Saxo Market Call

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

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

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

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

Today we look at the remarkably complacent equity market as the VIX drops back toward cycle lows and the broader US market touches all time highs even as the market prices the Fed to move its rate hike lift-off significantly earlier after comments on Friday from Fed Chair Powell that suggested the Fed is seeing the need for readying policy for a "range of outcomes". We preview this busiest of earnings season weeks, the mounting pressure on inflation from commodities, why the US dollar didn't get more support from Powell's comments 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

This is the second half of an interview the Saxo Strategy Team hosted with Cathie Wood of the Ark Innovation ETF on October 12, 2021. For a link to the full video interview, see below. You can find the first half of this interview in the podcast feed, uploaded on October 21. Enjoy!

Full interview in video format: https://bit.ly/3naxn3U (find under Previous Webinars)

More about the Ark Innovation ETF: https://ark-funds.com/funds/arkk/ 

This is the first half of an interview the Saxo Strategy Team hosted with Cathie Wood of the Ark Innovation ETF on October 12, 2021. For a link to the full video interview, see below. We will bring you the second half of the audio of this interview tomorrow on October 22. Enjoy!

Full interview in video format: https://bit.ly/3naxn3U (find under Previous Webinars)

More about the Ark Innovation ETF: https://ark-funds.com/funds/arkk/ 

Today's slide deck:  https://bit.ly/3E1OVWJ   -

Today features Saxo CIO Steen Jakobsen who takes us through the evidence that stagflation has arrived with sustained higher prices over the horizon while real growth is cratering. We also delve into the copper market, the outlook for a number of currencies, a laundry list of currencies reporting supply chain issues, why yields are headed higher and why the stock market has the backdrop wrong here. Hosting today's pod is John J. Hardy.

Intro and outro music by AShamaluevMusic

Today's slide deck:  https://bit.ly/3jcsG8A   -

Today features Saxo CIO Steen Jakobsen and a look across markets, where central bank policy tightening expectations have shifted  into a whole new gear this week, led by the RBNZ and the Bank of England, with the Fed behind the curve on its insistence on first tapering. Also, we look at a rare significant USD move overnight as the Chinese renminbi broke higher versus the US dollar and took other USD pairs with it. A special focus today on AUDUSD and the market thumbing its nose at RBA guidance. We also talk inflation, yield, second round wage effects, the next Fed Chair if it isn't Powell and more. Today's pod hosted by John J. Hardy.

Intro and outro music by AShamaluevMusic

Today's slide deck:  https://bit.ly/3AT8fDk   -

Today we run through a choppy start to the week as the market digests the latest sharp advance in energy prices and bond yields and casts a nervous eye on the feeble Chinese growth data for Q3. We also dive into the sharp flattening of the US yield curve, the hot CPI reading out of New Zealand overnight, look at what drives GBPUSD even more than the recent drastic repricing of the Bank of England's rate hike expectations in recent months, talk extreme JPY weakness and whether it is sustainable, preview the busy earnings calendar for the week ahead and a less busy, but still interesting macro calendar as well.  Today's pod hosted by John J. Hardy.

Intro and outro music by AShamaluevMusic

Today's slide deck:  https://bit.ly/3vgcw2P   -

Today we look at an equity market that is in melt-up mode after key resistance fell away in major US equity indices and as tamed long US yields and a weak US dollar are adding fuel to the fire. We fail to see yields heading much lower still without indicating something rather ominous. Elsewhere, a breakdown of the movers and shakers in FX, Bunds over-correcting on growth downgrades for Germany (because of supply constraints, not weak demand), credit, and today's key data points - especially the inflation expectations part of the University of Michigan sentiment survey, which reveals interesting possible source of a seemingly strong economy with weak sentiment.  Today's pod features Althea Spinozzi on fixed income and John J. Hardy hosting and on FX.

Intro and outro music by AShamaluevMusic