Saxo Market Call

FOMC: taper tantrum in rearview mirror?

Today's slide deck:  https://bit.ly/3q1VgxF   -

Today we look at the long term implications of Republicans winning the Virginia governor race in the US, perspectives on the US bond market after the under-appreciated trauma globally in the short end of yield curves nearly everywhere and whether a bit more calm post-FOMC tonight in rate expectations might open up for more volatility at the long end - which could prove more contagious across asset classes than the big shift in central bank expectations. We also look at the latest on global natural gas market, earnings and more. Today's pod features Ole Hansen on commodities, Peter Garnry on equities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

Bulls pull in horns ahead of FOMC. RBA dovish.

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

Today we look at the market turning a bit more cautious ahead of an important FOMC meeting tomorrow, we note signs of a crowded trade as traders short at least one long-dated US treasury proxy, the TLT. Also, a look at OPEC supply laggards driving upside oil price risks, industrial metals on the defensive, a look at much more dovish RBA than the market was pricing overnight, EU peripheral yield spread widening and more. Today's pod features Althea Spinozzi on fixed  income, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

Thomas Jam Pedersen and the future of nuclear power

In this special edition of the Saxo Market Call podcast, we have a long form conversation with Thomas Jam Pedersen, co-founder of Copenhagen Atomics, a start-up company working to bring a new generation of nuclear energy to market using thorium molten salt reactors, or TSMRs. In the conversation, we look at the amazing potential for this new source of primary energy for driving the global economy, what makes it promising relative to legacy nuclear power and alternative energy sources, as well as how it can eventually replace the fossil fuels that drive climate change concerns and are still the primary foundation of our current global energy system. We also look at some of the engineering and regulatory challenges of TSMRs, as well as the kinds of companies that are likely to emerge as the best investment prospects in this space in the years to come.

Slide deck:  https://bit.ly/3jVqzX7   -

Copenhagen Atomics website.

Central banks losing control of the narrative?

Today's slide deck:  https://bit.ly/3BC0diC   -

Today we look at what unfolded last week as the markets seemed forced to price central bank policy tightening significantly higher, sometimes against the banks' own guidance, suggesting that central bankers may be losing control of the narrative. A key test on that front with tonight's RBA meeting and on Wednesday with the next FOMC. We also look into the latest on energy, equities soaring despite rising short yields, the very busy week ahead for earnings and much more. 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

Market challenges ECB. Facebook is now Meta. Huge week ahead for US.

Today's slide deck:  https://bit.ly/2ZxxDS6   -

Today we look at the market thumbing its nose at the ECB meeting and front-running eventual rate hike guidance despite Lagarde's protests, the loud silence from the RBA as the market challenges its yield curve control policy, weak results from Apple and especially Amazon, Facebooking going Meta, the latest on energy and now food prices becoming a concern and a preview of a massive week ahead for the US dollar and US macro risks, with all of the usual first-week-of-the-month data plus an FOMC meeting. 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

Yield curve mayhem

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

Today we look at the remarkable moves in global yield curves as the Bank of Canada is the latest DM bank to surprise on the hawkish side in abandoning QE and bringing forward the guidance on rate lift-off. This took short yields sharply higher there while the long end of the Canadian yield curve actually fell - a relative development that is nearly universal, if to varying degrees, globally. We also look at the latest developments driving energy prices lower, Tesla versus VW on EV deliveries, earnings highlights and more. 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

What is driving equity market higher and what might slow progress

Today's slide deck:  https://bit.ly/3jCo23B   -

Today we look at the US market finally stumbling slightly yesterday after its torrid recent pace of gains and we dissect some of the market logic that might be continuing to drive the market higher despite rising rates as well as factors like earnings deceleration that could hold the market back from here. A run down of key developments in commodities, FX, earnings releases yesterday and those ahead for today and more on today's pod, which features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic

Tesla melt-up pulls entire market higher

Today's slide deck:  https://bit.ly/3jCi2rS   -

Today we look at Tesla news inspiring an aggravated melt-up in Tesla shares, as the company's market valuation passes $1 trillion and is now so large that it contributed significantly to pulling the major indices higher yesterday as well. Also, we delve into the latest earnings news, especially Facebook's, look at prospects for weakening EU growth and the state of play in the French election, US natural gas prices lurching higher, a look at the Australian dollar ahead of tonight's RBA meeting and more. Today's pod features Peter Garnry on equities, Christopher Dembik on macro, Ole Hansen on commodities and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic