Saxo Market Call

Special Edition: Equity investing with Conor MacNeil

In this special edition of the Saxo Market Call podcast, Peter Garnry sits down with Conor MacNeil which is the equity research analyst behind the increasingly popular investment newsletter Investment Talk. It is a conversation about Conor's background and how he accidentally stumbled into writing a newsletter on Substack, and how he is part of a growing group of independent research analysts on Substack providing high quality insights about investing in financial markets. We also talk  about his approach to equity investing and what he looks for before investing in a company for the long-term. Finally, we asked Conor to highlight two companies that he thinks have potential to outperform the market over the coming years. We hope you will enjoy the conversation as much as we did.

You can find Conor MacNeil on Substack with his Investment Talk newsletter and on Twitter under the handle @InvestmentTalkk

Tension all around

Today's slide deck:  https://bit.ly/3c2kNhS   -

Today we look at the tense situation in markets after the hot US October CPI print on October and then yesterday's awkward bank holiday-warped session, as well as whether Fed expectations are really driving the US dollar, not to mention China maintaining its currency near recent lows in USDCNH. Elsewhere, we look at the very tense situation in Europe as natural gas prices refuse to continue lower and the potential for geopolitical mishaps on the Polish/Belarus border and/or in Ukraine. Also: the still busy earnings calendar for the week ahead, which features some of the highest profile Chinese tech names, as well as the macro calendar, where we highlight a potentially interesting speech from Fed Vice Chair Clarida late next week. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

Gold is showing the way.

Today's slide deck:  https://bit.ly/308prbs   -

Today we look at yesterday's painfully hot US CPI inflation readings and the reactions across markets, as traders rushed to price in a faster pace of Fed lift-off next year, generally sold US Treasuries and risky assets and snapped up the US dollar. But the most important move yesterday was in gold, which ripped through major resistance and was up across the board as real yields dropped further on the US inflation data - making the most interesting macro statement of the moment. Also, we look at key equity stories for the day ahead, run down the US,  EU and UK sovereign yields 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.

Intro and outro music by AShamaluevMusic

Too much fuss on Fed Chair nomination options?

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

Today we break down yesterday's interesting US equity market session, as $140 billion leaked out of the Tesla market cap in a single day, helping drag the broader market lower. Plenty of single stock stories to focus on today, including the IPO today of (future) EV-maker Rivian, and as earnings season marches on. Elsewhere, a look at whether markets are making too much of a fuss about the possibility that US President Biden may nominate Lael Brainard to head the Fed, why crude oil rallied yesterday and gold poking at important resistance.  Today's pod Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

We have a new market conundrum on our hands

Today's slide deck:  https://bit.ly/3bWtXN0   -

Today we look at US market internals and the sector performances that stand out as the broader market has lost some momentum over the last couple of days. We also discuss the conundrum and lack of coherence across markets as inflation concerns rage while nominal yields at the long end of the curve drop, zero in on US treasuries, German Bunds and the JPY and other FX themes. In equities, a focus on PayPal selling off after the close, NIO, and Coinbase, which is set to report today with Bitcoin conveniently at new highs.  Today's pod Peter Garnry on equities, Althea Spinozzi on fixed income and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

What are US treasuries telling us?

Today's slide deck:  https://bit.ly/31KJ5v7   -

The nominally strong US jobs report on Friday was unable to sustain the US dollar rally, but more curiously, saw long treasuries rallying sharply and driving yields at the long end of the US yield curve sharply lower - a development that demands the most attention this week for follow on action. We also look at another rally attempt in gold, latest energy market developments, the upcoming Rivian IPO pricing, other EV-linked equities, and earnings and macro risks for the week ahead. Today's pod Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

Are Tesla and Amazon options in control of US stock market?

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

Today we look at the post-FOMC meeting melt-up extending aggressively and the degree to which options may be in control of this market as volumes have exploded in recent years and Tesla and Amazon options are a staggering percentage of that development, to such a degree that the options tail may be wagging the market dog. We also look into why oil prices have dipped again after the OPEC+ meeting yesterday, talk copper, the Bank of England's terrible communication fail, EURUSD drivers, earnings results, today's US October payrolls and earnings numbers and more. Today's pod Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

Fed commits to staying behind the curve for now

Today's slide deck:  https://bit.ly/3mLmO8t   -

Today we look at the market getting what it wanted from the FOMC, as the Fed delivered the expected pace of QE purchase tapering, even if it reserved the right to shift the pace at future meetings if warranted. Our belief is that it will prove more than warranted and we take you through the rationale in today's podcast. Also a look at the drivers of the collapse in oil prices yesterday, concerns on rising food prices and credit spreads in China, thoughts on fixed income after the FOMC and on the Bank of England meeting later today, earnings highlights and more. Today's pod features Althea Spinozzi on fixed income, Ole Hansen on commodities, Peter Garnry on equities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic