Saxo Market Call

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.

Risk sentiment stays firm despite US riots

Today's slide deck: bit.ly/3cocivh
Today we talk about risk sentiment staying firm across equities and commodities despite the ongoing US riots that potentially jeopardises the reopening of the US economy. The USD is touching its lowest levels in three months today with most notably the EUR continuing its momentum. Today with Peter Garnry on equities and Ole Hansen on commodities.

Market on edge as Trump set to move against China

Today's slide deck: https://bit.ly/36F2jAx  
Today we look at even more pronouned US equity market divergences and the muted risk appetite since late yesterday after Trump announced that he would hold a press conference with new announcements on US policy on China. We also take a look at USDJPY suddenly on the move here, the latest move in commodities markets and much more. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy on FX.

Cold water on EU recovery gambit. CNY angst.

Today's slide deck: https://bit.ly/3cgZdUJ 
Today Saxo CIO Steen Jakobsen pours cold water on the positive reaction to the EU's purported big moment and recovery package plans, we take a look at interesting US equity market divergences, discuss our angst on US-China tensions and the USDCNY exchange rate even as the market is complacent, look at crude and gold and much more. Today also with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy on FX.

Equity market teases as USDCNY front and center

Today's slide deck: https://bit.ly/2zA7Z2v  
Today we discuss the latest equity market action in the US as the S&P500 does a dance around key resistance, discuss divergences between banks and tech stock performance, look at the USD and underappreciated concerns for a USDCNY move that could trigger wider unease and much more. Today with Peter Garnry on equities and John J. Hardy on FX.

S&P 500 challenges structural resistance.

Today's slide deck: https://bit.ly/3gjze29 
Today we discuss the US equity futures challenging the highs since the crisis and a key structural resistance in the case of the S&P 500 Index and ponder what catalysts, if any, can change the market narrative here. Also a look at silver, oil, the USD and USDCNY exchange rate and much more on the call. Today with Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy on FX.

Equities are opening the week higher despite rise in US-China tensions

Today's slide deck: bit.ly/2zrUUIE
Today we discuss the rising US-China tensions over the security law in Hong Kong and COVID-19 narrative and that it remains the key risk for markets this week offsetting the positive sentiment related to economies opening up. Equities have started the week on a general positive note and oil markets this week will be tested on how strong this recent momentum really is. We also talk about gold and the divergence between rising ETF holdings while hedge funds seem to be reducing their net positions in gold. Today with Peter Garnry on equities and Ole S. Hansen on commodities.

US-China tensions escalating, reflation trade hits speed bump

Today's slide deck: https://bit.ly/3bSBtpI  
Today we discuss the sharp drop in risk sentiment overnight on announcements on Hong Kong policy as China's National Party Congress gets underway as well as the general rise in US-China tensions and risks that these derail the rising market narrative of a coming reflation. Today with Peter Garnry on equities and John J. Hardy on FX.