Saxo Market Call

Today we run through equity markets trying to reset after the jump and retreat in global yields, possibly linked to the Trump tariff ruling as we await the Supreme Court ruling on tariffs as the next step. Elsewhere, Saxo Equity Strategist Ruben Dalfovo looks at the latest earnings reports yesterday, especially Figma and Salesforce, which both traded lower after their reports. He also previews what we should look for from Broadcom reporting after the close today and profiles precious metals mining companies (see link to article below). This and more, including some dark thoughts on history taking a dramatic step forward this week after China's Xi teamed up with Putin and Kim Jong Un at the Beijing parade. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Ruben's article on precious metals mining companies.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (with a one- to two-hour delay 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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Today, an attempt to root out the sources of yesterday's ugly bout of risk off, with sovereign debt markets quite possibly driving much of the unease as several countries saw new cycle highs in 30-year yields. We also break down the reaction, if inconsistent, across currencies to new stresses in bond markets as we await key US labor market data while the market doesn't know what data to trust. 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 (with a one- to two-hour delay 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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Today we discuss the ramp in metals prices as we are finally over the summer doldrums, although the US has yet to open after the long holiday weekend. Something seems to be spooking markets overnight and into early European trading, and that something may be the fresh grind higher in long interest rates, with the long UK Gilt, for example, hitting its highest yield level since 1998 this morning. We also look at the impact on currencies and possibly the stock market from this latest rise in rates. This and more on today's pod, which features Saxo Head of Commodities Strategy Ole Hansen and 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 (with a one- to two-hour delay 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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Today's slide deck: https://bit.ly/41sbzFO   - 

Today we look at the S&P 500 index hitting a record high, while breadth is lacking and the Nasdaq 100 is still below its cycle highs. In single names, we wonder whether Nvidia is struggling to find direction on the enormous options expiry today and together with Saxo Equity Strategist Ruben Dalfovo we preview earnings reports from three interesting tech companies next week, including hard-charging Broadcom. Some thoughts on gold, FX and more on the call. Hosting today's pod was 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 (with a one- to two-hour delay 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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Today features special guest and former Saxonian, Peter Garnry, CEO and Co-founder of Gesda Capital, who takes us through his thoughts on Nvidia after the earnings call yesterday and especially its medium to longer term growth potential versus the current valuation. We also cover Crowdstrike and Snowflake earnings, where Peter looks for investment opportunities when so many pockets of the market are overvalued, thoughts on the geopolitical backdrop and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Link to Gesda Capital home page and Peter Garnry's substack.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (with a one- to two-hour delay 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

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Today, a look at how the market may treat the Nvidia earnings call tonight almost irrespective of the quality of its results if big money has made up its mind what it wants to do with AI names before the event risk itself. We also delve further into what is at stake as Trump continues to go after political control of the Fed, particularly for gold. Also: soybeans and lumber are two commodities that are heavily affected by Trump tariffs and the prospects for trade deals, the euro still could face a big test here, and much more. Today's pod features Saxo Head of Commodities Strategy Ole Hansen and 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 (with a one- to two-hour delay 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

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Today, a look at markets unwinding much of the reaction to the Powell's Jackson Hole speech, the bad vibes in Europe this morning as French politics are set for another showdown into a September 8 confidence vote, Trump's trying to fire the Fed's Lisa Cook and whether he can succeed, AI-related names that are nervous ahead of Nvidia's big earnings report tomorrow after the close, crypto markets on edge and much 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 (with a one- to two-hour delay 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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Today we pick apart the market drama that unfolded in the wake of a modestly dovish Jackson Hole speech from Fed Chair Powell, with market divergences more compelling to discuss than the speech itself and its boost to the broader market. We also emphasize that the week ahead could prove a pivotal one as the AI theme faces its critical quarterly test in the shape of Nvidia's earnings on Wednesday after the US market close and US Labor Day marks the end of summer. FX reactions, anecdotes, links 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 (with a one- to two-hour delay 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

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Slide deck for today's podcast: https://bit.ly/47eartf   -

Be sure to check out the many links, including those discussed on today's podcast, together with the chart of the day, over at the johnjhardy substack. (available within two hours of this episode upload)

Today we focus on possible correction targets for this drawdown, should it continue, and welcome Saxo Equity Strategist Ruben Dalfovo to the pod, who leads us through his assessment of Nvidia going into next Wednesday's critical earnings call. The China angle for Nvidia is picking up interest of late - will China try to "go it alone" entirely on AI silicon and systems? Also on the pod, a reminder to keep an eye on the JGB market, which continues to pressurize, a look at the Jackson Hole speech incoming later, a preview of other earnings and the economic calendar and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

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

Please reach out to us at [email protected] for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

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Today, we note that dip-buyers won the day yesterday after a further acceleration of the sell-off, but that the entire volatile experience has further revealed the fragility of this market.  We also note reactions to incoming earnings, the pressure on long bonds easing with the important major exception of Japan, the latest in currencies, some must reads if you would like to delve deeper into the Palantir phenomenon and much more. Today's pod 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 (with a one- to two-hour delay 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 [email protected] for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

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