Saxo Market Call

Market confidence looks shaken here

Today's slide deck: https://bit.ly/2MWTngG  
Today we look at the very ugly jolt of selling that has marked the start of the week and concerns not only on the risks from a second wave of Covid19, but also on market structure and signs of illiquidity. A look at risks for sterling this week, oil, why gold isn't performing as the bulls would hope and much more on today's call. Today with Peter Garnry on equities, Ole Hansen on commodities, and John J. Hardy on FX.

Market just stumbled badly - more to come?

Today's slide deck: https://bit.ly/2XVA9yE  
Today we look at yesterday's ugly market tumble and the possible drivers, but most importantly whether the move is set to continue. Especially interesting were the steep sell-offs and technical setups after yesterday in major megacap US stocks like Amazon and Microsoft. Next week promises to be a volatile one with a number of important event risks.

Post-FOMC hangover

Today's slide deck: https://bit.ly/2zmkWgm  
Today we discuss the developments at last night's FOMC meeting, particularly interesting comments in the Q&A on the Fed's stance on asset bubbles and how markets from equities and the USD to oil and gold are trading in the wake of what headlines touted as a rather dovish meeting. Today with Peter Garnry on equities, Ole Hansen on Commodities and John J. Hardy on FX.

Speculative frenzy extends as FOMC looms

Today's slide deck: https://bit.ly/2Uu4bY0 
Today we discuss whether the market is showing worrying signs of narrowing and overshooting to the upside, especially given today's important FOMC meeting event risk, though we hardly expect the Fed to come up with anything explicitly hawkish today. A look at FX and commodity themes and much more in today's great conversation with Peter Garnry on equities, Ole Hansen on commodities, and John J. Hardy on FX.

Yield Curve Control primer and tomorrow's FOMC

Today's slide deck: https://bit.ly/2AeLIaQ 
Today we talk yield-curve-control policy with Saxo CIO Steen Jakobsen, both what it is and why the Fed may be planning on implementing it in the coming months, with tomorrow's pivotal FOMC meeting in the spotlight for the next policy hints, now that the US S&P 500 index has managed to claw back to a positive performance on the year. Also on the call today Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy on FX.

This week is all about yield-curve control

Today's slide deck: bit.ly/3cKpqep
While equities are living their own life with the Nasdaq 100 at all-time highs this week's theme will be about yield-curve control. Previous FOMC Minutes indicate that FOMC members have discussed yield-curve control and with a new FOMC meeting on Wednesday this will be most important subject. In the case of yield-curve control as a response to the steepening of the US yield curve gold could be in for increasing investor demand. We also discuss equity valuations, the AstraZeneca rumour to merge with Gilead Sciences, copper breaking above the 250 level and crude oil. Today with Peter Garnry on equities and Ole Hansen on commodities.

More stimulus, rates higher with gold and JPY under pressure

Today's slide deck: bit.ly/3dyzGrd
Equities are slightly down this morning following a very strong session as some macro indicators came out less bad than expected. Tonight a German coalition agreed to additional €130bn in stimulus including cutting VAT. Adidas shares are in focus today on the German stimulus packages but also the company's announcement this morning that sales in China in May was higher than a year ago. The V-shape recovery narrative is also beginning to lift rates which is sending USDJPY higher and leaving gold to find a new lower support. Momentum in crude oil seems to have been halted troubled by the OPEC+ discord and signs of continued weak demand. Today with Peter Garnry on equities and Ole Hansen on commodities.

Nasdaq 100 is less than 1% from all-time high amid US unrest and high unemployment

Today's slide deck: bit.ly/30fa4Mz
Risk sentiment is strong across all markets with a weaker USD, stronger equities with Nasdaq 100 less than 1% from a new all-time high and crude oil higher. The narrative remains the V-shape recovery and big government stimulus. However, the risk-reward ratio in equities is getting increasingly bad and the momentum in oil price seeds its own demise. Today with Peter Garnry on equities and Ole Hansen on commodities.