Saxo Market Call

What now after the capitulation?

Today, a look at where the markets are headed after yesterday's big capitulation in what was meant to be the macro trade of the year - the move out of the US dollar and US markets. Especially pressing now is where the focus may shift now that trade policy headlines are less likely to move markets. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy

John's latest FX Update.

 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

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As good as its gets on the trade news front

Equity markets are shooting for the moon and the US dollar is rallying after the US-China trade talks at the weekend resulted in a 90-day ceasefire and temporary huge tariff reductions. We look at the implications across markets and ask whether this is as good as it can possibly get for now on the trade front, as this is a change of speed, not of direction. On today's pod are Saxo Head of Commodity Strategy Ole Hansen and Global Head of Macro Strategy John J. Hardy.

A possibly pivotal Friday

No slide deck today as we are trying out a new quick turnaround format for some days. Let us know how you feel about it and always happy for feedback: Reach out to as at marketcall@saxobank.com 

Today: extremely pivotal technical levels across US equities and in currencies ahead of a weekend that will see US-China trade talks kicking off (and where hopes are probably too high for significant developments). Also: coverage of the UK-US trade deal and what it really represents and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Click here to open an account with Saxo.

Bears hang in at key levels as Palantir rides the retail whirlwind

Today's slide deck: https://bit.ly/3Sn9Ook   -

Today we discuss the US bearish case remaining intact as key resistance has held, signs that Palantir may finally be paying the price for its bubbly valuation, the latest rip in gold prices and drivers there, as well as in crude oil, the outlook for JPY,  an FOMC preview and outlook for Fed policy the rest of this year, the latest must reads and so much more. Today with Head of Commodity Strategy Ole Hansen and Global Head of Macro Strategy John J. Hardy.

 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

If a cat has nine lives, how many lives does a bear have?

Today's slide deck: https://bit.ly/3GvSye7   -

Today we cover the latest challenge to the bearish case in the wake of Microsoft's huge recovery as AI spending commitments from that company and Meta helped lift broader market sentiment. We look at the next existential levels for badly wounded stock market bears after yesterday's price ramp, discuss gold, the latest on tariffs and trad talk prospects, the US jobs report today and Fed outlook and much more. On today's pod were Global Head of Investment Strategy Jacob Falkencrone, Head of Commodity Strategy Ole Hansen and Global Head of Macro Strategy John J. Hardy.

 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

 

Did Liberation Day not happen or are we missing something?

Today's slide deck: https://bit.ly/42V3jy8   - 

Today we look at the remarkable degree to which the market has continued to climb the wall of worry, the risk to gold prices over the next several trading days, what the market is looking for next from earnings and Trump administration policy as volatility has dropped across most assets and much more, including some links to great content for further reading in the slide deck. Hosting today's pod is Saxo Global Head of Macro Strategy John J. Hardy.

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

 

Trump going soft on tariffs versus the direction of travel

Today's slide deck: https://bit.ly/4jHvS8G    -

Today we look at the impact of Trump's big softening on tariffs against China as well as his declaration he has no intention of firing Fed Chair Powell, asking whether this is a major reversal across the board or merely a big slow-down in the "direction of travel" toward a US-China economic decoupling. We talk gold, silver, crude oil, equities, currencies and key US earnings as everything has been roiled once again by Trump's latest rhetoric. On today's pod are Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J. Hardy.

 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

 

The great bear market of our generation in store?

Today's slide deck: https://bit.ly/3Yz632x   -

Today we look at more market volatility on the latest US-China trade friction and look ahead to the next key event risks on the geopolitical front as US-Japan trade talks are set to get under way and with Italian PM Meloni in Washington. We also wonder whether the US equity market is shaping up for the greatest bear market in a generation as market bailouts are likely no longer a major Washington priority, among other reasons. Today's podcast hosted by Saxo's Global Head of Macro Strategy John J. Hardy.

 

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.