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.

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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.

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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.

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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.

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Yesterday saw Palantir shares leading the decliners on Wall Street as tech and crypto stocks were hammered yesterday even as the average stock didn't perform terribly on the day. With a drawdown of more than 15% after a noted short seller threw shade on the stock's valuation, has Palantir finally seen a major peak? Elsewhere today, we look at the heavy action across the currency space, bonds not yet serving as a safe haven, and what is ailing gold and especially silver at the moment, noting major moves in other softs markets as well. Today's pod features Saxo Head of Commodity 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, we look at an unremarkable US equity market session while we continue to watch for signs of trouble after recent divergences and shifts in the internals. A key focus today on very long bond yields rising to cycle highs, especially dangerous for the UK with its external deficits - when does the penny drop for the pound? Meanwhile, the very low volatility across asset markets belies the spring loaded risks from the next policy choices should bonds come under additional pressure. Some great links today on Meta, the US mid-terms, and 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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Link to today's slide deck: https://bit.ly/4fIGOCj    -

This week we face an extension of geopolitical tensions as we await the outcome of the bargaining process over the terms of a ceasefire in the Ukraine war after Trump and Putin failed to announce anything concrete. Meanwhile, we look at signs of both uncertainty and wobbliness in animal spirits as crypto nosedives at the start of the week and we consider the technical lay of the land for the US S&P 500 index. Earnings and macro calendar this week, links of the day and much 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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Today we break down another day of wild divergences relative to recent market action, as former dud sectors are suddenly outperforming like crazy, a sudden vibe shift that feels significant, if mysterious. As well, we note the volatility in US treasury markets and FX on Treasury Secretary Bessent's latest dovish comments on where Fed policy should be and on need for the BoJ to hike rates. Also on today's podcast, Apple's slate of new hardware products, upcoming macro and earnings releases, today's links and 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.

Intro and outro music by AShamaluevMusic

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