Saxo Market Call

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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

Today we look at the explosive reaction to the US July CPI release, which failed to confirm fears that Trump tariffs would feed into hotter headline inflation - but was this one-off algorithmic squeeze or something more durable? Also, a delving into the different moving parts of inflation, one major category of which could prove deflationary, a look at the macro and FX reaction to the US CPI data, Circle Internet execs doing a money grab, Coreweave dumped as it struggles with costs 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

Today we run through the important US July CPI data release today, the first data point that is arguably fully showing Trump tariff impacts. We break down the possible reaction functions across markets, including gold, rates, and currencies as we await evidence that stagflation remains the most likely scenario from here. We also revisit the lithium and rare earths discussion after the pop in lithium stocks yesterday and point out significant market divergences in the US equity market, noting that some previous similar episodes have marked major pivot points in the market action. 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

Today, a look at the strong close to the equity market action on Friday and the ongoing speculative fervor in key areas of the market, with Bitcoin pushing near all time highs today. Also: a look at Apple's big comeback above its 200-day moving average and its massive pivot into AI, with all of the risks and opportunities that brings. Lithium and lithium stocks are a hot topic as well after China shutdown a key mine for three months. Looking ahead, we wonder if the US CPI release tomorrow can throw some cold water on the markets. 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

Today's slide deck: https://bit.ly/4oGwhfc   - Today we cover the chaos in the gold market on the US moving to tariff certain classes of bullion, Trump's executive order to allow bitcoin and cryptocurrency holdings in 401k accounts, geopolitics and crude, and most importantly, the possibly massive implications of Trump's nomination of Stephen Miran to occupy the empty seat on the Fed Board. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J. Hardy. 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. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

Today, we run down some of the odd factors in this market that are keeping us on the edge of our seat that something weird, and possibly ominous, is brewing, if disguised by the wall of retail, passive and corporate buyback bids in this market. We also talk incoming earnings and strong reactions to those, macro and FX and today's latest batch of must reads and listens. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.   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. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

Today, we await the imminent announcement of the identity of the next Fed Chair as Trump has two empty Fed board seats to play with and could fill one of them with his next Fed Chair nominee. We also talk earnings yesterday (AMD, Supermicro and Novo Nordisk) and upcoming earnings today, whether the USD bears are set to get the upper hand again here, key resistance that is still in place for US equities, some great links and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. 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. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

Today, we note that US stocks have closed last week's gap in the major indices. Do bears re-engage or get trampled by the bulls? We round up the blowout Palantir earnings, look at the next key AI names to report today and discuss some great links, including one that is supports the idea that bearish concerns are misplaced in an era of fiscal dominance, in a policy mix possibly unlike anything we have seen since at least the 1940's and structurally, unlike anything we have seen ever. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. 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. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

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. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Link to today's slide deck.    - Today, a look at a very unusual and very climactic third consecutive outside day on the Nasdaq 100 index, as the intraday rally tested all time new highs before selling started that accelerated on Amazon.com's earnings after the close. Also, a look at Europe struggling mightily today and some of the mighty that have fallen of late. Huge focus today as well on the US July jobs report and how it will impact the US dollar, as well as a preview of critical names reporting earnings next week. 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 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. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, a look at Meta blasting it out of the park in its latest earnings report, though this could be about as good as it gets for a company of its size, and its roadmap has some "questionable" elements. Microsoft also surprised, sending Mag7 sentiment higher ahead of two further Mag7 names to report today - Apple and Amazon. Also, a look at Trump's latest tariff announcements, the FOMC and Bank of Japan meetings and USDJPY levels and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. 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. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, a run down the gauntlet of risks that this market has to navigate in the coming two weeks, from earnings and US data to geopolitics and other factors as we fret that a reasonable consolidation at minimum is imminent, and even if it isn't, would further destabilize the course of future returns. A discussion of Meta reporting today, Novo Nordisk's profit warning and whether the bottom is near for that company and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on the podcast can be found on the johnjhardy substack (with a one-two hour delay for the eager early listeners to the pod). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, we look at the downdraft in the euro and European stocks yesterday and wonder if this is merely a kneejerk reaction to the EU-US trade deal or the start of something bigger. We also run down a few big movers in the US yesterday as the AI theme remains strong in the "shovel" space in AI (those who make the hardware driving AI data centers). Finally, we use Visa's valuation to demonstrate the rich valuation in US equities, look at levels for major Euro crosses and gold and silver, break down the US macro data up today and more. Today's pod hosted by John J. Hardy, Saxo Global Head of Macro Strategy. Link to John's substack for more links to Saxo and other content. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, a look at the reaction to the EU-US trade deal struck at the weekend, as some may be surprised to see a weaker euro on the back of this. Elsewhere, we talk Physical AI and an interesting ETF that has exposure to the space, the comeback in risk sentiment, the rise of Chinese luxury and more. Hosting today's pod is Saxo Global Head of Macro Strategy John J. Hardy. Link to John J. Hardy's substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today's slide deck: https://bit.ly/3H3NZbk   - Today, a look at a US equity market showing remarkable complacency, with some initial signs that things are wobbling. But we have a monumental week ahead as earnings season peaks and we look at the cavalcade of event risks on top of that, including FOMC and not least, the BoJ, as well as the US jobs report and Trump's trade deal headline. Full slide deck today, with must reads and listens.   Link to John's latest FX Update: https://bit.ly/4716GqK  Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, a roundup of the key earnings reported after the close yesterday - especially Tesla, which dumped more than 5% on dire results as well as on CEO Elon Musk's guidance for the next few quarters. This inspired a little deep dive into the autonomous driving space, as we discuss Alphabet's Waymo and a surprising possible competitor in the coming years that isn't Tesla. Also, we look at Alphabet's positive report, the latest in FX and a look ahead at today's key earnings reports and 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, a look at the US-Japan trade deal and the market reaction, especially forceful in Japan. Elsewhere, we rundown the first really impactful earnings reports for this quarter as Google-parent Alphabet, Tesla and IBM are set to report earnings after the close today. IBM has a "new" angle that could see considerable focus. Also, a look at FX, incoming event risks and much more. Hosting the pod is 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today's slide deck: https://bit.ly/46utCye   - Today we note interesting divergences in the US equity market as the Nasdaq posted an ugly session while small caps surged. We also look at three key event risks for the US dollar and global markets in the coming week, round up the commodity market performance in the first half of the year and discuss the themes we expect to emerge in the second half. A great list of must reads in the slide deck and more. Today's pod with Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J. Hardy hosting.   Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today we discuss whether the massive concentration in the US equity market is a bug or a feature, noting that market breadth is the worst ever at a major new market high by at least one measure. Elsewhere, we break down the commodity performance for the first half of the year, talk gold's comeback from key support, the lay of the land in currencies, Apple's rally, Tesla dump late yesterday on a new Musk-Trump exchange and much more. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today's slide deck: https://bit.ly/4kcqDOm   - Today, wondering if the US market is pricing a bit too much perfection and complacency, though hard to find any specific flashing red lights. Also, a rundown of the weak USD picture, gold chart technicals, Nike earnings, a profile of two interesting companies on a crazy moonshot, this week's must reads and listens 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, a look at Nvidia's new all time high, which actually came before news of Micron's very strong earnings report after the close that reassured investors in AI data center stocks. Also, the USD has rushed to new lows on intensifying speculation that Trump will nominate a new and dovish Fed Chair soon and well ahead of the end of Powell's term in May of next year. Finally, a preview of Nike's earnings after the close today and much more on today's pod, which features Saxo Global Head of Macro Strategy John J. Hardy. John's FX Update from today.   Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today we look at another day of strong market sentiment as the US Nasdaq 100 index hit an all time high yesterday, with the broader market still lagging a bit. Lots of company specific news to discuss as stablecoin mania continues to roil key names and as the chip and AI tech with AMD rallying hard on upgrades to their outlook from analysis. Stocks related to AI data centers, including Nvidia should hotly anticipate the Micron earnings report after the close in the US today. This and much more on today's pod, which is 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today we discuss how Iran's staged response to US bombings mostly crushed the geopolitical tension premium in crude oil and gave a big boost to global risk sentiment, which also enjoyed another Fed member waxing dovish, sending US yields lower. Also, Tesla couldn't have timed its autonomous driving service debut better, as the stock soared despite shaky performance in at least one report. This and a discussion of gold and more on today's pod, which features Saxo Head of Commodity Strategy Ole Hansen, with Saxo Global Head of Macro Strategy John J. Hardy hosting. John's FX Update from today.

Today we talk through the US "Operation Midnight Hammer" bombing of Iran's nuclear facilities and the implications from here, as well as why we have seen limited fallout for global markets thus far. As well, we discuss why the JPY is suffering a fresh pounding overnight for reasons entirely unrelated to geopolitics. This and much more on today's pod, which features Saxo Head of Commodity Strategy Ole Hansen and 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today's slide deck: https://bit.ly/4e7CyLM    -  Today, a full-service podcast with slide deck: we talk crude oil and risk appetite as Trump tries to press pause on the Iran-Israel conflict, the metals and grains outlook as wheat has caught a significant bid, the FX lay of the land, Tesla's high-stakes upcoming weekend and much more, including some links to other great content. Today's pod with Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J. Hardy.  Link to John's June 19th FX Webinar   Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today - a look at the FOMC meeting, which saw the Fed smelling stronger stagflationary risks, while the US dollar rose across the board on the failure of the Fed to wax more dovish perhaps. Elsewhere, we look at the latest interesting batch of US data and the latest on Iran-Israel. In stocks, we discuss Coinbase leading the gainers among S&P 500 stocks on the rise in stablecoin uses, which also drove two superstar stocks to post the worst declines of all S&P 500 members yesterday. 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Link to John's Mastering FX Webinar tomorrow Thursday, June 19. Today, a look at how this Israel-Iran conflict moves toward a "conclusion", with the risk that Israel has maximalist goals leaning toward regime change, so the timeline of the conflict is more likely to remain extended. Elsewhere, we look at the FOMC meeting today and the likely outcomes, as well as how the market "pricing" of the Fed's policy trajectory may be very misleading on what actually happens. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Today's slide deck: https://bit.ly/4jP99HK  - Today we talk through the impact across markets from Israel's attacks on Iran and how difficult it is to sustain a focus on geopolitics or trust the knee-jerk reaction. We also discuss what was happening before the geopolitical situation suddenly heated up as fresh weak US labor market data sent the USD overboard - or did it? A preview of the massive week ahead in macro event risks, the latest on the commodities space and much more on today's pod, which features Saxo Head of Commodities Strategy Ole Hansen, with Saxo Global Head of Macro Strategy John J. Hardy hosting.   Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, can't help but turn more bearish on equities as the US trade policy issue finally adds some more bite and as the broader concern on the trajectory of the US economy may be picking up here. The US dollar is certainly headed south versus the euro again, and USDJPY is making a show of selling off - can the move stick this time? Thoughts on the Fed possibly cutting earlier than expected, Oracle blowout earnings 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today a quick update on another strong day for risk sentiment as the AI focus is reheating with a significant rise in AI commitments from Meta and even Intel showing signs of life. Also, a quick rundown on the important of today's US CPI release for May and some thoughts on what is at stake here if Trump's coalition is increasingly fragile and the implications if so. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. John's final article in four-part series on Rules for the Trump 2.0 Market Era.   Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today we look at a market that shows signs of lower volatility and rising complacency as we wonder what will provide the next catalyst - perhaps tomorrow's US May CPI release? Also, some thoughts on whether Trump's "madman" strategy is the right way to view what he is doing in trade negotiations. Today's pod hosted by Saxo Global Head of Macro Strategy, John J. Hardy. Link to John's latest FX Update  (From June 10)   Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today's slide deck: https://bit.ly/3ZlIZVD  Today, we look at whether the major Musk-Trump rift was one of the chief drivers of weak risk sentiment in US markets yesterday even beyond the Tesla fallout, as we also got further evidence of weak US labor market data. In markets, the standout development was silver ripping through resistance and posting new 13-year highs. Today's pod features Saxo Head of Commodity Strategy Ole Hansen, 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, we discuss yesterday's weak US numbers cratering the US dollar, if once again not decisively, and boosting US treasuries. Equities provided little inspiration and it feels like the market is at a loss with what to do here with a crossfire of three massive issues possibly pulling things in very different directions. Today's podcast 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, a look at global equities and the US dollar on tilt as a new week and a new month get underway as geopolitical and trade tensions ratchet higher again, especially on Trump's doubling of steel and aluminum tariffs (was this in response to his finding out about the "TACO trade"? (Trump Always Chickens Out)). A rundown of the raft of the key US data up this week ahead and more also on the pod, which is hosted today by Saxo Global Head of Macro Strategy John J. Hardy. John's latest FX Update.    Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today we look at what looked like a key reversal day for the near term yesterday - as the US equity market rolled over after attempting to pierce key resistance, and the US dollar rally attempt was likewise crushed. Also, we cover the Nvidia earnings, some key provisions in the "big beautiful bill" that could spell trouble for US markets and the USD and 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Risk sentiment is positive ahead of the next critical event that will determine whether the US market can achieve new all-time highs: the Nvidia's earnings call after the close today. Elsewhere, still signs of trouble in Japan's bond market, even as the pressure on the US treasury market has continued to ease, helping fuel risk sentiment. Thoughts on gold, crude, uranium and more also on the pod, which features Saxo Head of Commodity Strategy Ole Hansen and 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today a look at Japanese Government Bond yields getting crushed overnight on signs that the MoF is planning to tweak its issuance to avoid further pressure on long yields. This inspired a JPY sell-off and the US dollar has backed up across the board as well. Elsewhere, risk appetite is in fine form, if we have some longer term concerns on heavy retail participation. Today's pod hosted by Global Head of Macro Strategy John J. Hardy Jacob's preview of Nvidia earnings John's second article in four-part series covering Rule #2 for Trading and Investing in the Trump 2.0 era.   Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

It's a new week and we have the latest example of what an FT columnist has called the TACO trade engaging once again: Trump Always Chickens Out. In this case, it was Trump's announcement late yesterday to delay the threat to slap 50% tariffs on the EU already to July 9 rather than June 1 (which he threatened on Friday). The US is out on holiday today, but we have plenty to discuss on geopolitics, further Trump tariff threats and executive orders on nuclear, moves in FX and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. John's article (first in four part series) on trading and investing in the Trump 2.0 era.   Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, we ask whether too many have gotten too bearish on US treasuries, the one asset nearly everyone agrees no on should own. If so, US treasuries could be in for quite a painful squeeze ahead of a long US holiday weekend that would inevitably have interesting repercussions across markets, not least for the US dollar and gold. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. John's latest FX Update. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today's slide deck: https://bit.ly/44JSSzS   - Today we look at the big spike in US treasuries yesterday on a weak treasury auction, which cratered confidence suddenly for the first time in weeks and sparked fresh USD selling. Elsewhere, a rundown of the action in metals, where platinum is making a strong bid for relevance, as well as weather risks for grain prices. Also, a long look at the massive uncertainties for market outcomes from here as the macro backdrop is without precedent. On today's pod are Ole Hansen, Saxo Head of Commodity Strategy and John J. Hardy, Saxo Global Head of Macro Strategy.   Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, a look at the USD breaking down and bitcoin trying to break up to new all time highs as the US treasury market looks like a cat waiting to pounce as it awaits the passage of President Trump's "Big Beautiful" tax cut and spending bill that is set to cement huge US deficits for years to come. This and more on today's pod, which is hosted by Saxo Head of Global 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, we check in on the technical status of the US equity market, noting meanwhile that leading versus coincident indicators on the economy have yawned to one of their greatest divergences in the past 50 years, something that usually coincides with trouble. Thoughts on make or break time for Tesla, geopolitics, FX, US treasuries and 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, a breakdown of why US markets are stumbling so badly at the start of the week after some renewed menace on the tariff front from the Trump administration at the weekend and as US treasury yields are under pressure from Trump's big tax cut and spending bill clearing a hurdle in the House. Today's pod with Saxo Global Head of Macro Strategy John J. Hardy.   Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, a blitz of news, from geopolitics on latest trade deal developments and more, to specific company news, particularly United Health and Meta, which faces possible major business risks that are perhaps underappreciated. Today's pod also covers the latest macro data, the big bounce in gold, the outlook for USD and JPY, huge tectonic issues for the US treasury market and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Michael McNair post on X mentioned on the pod. John's latest FX Update.    Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today's slide deck   - Today we look at the equity market comeback now having almost come full circle as we are a mere few percent from all-time highs after a broad-based surge, but also signs of the most speculative names have been leaders, including the notorious Palantir. Lots to discuss today in the macro outlook, gold after the big correction, oil and even soybeans with Saxo Head of Commodity Strategy Ole Hansen. Hosting today's pod is John J. Hardy, Saxo Global Head of Macro Strategy.   Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today, a look at where the markets are headed after yesterday's big capitulation in what was meant to be the macro trade of the year - the move out of the US dollar and US markets. Especially pressing now is where the focus may shift now that trade policy headlines are less likely to move markets. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy John's latest FX Update.   Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Equity markets are shooting for the moon and the US dollar is rallying after the US-China trade talks at the weekend resulted in a 90-day ceasefire and temporary huge tariff reductions. We look at the implications across markets and ask whether this is as good as it can possibly get for now on the trade front, as this is a change of speed, not of direction. On today's pod are Saxo Head of Commodity Strategy Ole Hansen and Global Head of Macro Strategy John J. Hardy.

No slide deck today as we are trying out a new quick turnaround format for some days. Let us know how you feel about it and always happy for feedback: Reach out to as at marketcall@saxobank.com  Today: extremely pivotal technical levels across US equities and in currencies ahead of a weekend that will see US-China trade talks kicking off (and where hopes are probably too high for significant developments). Also: coverage of the UK-US trade deal and what it really represents 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 SaxoStrats Market Strategy Team here. Click here to open an account with Saxo.

Today's slide deck: https://bit.ly/3Sn9Ook   - Today we discuss the US bearish case remaining intact as key resistance has held, signs that Palantir may finally be paying the price for its bubbly valuation, the latest rip in gold prices and drivers there, as well as in crude oil, the outlook for JPY,  an FOMC preview and outlook for Fed policy the rest of this year, the latest must reads and so much more. Today with Head of Commodity Strategy Ole Hansen and Global Head of Macro Strategy John J. Hardy.   Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.

Today's slide deck: https://bit.ly/3GvSye7   - Today we cover the latest challenge to the bearish case in the wake of Microsoft's huge recovery as AI spending commitments from that company and Meta helped lift broader market sentiment. We look at the next existential levels for badly wounded stock market bears after yesterday's price ramp, discuss gold, the latest on tariffs and trad talk prospects, the US jobs report today and Fed outlook and much more. On today's pod were Global Head of Investment Strategy Jacob Falkencrone, Head of Commodity Strategy Ole Hansen and Global Head of Macro Strategy John J. Hardy.   Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.  

Today's slide deck: https://bit.ly/42V3jy8   -  Today we look at the remarkable degree to which the market has continued to climb the wall of worry, the risk to gold prices over the next several trading days, what the market is looking for next from earnings and Trump administration policy as volatility has dropped across most assets and much more, including some links to great content for further reading in the slide deck. Hosting today's pod is Saxo Global Head of Macro Strategy John J. Hardy. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo.