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For the aspirational trader and financial markets professional. Coming at you most trading days, the Saxo Market Call is the high frequency podcast for real-time analysis of the financial markets across asset classes, from forex and rates to equities and commodities.
Episodes
Tuesday Dec 05, 2023
Tuesday Dec 05, 2023
Link to our publication -> Outrageous Predictions 2024: The end of the road
It is the time of year when Saxo releases its Outrageous Predictions. For 2024 our Outrageous Predictions are titled The end of the road building on the idea, that the world is set for a very different journey than the calm environment post the pandemic with little geopolitical risks, stable technology backdrop, low inflation, and low interest rates. Three our outrageous predictions are 1) With oil at $150, Saudis buy the Champion League franchise, 2) generative AI deepfake triggers a national security crisis, and 3) Robert F. Kennedy Jr wins the 2024 US presidential election. In the podcast, we discuss all of our outrageous predictions, with Peter Garnry and Althea Spinozzi.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Monday Dec 04, 2023
Monday Dec 04, 2023
Last week's backdrop was shaped by Fed Waller's comments about rate hikes had ended and the market got into overdrive mode on those comments and soft inflation figures repricing bond yields lower across the curve. This week will be interesting with key macro figures across JOTLS job opening ISM Services tomorrow and Nonfarm Payrolls on Friday. The USD also finally turned around last week and gold spot was also reacting forcefully to the lower bond yields. Finally, with RBA rate decision coming up in Asia session tonight, with Charu Chanana and Peter Garnry.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Thursday Nov 30, 2023
Thursday Nov 30, 2023
Oil markets await the upcoming OPEC decision with the expectation to another production cut to bolster favourable conditions for oil markets. We also discuss the diverging performance across many commodities in November including coffee up 8% and US natural gas down 25% as the peak rate narrative sets in, with Ole S Hansen and Peter Garnry.
Read daily in-depth market updates from the Saxo Market Call and the SaxoStrats here.
Wednesday Nov 29, 2023
Wednesday Nov 29, 2023
Today we reflect on the meteoric rise in the index weights of mega caps as a function of the generative AI hype this year pushing S&P 500 index concentration to the highest recorded since 1991. The cyber security is a super interesting industry for many reasons that we go through in addition to our reflections on CrowdStrike earnings. Finally, we discuss the wisdom of the now late Charlie Munger and the influence he had on Warren Buffett and some of his key opinions on investing and why he did not like the accounting metric EBITDA , with Peter Garnry.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Tuesday Nov 28, 2023
Tuesday Nov 28, 2023
Today we talk about government bond markets and whether market expectations are getting a bit ahead of themselves. Especially, the rally in UK Gilts market could be unsustainable given the underlying inflation and likely more fiscal stimulus next year. We also discuss yesterday's conflicting messages around ECB policy and the upcoming Eurozone CPIP report on Thursday. Finally, we discuss the US Treasury market that has rallied the most since August 2011 with the 10-year yield declining 60 bps, but the bigger question is whether the rally is sustainable, with Peter Garnry and Althea Spinozzi.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Monday Nov 27, 2023
Monday Nov 27, 2023
After last week's quiet backdrop due to the US Thanksgiving holiday this week will drum up more energy with important inflation reports from the US, Eurozone, and Australia which will be important for the direction of the USD that have found itself increasingly in negative momentum. China has had so many false starts this year and this week we will get another PMI report that will show whether the recent stimulus actions by the Chinese government is moving economic activity. Finally, we talk about the USDJPY which seems to have reached a top and this narrative could be bolstered on a weaker than expected USD inflation report, with Charu Chanana and Peter Garnry.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.
Thursday Nov 23, 2023
Thursday Nov 23, 2023
Today we talk about the possibility of another Santa rally in gold and silver. The previous six years have had a strong December in those two precious metals - is the setup right again this year? The oil market is nervous with a tricky supply and demand situation with traders awaiting OPEC's next move. For all the weakness in China, Copper is still holding up pretty well and the recent moves from the Chinese government to support real estate developers and the economy could turn things around for copper. In addition, Chinese inventory of copper is at a rock-bottom low, with Ole S Hansen and Peter Garnry.
Read daily in-depth market updates from the Saxo Market Call and the SaxoStrats here.
Wednesday Nov 22, 2023
Wednesday Nov 22, 2023
We discuss four topics today. Nvidia's earnings were incredible strong blasting estimates but US export controls are upsetting and lowering the visibility of its Chinese business. The US economy is still expanding but slowing down while earnings estimates are coming down in Europe and S&P 500 (ex. technology sector) which are at odds with a rallying equity market. Across equity themes the green transformation baskets are still under pressure while nuclear power and commodities are doing well. Finally, we talk about batteries with both Chinese based CATL and Swedish based Northvolt expecting to list next year, with Peter Garnry.
Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here.