Saxo Market Call

Nvidia earnings were a damp squib, now market is unleashed.

Today's slide deck:  https://bit.ly/43cR9Ck   -

Today we break down Nvidia's earnings report. Long story short: its earnings don't look like they will be the trigger for the broader market direction from here, so now the market can do what it wanted to do with this distraction out of the way. Plenty more to talk about today, from the latest on Trump tariffs and US continuing to alter the geopolitical landscape to what is driving a huge ramp in one very old German stock. Today's pod features Global Head of Investment Content Jacob Falkencrone and Global Head of Macro Strategy John J. Hardy

 

Jacob's piece on Nvidia's latest earnings report

Jacob's piece on Tesla

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.

Nvidia earnings incoming and must deliver or else

Today's slide deck: https://bit.ly/4ibC6x2   -

Today we look at the ugly rollover in risk assets as markets fret the geopolitical backdrop and perhaps rein in risk exposure ahead of the most important earnings event of the quarter: Nvidia's, which reports after the market close on Wednesday. We also talk the blistering pace of geopolitical developments and policy moves from the Trump administration as well as asking what Europe does next. On today's call are Saxo Global Head of Investment Strategy Jacob Falkencrone 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.

A look ahead at Nvidia earnings and German election

Today's slide deck: https://bit.ly/431GGtt   - 

Today we look at the pivotal German election this weekend and a number of scenarios in what will inevitably prove a weak showing for the centrist parties. We also discuss the implications of Walmart's weak outlook and look ahead at the most pivotal earnings event of the quarterly cycle: the post-Wednesday close Nvidia report. The latest on FX and more also on today's pod, which features Saxo Global Head of Investment Strategy Jacob Falkencrone, with Saxo Global Head of Macro Strategy John J. Hardy hosting.

Jacob's piece on Ali Baba's earnings. 

John's latest FX Update on JPY, German election and more.

 

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.

Europe is on fire

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

European equity markets are on fire this year, and European defense stocks have lifted aggressively in recent days on fears that the entire transatlantic alliance is collapsing and will require a massive fiscal boost across Europe if it is to defend itself in a new geopolitical backdrop. We pick through one interesting angle on EU defense spending, break down the latest action in FX and commodities and much more as the world seems to spin faster and faster every day. Today features Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J. Hardy hosting.

 

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's risky gambit

Today's slide deck: https://bit.ly/4jWq1NY   -

Today we sift through the market reaction to Trump's announcement of reciprocal tariffs, with the market celebrating their delayed implementation until at least after the April 1 report on US trade policy. We also discuss the mostly wound-down US earnings season, which has proven the best in three years, the big reversal in bond yields, developments in FX and some great links/must reads (see slide deck link) for those trying to grasp the Trump administration's risky strategy. Today features Jacob Falkencrone, Global Head of Investment Strategy with host John J. Hardy, Global Head of Macro Strategy.

Jacob's piece on BYD: https://bit.ly/4hE819m 

John's latest FX Update: https://bit.ly/3X3Axcf 

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.

How the USD bear case finds confirmation

Today's slide deck: https://bit.ly/417UZv0   -

While we have made the USD bear case to materialize at some point, we don't have much in the way of confirmation that it will arrive sooner rather than later, even if USDJPY may have posted a significant top. Today, a look at what is needed to get that confirmation while also running through the news of the day and what to watch for next across asset classes. Hosting today's podcast is John J. Hardy, Global Head of Macro Strategy.

 

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 US dollar bear case

Today's slide deck: https://bit.ly/3ECSW9o   -

Today, we round up Amazon.com's results and the refrain we are hearing from them that rhymes with Meta, Microsoft and Alphabet's complaints on capacity constraints and the need for massive further capital expenditures to build out data centers. And that being the case, how to position the DeepSeek news? Also on this podcast, Macro Strategist John J. Hardy lays out the US dollar bearish case as the US government will find that its chief priority is getting its fiscal house in order. Also on today's call is Jacob Falkencrone, Global Head of Investment Strategy.

 

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.

Mag 7 risks underappreciated?

Today's slide deck: https://bit.ly/4gs9L4q   -

Today we discuss the weakness in US tech sector after the close yesterday on Google's operational results and huge cap-ex spending plans and on AMD's weak forecast. As well, a look at the frictions already developing after 10% tariffs against China went ahead yesterday, together with the risks from AI disappointments to China exposure in most of the Mag 7 stocks. Elsewhere, the US dollar is falling and the JPY is surging after US 10-year rates have crossed below a key chart point. Precious metals are also on the rise. On today's call are Ole Hansen, Head of Commodity Strategy and John J. Hardy, Global Head of Macro Strategy.

 

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.