Saxo Market Call

The boy who cried "Hindenburg Omen!"

Today we break down the weak US equity market session, which was partially reversed after hours by a blowout Amazon earnings report. We also note that the ominous "Hindenburg Omen" has now been triggered, although it's relevance in market history is patchy. Also, a full rundown with Saxo Equity Strategist Ruben Dalfovo of the major companies that reported this week from Meta and Amazon to Apple and others as well as a ahead at next week's earnings highlights. Macro and FX, a bit on geopolitics and more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours from the time of the podcast release).

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

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

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

US & China check the key "trade war detente" boxes. Meanwhile, market narrowness a concern.

Today, we look at the US and China clearly wanting to de-escalate trade tensions as both sides made concessions, with a one-year time horizon for some of the most important ones. Otherwise, we cover the extreme narrowness of the market's recent advance as most stocks have had a lousy couple of days on Tuesday and Wednesday. Thoughts on Fed Chair Powell's hawkish press conference and an unbelievably dovish Bank of Japan governor Kuroda press conference, many single stock stories, must reads and listens and more are also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours from the time of the podcast release).

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

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

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

A pivotal 24-hour window for global markets

Equity markets hit fresh highs on hopes for a friendlier terms-of-trade stance between the US and China to be agreed ahead of a Trump-Xi meeting meant to take place in South Korea tomorrow. We note the important details that need to emerge to justify the market's enthusiasm in what could prove a critical 24-hour window for global markets, with the FOMC on tap later today and an important BoJ meeting tomorrow as well. Plenty of single company stories to pick through as earnings roll in and macro developments are heating up several currencies as well. This and much more on today's podcast, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours from the time of the podcast release).

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

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

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Could precious metals meltdown see new FX themes emerging?

Today, a look at the strong risk appetite rally encouraged by hopes for a respite or detente in the US-China trade war. Also, a look at some wild moves on AI-chip related moves, Amazon's big job cuts, earnings ahead, and especially, on whether the end of the precious metals meltdown could free up some focus on currencies more broadly after their recent lack of volatility, with particular focus on the JPY. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours from the time of the podcast release).

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

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

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

The art of the deal, or at least the art of the pause button.

The US and China appear to be headed toward a trade deal, or at least an agreement to come to arms-length terms to de-escalate on a number of fronts for now. This is boosting already bubbly risk sentiment further as we enter the heart of earnings season, where five of the Mag7 are reporting later this week. All the AI-related spending will be a key point of scrutiny. Also, an update on macro and FX with four central banks meeting this week, some links and podcasts listens and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours from the time of the podcast release).

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

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

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Market hoping for US-China comprehensive deal. Also, could gold's role shift from here?

Today, we look at a market that remains hopeful the US and China are maneuvering towards a comprehensive deal, which could clear the decks of significant geopolitical uncertainty for quite some time if Xi and Trump are headed toward a friendly meeting in person next week after trade talks through Monday. With Saxo Investment Strategist Ruben Dalfovo, we also run through the key earnings reports this week and what we're looking for in next week's mother lode of reports. Macro, FX, geopolitics, must reads and more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours from the time of the podcast release).

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

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

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Critical four days ahead for geopolitical headlines

Today we look at a rocky session for equities as geopolitical headlines spooked the market, which is trying to figure out whether the latest US threats are just chest thumping ahead of the key talks between the US and China kicking off tomorrow or a sign that trade tensions will escalate further. Also, plenty of single company news on earnings from Tesla, IBM and others, more fun and games for quantum computing stocks, key incoming data from Japan and the US that could spike FX volatility and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours from the time of the podcast release).

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

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

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Remember that China has as much power as Trump to sway the market

Yesterday saw a low-energy session in US equity markets, though as ever with considerable turbulence and divergence beneath the surface. We also underline that in this key US-China relationship that is the focus ahead of the November 1 deadline for a new deal to emerge, China is as important as the US if it simply decides that it wants to use its leverage now and not make any concessions. The market is pricing zero risk of bad outcomes, which looks complacent, even if we have no idea what the probability distribution should be. Plenty more on on macro, FX and much more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours from the time of the podcast release).

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

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

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER
This content is marketing material.
Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.