Saxo Market Call

US political season heating up even as VIX is not

Today's slide deck: bit.ly/3g4hBSg -
Today we look at the quiet finish to the week last week and fresh lows in the VIX as traders seem complacent even as the political season is heating up with the US Democratic Convention this week coming amidst accusations that the Trump administration is trying to sabotage the election by disrupting the postal service. FX, commodities and equity themes all on the call. Today with Peter Garnry on equities, Ole Hansen on commodities, and John J. Hardy on FX.

Rising yields front and center. Epic challenge for Apple.

Today's slide deck: bit.ly/30Sytam -
Today we look at safe haven bond yields continuing to rise and whether these post a challenge to the rising equity market narrative. We also discuss Epic Games challenge of Apple and Google’s duopoly in app distribution on the same day in which Apple trots out its new Apple One concept. FX and other equity stories and more on the call. Today with Peter Garnry on equities and John J. Hardy on FX.

S&P 500 Index challenging all time highs

Today's slide deck: https://bit.ly/30QVsCC   - 
Today we look at global equities rebounding strongly after what proved a mere one-day correction on the concern that long yields had backed up sharply earlier this week. We also drill down and look at a number of single stock stories and assess the prospects for AirBnB and Palantir IPOs. Commodities and FX highlights also in the discussion in today's call. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy on FX.

Rising US yields rip through gold and silver in chaotic move

Today's slide deck: bit.ly/3gO3bac -
The US 10-year yield was only up 6.6 basis points yesterday but the move was enough to set in motion a selling pressure so large that liquidity dried up causing a dramatic downside move across both gold and silver. Long duration assets such as technology stocks were also hit but not to the same degree and equities are generally bid this morning. We also talk US politics on back of yesterday's announcement from Biden that Kamala Harris is the vice president nominee. On single stocks news we cover the Moderna vaccine deal with the US government and Asos surprise announcement this morning that revenue and profits are significantly ahead of views. Today with Peter Garnry on equities, Ole S. Hansen on commodities and Steen Jakobsen on macro.

New S&P 500 all-time high in sight while gold tumbles

Today's slide deck: bit.ly/3ixPtsH -
Equities are grinding higher today with a new all-time high in the S&P 500 in sight. The real action continues in gold which dipped below 2,000 earlier as real yields continue to climb a bit and traders are trading profits on the good run-up in gold. Oil continues to be range bound ahead of monthly oil market reports. Vestas reports Q2 earnings this morning showing strong revenue generation and FY20 revenue guidance significantly above market expectations. Today with Peter Garnry on equities and Ole S. Hansen on commodities.

equitiescommoditiesbondscurrenciesforexmacrotradinginvesting

 

 

 

Positive start to week on more stimulus and stable real yields

Today's slide deck: bit.ly/31zM45H -
Equities are mostly positive today following a strong session in Asia as Trump issued executive orders over the weekend providing unemployed Americans with special unemployment benefits. We talk about real yields and how they are driving everything across equities and gold. We also talk about the ongoing recovery despite rising new cases of COVID-19 and the outlook for oil. Today with Peter Garnry on equities and Ole S. Hansen on commodities.

Negative real rates story driving everything

Today's slide deck: https://bit.ly/31mXsBO   - 
Today we look at another strong session for US equities that barely bothered to register concern after hours on Trump's move against Chinese social media companies late yesterday. We also look at the key driver across markets at the moment, the persistent drop in the markets pricing of forward real interest rates. Today with Peter Garnry on equities and John J. Hardy on FX.

Precious metals soon dicey? USD momentum risk.

Today's slide deck: bit.ly/33w7Gm1 -
Today we look at the latest strong signals from the equity market, whether the USD sell-off could face a stumble if momentum fades further here, and whether precious metals are on a shortened time frame for finding a climax top soon. A look at the tough slog ahead for the US jobs market and much more on the call. Today with Peter Garnry on equities and John J. Hardy on FX.