentiment?

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

Today we look at a recent massive jump in bullish sentiment in the US and whether this is a contrarian signal, thoughts on why Bitcoin is rising so aggressively, the weak US dollar, big moves in 'beans and coffee, spiking container rates and the string of booby traps Trump is trying to lay ahead of a Biden presidency. Today with Ole Hansen on commodities and John J. Hardy hosting and on FX.

Momentum versus value whiplash deepens.

Today's slide deck: https://bit.ly/36Fd46s   - 

Today we look at the remarkable divergence between momentum stocks and value, with further notable divergence yesterday on the news touting the success of the Moderna vaccine trial. Also a look at whether the momentum trade will eventually end in tears, Tesla's inclusion in the S&P 500, platinum, gold, oil and undervalued energy sector and more. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Asian trade deal powers even more vertical Nikkei. US yields tamed?

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

Today we look at the very positive mood to start the week, especially in Asia, where the new multi-lateral RCEP trade deal has sentiment in a good place, particularly for Japan as the Nikkei has gone vertical in recent weeks. Elsewhere, we keep US long yields firmly on our radar after last week's rise to pivotal levels. Upcoming earnings, copper, natural gas, CNY and more in today's call. Today with Peter Garnry on equities, Ole Hansen on commodities, and John J. Hardy hosting and on FX.

The short-term Covid gloom vs. long-term conviction that science prevails

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

Today we look at the reversal in the momentum vs. value earthquake that unfolded at the beginning of the week, and try to judge the effects of a another short-term policy response to the Covid-19 resurgence, especially the leading and lagging factors over the longer term into 2021, once science and a vaccine roll-out gets ahead of the pandemic. Also a look at Pinduoduo and Disney earnings, thoughts on the US dollar and  US yields, gold, oil and more. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

US treasury yields the critical focus across markets

Today's slide deck: https://bit.ly/32BP7LM    - 

Today we put the rise in US yields in perspective and underline the critical ramifications across all markets if US yields continue higher from here. Also a look at USDCNY/USDCNH, the market's appetite for junk debt since the US election and Covid-19 vaccine hopes, thoughts on gold and much more. Today with Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Quantquake 3.0, Trump non-concession risk, China moves against monopolies

Today's slide deck: https://bit.ly/2JOzg66   -  

Today we look at the ongoing complex reaction to the possibility that an efficacious Covid-19 vaccine may roll out in the coming year, the markets violent internal adjustments to that possibility and other interesting stories, especially when and whether Trump will ever concede and when the market starts to fret on that front, China's move against some of its monopolies, the RBNZ moving away from signaling a negative rate policy, gold, oil, and more. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.