Saxo Market Call

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

Today we check in with Saxo CIO Steen Jakobsen for his thoughts on where we are in terms of market sentiment, the implications of what the ECB is signaling and doing after yesterday's meeting, the latest on the risk that volatility picks up beyond the end of this month, conviction on the non-transitory nature of the recent inflation pick-up and more. John J. Hardy hosts today's pod.

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

Today we look at the broadening improvement in risk sentiment, as European stocks got on board with the powerful US market bounce, crude oil rebounded sharply and even the lagging FX market shifted back to a more pronounced risk-on stance. Still some wood to chop to argue that markets are in the clear, but the latest action supports the view that the recent swoon in sentiment was a one off brief consolidation. Also today, a look at the yield bounce and whether rising yields as we transition to August will provide the eventual headwinds for this market's further advance. Today's pod hosted by John J. Hardy.

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Today's slide deck:  https://bit.ly/2Up50oj   -

Yesterday saw a very steep rebound in US equities, an impressive move that was mirrored in safe haven US treasuries reversing sharply from significant new highs yesterday. But there was a notable lack of similar energy in some other markets, as the Japanese equity market  closed far off its highs despite a USDJPY rebound, and the particularly in FX, where the USD has remained strong more broadly and the AUD, for example, punched to new lows for the cycle versus the greenback. Also on the call, we preview tomorrow's ECB meeting with Macro Strategist Christopher Dembik, as well as the status of the German and French elections. Today's pod hosted by John J. Hardy.

Intro and outro music by AShamaluevMusic.

Today's slide deck:  https://bit.ly/3xRLG17   -

Markets suffered a steep extension of the sell-off yesterday, with many European bourses suffering their worst session of the year. In the US, the market found support at rather pivotal levels, with the burning tactical question from here whether the market can pull itself together and keep this sell-off in the "consolidation" category or whether we are suffered for a more significant deleveraging move, or "correction". Also on today's pod, our strategist in Australia, Eleanor Creagh, takes us through the RBA's latest thinking, the outlook down under for the economy, corporate earnings and more. The huge plunge in oil, spike in US treasuries and more also on today's pod, which is hosted by John J. Hardy.

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No slide deck today, but here is a link to today's Saxo Market Quick Take: https://bit.ly/3BryzpZ   - 

Last week ended on a sour note and today we pick up the pieces and have a look at next key levels for the major indices, noting that Japan's Nikkei 225 is already challenging critical levels, while the US correction thus far is only just now reaching the first important levels, below which the situation becomes more serious. At issue seems to be a general concern with the status of the "reflation trade" and the degree to which the Covid resurgence is clouding the outlook. John J. Hardy hosts today's pod and wraps up the market action, and highlights the key earnings and macro calendar event risks this week.

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Today's slide deck:  https://bit.ly/3B8ZM09   - 

Today features Saxo Chief Investment Officer Steen Jakobsen as we look at the factors possibly artificially suppressing US yields, the rather weak performance of risk sentiment this week despite about as much support as could be expected from Fed Chair Powell. We also talk up the prospects of non-transitory inflation, the implications of the latest climate policy initiatives around the world and much more. John J. Hardy hosts today's pod.

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

Today we look at the ongoing unwind of the reaction to the very hot US June CPI print from earlier this as the market seems unwilling to take a stand on rising inflation, and perhaps as well after Fed Chair Powell stuck to his guns on the Fed's attitude toward "transitory" inflation in testimony before Congress yesterday. Also, a breakdown of USDCAD after the Bank of Canada meeting yesterday, a look at whether gold is set to fully reverse its declines since the June FOMC meeting, another look at weak participation in the US equity market rally and more. Today's pod hosted by John J. Hardy.

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Today's slide deck: https://bit.ly/3hFqF44  -

Today we look at a fresh and unexpected spike back higher in the US June CPI numbers and whether this data is sufficient to shift the narrative on inflation. So far, the reaction is modest compared to the scale of the reaction. Elsewhere, we run through the theme of central banks unwinding accommodation as the RBNZ surprised on the hawkish side overnight and the Bank of Canada is up later today. Also, a look at the potential for a massive new US fiscal package proposed by Democrats in Congress. Today's pod is hosted by John J. Hardy.

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Today's slide deck:  https://bit.ly/3xB7r5u    -

Today features special guest, Saxo Chief Investment Officer Steen Jakobsen, as we look at the lay of the land in equity themes and notable divergences there, look at upcoming earnings reports from the major US banks this week, talk central bank sending diverging signals, particularly the ECB, and how one off issues like excess liquidity from the US Treasury's activities could make August a pivotal month for markets. Today's pod is hosted by John J. Hardy.

Intro and outro music by AShamaluevMusic

Today's slide deck:  https://bit.ly/36tQPR5   -

Today we look at the strong Friday close in the US, but note that breadth in the US market is remarkably weak. Also, a look at the weakening of conviction on the reflation trade, whether the JPY is set to take the lead in the FX market from the US dollar, gold levels, a preview of the earnings and macro calendar for the week ahead and more. Today's pod is hosted by John J. Hardy.

Intro and outro music by AShamaluevMusic