Saxo Market Call

Market deflates with NVDA options premium. Beware new EU regulations!

Link to slide deck: https://bit.ly/3P9KAsU   -

Today we look at the market turning tail badly yesterday and posting a bearish reversal after a gap opening higher. The action was sympathetic with the massive deflation in NVDA options premium as the gap higher in that company's stock on the company's results was entirely erased during yesterday's session. Elsewhere, we look at the USD resurgent ahead of a speech from Fed Chair Powell at Jackson Hole, with ECB President Lagarde also set to peak. In fixed income, we note the continued elevation at the short end of the US treasury yield curve suggesting the market has priced in a higher-for-longer policy stance from the Fed. We note as well that today is the first day for major internet companies to face the EU's new Digital Services Act, with possibly huge implications. This and more on today's pod, which features Peter Garnry on equities, Althea Spinozzi on fixed income and John J. Hardy hosting and on FX.

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

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Intro and outro music by AShamaluevMusic

Nvidia smashes everything in sight.

Link to slide deck: https://bit.ly/3ORhX22   -

Today we look at Nvidia's results smashing everything in sight on results and guidance and offer some thoughts on what we missed in waxing so skeptical in yesterday's podcast, while still posing a few questions on whether its trajectory is sustainable. We also note the very weak Eurozone and UK PMI data, which helped engineer a steep slide in global yields and whipsawed currency markets. In commodities, the focus is on the resurgence in silver and the collapse in gas prices and surge in uranium prices. This and more on today's pod, which features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

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

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Intro and outro music by AShamaluevMusic

Who the heck is buying so many Nvidia GPU’s?

Link to slide deck: https://bit.ly/3YNlKCd   -

Today we look at the wild swings in Nvidia shares ahead of that important company's earnings report after the close today, with much at stake as the company has a very high bar to clear in terms of results and guidance, given the share price. We take a look at some of the largest likely buyers of Nvidia and why their capital expenditures have not expanded in line with the expected surge in Nvidia revenues. Elsewhere, we continue to discuss what the Fed will hint at in this Friday's Jackson Hole speech from Fed Chair Powell. In commodities, we focus on copper and oil. This and more in today's pod, which features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

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   -

Intro and outro music by AShamaluevMusic

Nvidia blasts higher ahead of earnings. What does Jackson Hole deliver?

Link to slide deck: https://bit.ly/45C8m63   -

Today we look at the strong resurgence in US equities yesterday, particularly in the most popular speculative names like Tesla and Nvidia, which jumped over 8% yesterday, trading close to the cycle highs just ahead of its earnings report after the close tomorrow. The strong resurgence unfolded despite US yields rising sharply, with the 10- and 30-year yields posting new 15-year and 12-year highs, respectively. We look at key upcoming Treasury auctions and what the Fed's Jackson Hole conference on Friday and into the weekend may be set to deliver in terms of policy hints. This and more in today's pod, which features Peter Garnry on equities, Althea Spinozzi on fixed income and John J. Hardy hosting and on FX.

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   -

Intro and outro music by AShamaluevMusic

Long US treasury yields perched at cycle highs

Link to slide deck: https://bit.ly/3P5e62S

Today, we look at the start to a new week as China disappoints once again on soft-pedaling its approach to stimulus, weighing on risk sentiment in Asia. We also wrap up last week's rather dire action in the US and other equity markets as rising yields continue to pressure valuations. The week ahead features the biggest AI name of them all as Nvidia reports on Wednesday after the market close. On the macro data front we'll have a look at preliminary August PMI's incoming on Wednesday, while the bigger focus rolls into view with the Fed's Jackson Hole symposium up on Friday and into the weekend.

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

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Intro and outro music by AShamaluevMusic

Darker clouds on the horizon

Link to slide deck: https://shorturl.at/epMS6   -

Risk-off sentiment continues in markets as worries over the Chinese economy intensify with the latest news being that Chinese property developer Evergrande has filed for bankruptcy protection in the US. The Chinese shadow banking system is likely galloping towards a significant restructuring event. In addition to Chinese weakness big moves in the long end of the US yield curve are also putting pressure on risky assets. We also talk about Nvidia's earnings next and the negative sentiment across commodity markets. In today's On today's podcast are Peter Garnry on equities and Ole S. Hansen on commodities.

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

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Intro and outro music by AShamaluevMusic

FOMC Minutes and ugly JGB auction spook investors

Link to slide deck: https://shorturl.at/diEK5   -

The weakness in equities continues with China's economic uncertainty being one driver and the FOMC Minutes yesterday another driver as they showed that the Fed still views inflation risks to be high and that rates will stay higher for longer. We also cover the ugly 20-year JGB auction that together with the FOMC Minutes took interest rates higher globally. In commodities we focus on copper and the general outflows in ETFs tracking commodities. Finally, we discuss terrible first-half results from European payment company Adyen and Orsted price momentum that is looking very ugly together with the rest of the green transformation segment. In today's On today's podcast are Peter Garnry on equities, Ole S. Hansen on commodities and Althea Spinozzi on fixed-income.

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

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Intro and outro music by AShamaluevMusic

If you are not watching China, you are not paying attention

Link to slide deck: https://shorturl.at/flR34   -

Significant risk-off session yesterday with S&P 500 futures taking out the trading ranges of the prior two trading sessions as Fitch warned of US banking downgrade including JPMorgan Chase and strong US retail sales lifted bets for one more US rate hike. But outside US equity markets focus is increasingly on China with another company missing payments and worries over the shadow banking system in China. In commodities we talk about weak crude oil causing energy stocks to be the worst performers yesterday and gold that did not like the US retail sales report. On today's podcast are Peter Garnry on equities and Ole S. Hansen on commodities.

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   -

Intro and outro music by AShamaluevMusic