Today's slide deck: https://bit.ly/4gs9L4q   -

Today we discuss the weakness in US tech sector after the close yesterday on Google's operational results and huge cap-ex spending plans and on AMD's weak forecast. As well, a look at the frictions already developing after 10% tariffs against China went ahead yesterday, together with the risks from AI disappointments to China exposure in most of the Mag 7 stocks. Elsewhere, the US dollar is falling and the JPY is surging after US 10-year rates have crossed below a key chart point. Precious metals are also on the rise. On today's call are Ole Hansen, Head of Commodity Strategy and John J. Hardy, Global Head of Macro Strategy.

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