Saxo Market Call

Commodities: Oil rally raises stagflation risks and yuan’s correlation to copper

Brent crude is marching on as Saudi Arabia keeps the oil market tight raising the risks of stagflation in both Europe and the US. Will the current oil price curtail demand and will China begin tapping into its reserves? Copper has recently been supported by China's efforts to strengthen the yuan. We also talk about how copper is still structurally attractive giving the ongoing electrification, EV adoption and China stimulus. Finally, we go through the key movers in the Bloomberg Commodity Index, with Peter Garnry and Oskar Bernhardtsen.

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

Equities: Energy on the move, Europe’s ”EV war” with China, and FedEx earnings

Oil prices are moving higher on Saudi Arabia's oil production cuts. This is naturally adding tailwinds to energy stocks which are quickly catching up with the rest of the global equity market. We discuss energy stocks and their attractive valuations. The market for electric vehicles is being flooded with cheap Chinese EVs to a degree where the EU is now launching an investigation into Chinese subsidies for EVs lifting European carmakers and surpressing Chinese EV-makers. Finally, we talk about next week's earnings from FedEx will provide information on how the global economy and whether the outlook for global goods transportation is improving or not, with Peter Garnry and Oskar Bernhardtsen.

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

Fixed-income: A hawkish pause from ECB and attractive risk-reward in bonds

In today's podcast on fixed-income we preview the ECB rate decision on Thursday on the back of a recent stagflation outlook from the EU Commission making the policy decision a difficult one. We argue for a hawkish pause with the potential move by the ECB to stop reinvestments into the PEPP facility. Based on a slowing economy and stagflation light outlook we go through why both European and US sovereign bonds have an attractive risk-reward ratio, with Peter Garnry and Althea Spinozzi.

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

Macro and FX: King Dollar, pressures on China, and will ECB hike?

In today's podcast on macro and FX we discuss the ongoing strength of USD which is a function of relative weakness in Europe and China, and to what extent the US inflation report on Wednesday will impact the USD trade. China has been in focus a lot lately as its real estate sector is in a deep crisis, but last week a ban of Apple's iPhones brought geopolitics back into focus. We also discuss what China's next potential policy move is to offset the recent weakness and how we should think about the weekend's G20 meeting with China's Xi Jinping not showing up. Finally, we discuss Europe's economy, inflation outlook and the tough decision for ECB on Thursday given the slowing growth and stubborn inflation, with Peter Garnry and Charu Chanana.

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

Commodities: Crude’s artificial tightness, uranium and gold in focus

In today's podcast on commodities with discuss the recent rise in oil prices driven by an artificial tightness and what it means for the oil industry but also the economy. Our nuclear power equity theme basket was the performance winner August and today we discuss the underlying drivers for uranium and the nuclear power industry, and finally we touch on gold and silver on which we are patiently bullish given our stagflation call, with Peter Garnry and Ole S. Hansen.

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

Equities: EV ecosystem, Adobe earnings, and AI washing

In today's podcast on equities we talk about the growing electric vehicles ecosystem of recycling and charging, Adobe's earnings Thursday next week which will be important for sentiment on AI-related stocks, and finally we talk about next week's IPO of Arm and whether this is potentially "AI washing", with Peter Garnry and Oskar Bernhardtsen.

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

Fixed-income: Peak rates and the impacts

In today's fixed income focused podcast we take a closer look at recent developments, especially the emerging focus on peak rates and its potential impact on yields and short-term rates. Also what are corporate bonds telling us, and finally we explain how the COT report for fixed income futures works and what drives the current record speculative short positions w/ Peter Garnry and Ole S Hansen standing in for Althea Spinozzi 

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

Macro and FX: Could soft landing hopes slow down USD rally?

First episode in our new podcast format with Charu Chanana talking about macroeconomic topics and currencies. We talk about Friday's Nonfarm Payrolls figures underpinning the soft landing narrative ahead of potential stagflation concerns later this year. We also talk about the USD rally and whether it could end with strength going into the direction of CNH and JPY. Finally, we discuss the central meeting this week from RBA (tomorrow) and Bank of Canada (Wednesday) which have very different tasks at their hands.  

 

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