August 04, 2025

The cracks beginning to show as we are flying blind on state of US labor market.

23 minutes

The overdue US equity market correction finally arrived. Will this just prove a healthy correction or are the cracks beginning to show, pointing to something bigger afoot? It is certainly clear that the data is not giving us any real clue of the status of the US labor market after Friday's shock negative revisions to payrolls. Also on today's podcast, we discuss listed rare earth companies and an ETF, the situation in industrial and precious metals, geopolitics, critical incoming earnings, important listens and links and more. Today's pod features Saxo Head of Commodities Strategy Ole Hansen, with Saxo Global Head of Macro Strategy John J. Hardy hosting.

Links discussed on the podcast can be found on the John J. Hardy substack (with a one or 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.

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