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For the aspirational trader and financial markets professional. Coming at you most trading days, the Saxo Market Call is the high frequency podcast for real-time analysis of the financial markets across asset classes, from forex and rates to equities and commodities.
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Final thoughts: What if the Republicans hold the line?
A brief, last minute podcast in which we drastically lower our conviction level on the strong blue wave scenario for the US mid-term elections after listening to a very interesting podcast suggesting, based on plausible analysis, that the p
Is the post mid-term period a good one for US stocks?
Today, a last minute look at the odds shift in the US mid-term elections and whether we are facing a blue wave or even a "blue tsunami" in favour of the Democrats. We also put the magnifying class to the notion that the US mid-term election
October was a great month for most stocks.
Today, a look at a wild and woolly trading session on Friday, as the market was reluctant to hold risk over the weekend, perhaps, and on the carnage to many AI names after key earnings reports spooked much of the AI sector. It is worth noti
Market wrap and a big US mid-term preview.
Today - a market wrap after another big downdraft in AI names and even the broader market this time, as Amazon and Intel results sent chills and on the fear and loathing on the risks of the Iran War resuming in force. But most of all, a ver
FOMC semi dovish. Alphabet and ServiceNow crater on earnings.
Today, the market ended Wednesday on a positive move as the FOMC proved semi-dovish, at least according to market impressions, while the vibe changed sharply after the close on Alphabet's earnings miss relative to expectations, though most
Entering a possibly pivotal key few days.
Today, covering the strong session yesterday and overnight in Asia for much of the AI hardware space, although Seagate Technology was a notable exception overnight and wondering how much of the story is linked to the incoming Anthropic IPO.
Anthropic IPO: A coming titanic test for the AI trade
Today, we look at the market's enthusiasm for the coming Anthropic IPO, which took an important step closer with the release of their S1 prospectus yesterday. The floating of the company will prove a massive test for the AI trade. Elsewhere
Market tries to steady, but big unknowns loom.
Today, a look at another US equity market session Friday marked by huge market divergences as we also look into what may be driving this phenomenon. Elsewhere, we preview a very busy week ahead, with the big three central banks all set to m
A big day for equities, but a bigger one for bonds.
Today we break down the big sell-off in US equities, as ironically there were almost twice as many gainers as losers in the S&P 500 yesterday, with the selling chiefly focused on AI-related companies. Elsewhere, it was a much bigger day for
Another comeback day spoiled and then some. What gives?
Today, we look at the violent vibe shift in the US equity market, which crumbled overnight after a quite positive session, led by the very high momentum sectors that posted a solid result yesterday. It doesn't feel like this is all coming f
SpaceX hopes burn bright as huge internal divergences within US market continue.
Today, a look at yet another day of US equity market divergences, as the major indices and semiconductors posted an indifferent to slightly negative day while most stocks were up solidly on the day. This rhymes with another market from arou
Markets are on tilt. Why is SpaceX suddenly reporting today?
Today, we look at the markets trying to get back in a positive mood yesterday in the US, but with the broader market and the rest of the world not having any of it as oil prices surged once again and as the situation in France continues to
Comeback day and a giant sucking sound from Tesla
Today, a look at a massive comeback from further steep selling in US equities, establishing a critical line in the sand for the major indices and especially AI-adjacent names from here, effectively a bull-bear line. Elsewhere, Tesla demonst
That was ugly, but are we just getting started?
Today, a look at a wild day for US treasuries as a hot US CPI print first pumps US treasury yields, only to see longer-dated yields end the day at the lowest level in weeks. The US dollar followed yields lower and the implication is that tr
Credit conditions are ratcheting tighter.
Today a look at signs of extreme tightening in credit concerns for a few key names even as stock and bond markets saw a quiet day and the general drift in credit conditions was only mildly negative. Also, a look at the first incoming US ear
Are treasuries a safe haven again or is that too crazy a notion?
Today we look at yesterday's ugly session for tech and AI-related stocks, noting the follow on action once again in Asia overnight as well, all while the median stock was almost unchanged on the day. Elsewhere, we note US treasuries opening
A few drops of diesel from Russia and Palantir hits new all-time high.
Today we look at the Russia diesel deal that will, spoiler alert, fail to meaningfully impact the supply situation for any length of time, but also consider the risk of a Ukraine-US rift. Elsewhere, macro traders are holding their breath fo
Was that a market fragility fire drill we just saw there?
Today, a look at the sudden contagion across markets Thursday on the FT reporting that OpenAI's revenue run rate is supposedly lower than OpenAI has claimed, with subsequent analysis inconclusive because of the opacity of the data, allowing
Markets on tilt: will we see a proper slide lower?
Today, we note the rather ugly risk off tone across markets, with strong Samsung and TSMC earnings reports received somewhat poorly by the market overnight in Asia. Europe is suffering another weak session even as the key US indices once ag
Europe wobbling again as US posts another all-time high.
Today, a look at Europe and the euro looking suddenly troubled again today as France continues to draw negative attention and Eurozone sovereign yield spreads have widened again today after France's Le Pen presented a long term budget plan
Rough seas, but calm sailing for equities?
Today, we note the confounding combination of very rough seas in macro and FX as EU sovereign debt stress, yield volatility and a strong US dollar weigh, and yet equities seem to be sailing along as if nothing malicious is afoot. Some cover
Beware the steepening or what's the message?
Today we look at the crush lower in short term sovereign bond yields, especially in Europe, where Germany's bonds were bid while French and even Italian longer dated bonds remain stressed, a key focus for European markets and increasingly f
Yields must turn here, especially in Europe, or else.
Today, focusing chiefly on the implications for stocks and risk sentiment broadly if yields don't turn lower very soon, especially in Europe, where the focus on France is intensifying while Germany-France yield spreads blow wider and France
Burnham declares end of Thatcherism. Micron earnings on tap.
Today, a look at a calm market as a massive downdraft in US Consumer Confidence in September failed to weigh. Lots more data ahead before we know where we are with yields through Friday's US September payrolls and others jobs data. Elsewher
Stress levels are rising if still not flashing red.
Today, a look back at another dicey day for risk sentiment as global bond yields continued to ratchet higher as we head into month-end and quarter-end with possible portfolio rebalancing in the mix after a remarkable period for fixed income
Asymmetric risks in a busy week ahead
Today - a look at a fresh spike in crude oil and bond yields spooking risk sentiment and gold bugs as we look at a busy week ahead on the macro calendar, especially for US data, but also an historic moment awaits the UK in tomorrow's speech
Geopolitics could continue to dog this market for a long while yet.
Today, a run through the outlook for crude oil with Saxo Head of Commodity Strategy Ole Hansen as we face a key week ahead, given Iran's bid for a 7-day negotiation window with the US. More with Ole on natural gas, the El Niño status and im
This is nuts - when's the intervention?
Today, we wonder how long markets can take any extension of the latest rather brutal sell-off in global bonds, which have taken the entire US yield curve from 5-years and out to new post-global financial crisis highs. Also, a look at the ma
The narrowness of the advance at least a medium term concern.
Today - a look at how narrow the advance is in the US equity market that is taking the main indices close to their record highs and how this rhymes with past less-than-promising outcomes.. As well, we encourage market participants to keep b
Enthusiasm for Meta's Muse reignites parts of AI trade
Today, we covered the breaking news of Iran's possible overture on opening the Hormuz Strait, followed by a breakdown of the market's strong risk-on reaction to news of strong demand for Meta's Muse personal AI assistant app, especially the
