Podcasts about ashamaluevmusic

Today we look at a rocky session for equities as geopolitical headlines spooked the market, which is trying to figure out whether the latest US threats are just chest thumping ahead of the key talks between the US and China kicking off tomorrow or a sign that trade tensions will escalate further. Also, plenty of single company news on earnings from Tesla, IBM and others, more fun and games for quantum computing stocks, key incoming data from Japan and the US that could spike FX volatility 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 (within one to three hours 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

Yesterday saw a low-energy session in US equity markets, though as ever with considerable turbulence and divergence beneath the surface. We also underline that in this key US-China relationship that is the focus ahead of the November 1 deadline for a new deal to emerge, China is as important as the US if it simply decides that it wants to use its leverage now and not make any concessions. The market is pricing zero risk of bad outcomes, which looks complacent, even if we have no idea what the probability distribution should be. Plenty more on on macro, FX 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 (within one to three hours 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 the US equity market strength, but also note some of the signs that the rally is of poor quality as we continue to maintain that we are in an unsustainable bubble, while recognizing we've no ability to call even a temporary top. Also, this is a critical phase for the US-China trade talks as we don't know whether the market's optimism is justified. Thoughts on geopolitics, single stock stories, macro and FX and some compelling further reading and further listening links also on the call. 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 (within one to three hours 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 strong equity market recovery on Friday and its drivers, chiefly centred on hopes that US-China trade talks proceed in the direction of de-escalation, as sentiment related to the regional bank and private credit markets showed only marginal stabilization. Also, we refresh our impression of the precious metals markets after Friday's wild session and look at copper, crude oil and soybeans. Also, a look ahead at key US companies reporting in the coming days, US macro data that will be forthcoming this week, political developments in Japan and much more also on today's pod, which 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 (within one to three hours 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 a relatively ugly day for the market, although the huge ugly sell-off in US regional banks was only one aspect bringing down overall sentiment, which looks suddenly rather shaky relative to what was a modest decline in the major indices. From a fresh big rally in US treasuries to a considerable spike in the VIX and crypto turning south once again, this market looks terribly nervy even as AI deal noise kept sentiment bubbly in places. Today's weekly close looks important for how sentiment shapes up as earnings season hits full stride next week even if it might be trumped by geopolitics, as discussed on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Today's links: Brad Setser on what China is doing with its surpluses on Monetary Matters podcast, as well as its shock to the world and whether it has been the big gold buyer of late. Henry Gao on X  - one worth following on understanding China's moves here. 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

Markets are hopeful that we get some kind of new US-China detente on trade ahead of a purported Xi-Trump summit "later this month". The stakes couldn't be higher. Plenty more to talk about as well as metals continue to scream higher in a slightly nervy market. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. No substack post today on the John J. Hardy substack, but here's a link discussed in today's pod (HT FTAlphaville) on What happens's when Chinese resolve meets American rent-seeking?   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 markets taking the US-China trade stand-off quite seriously, while retail meme-stock madness continues apace as seen in many names pumping to new highs yesterday. We also look at the wild action in gold and especially silver, discuss the latest drop in crude oil prices, note that earnings season begins in earnest today with many of the big US banks reporting, talk macro and FX, geopolitics and more. 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 and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours 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 wild ride in silver after it hit 50 dollars an ounce yesterday and for the first time ever - can the run continue? Elsewhere, a look at an ugly day for stocks yesterday, particularly as the average stock suffered a weak day as we revisit widening divergences in market internals. Also, an update on the Japanese yen with new political developments in Japan, the outlook for crude oil, companies reporting next week and much more. 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 and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours 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 latest surge in US equities, led by key AI stocks while noting that talk of "melt-up" risk has become far more prevalent. We also note what types of developments in the market might suggest that the end of this incredible speculative run is getting closer. A few thoughts on the decline in the Japanese yen and what, if anything, can reverse it, more on private credit and misleading calm in junk bond yields, links of the day and more are 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 (within one to three hours 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 weakest equity market session in the US in the last few weeks, with at least one key AI story triggering a bit of unease, while Tesla news disappointed. But macro was the headline stealer yesterday as the Japanese yen was thrashed across the board and gold soared above $4,000 for the first time. Also: today is crunch time for whether France can kick the political can to the 2027 election, the dispersion trade is getting wild and deserves our attention, speculative froth is downright insane in some single names and 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 (within one to three hours 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 fresh burst of speculative energy in the AI space on the OpenAI - AMD deal, which has generated some of the funnier takes from market observers as the level of absurdity is getting worse here. The deal is the latest step forward in what one observer has called the "AI capex endgame". We also talk the latest geopolitical bits and pieces, a series of must reads for whether this is an AI bubble and how it unwinds if so, macro and FX 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 (within one to three hours 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 Japan's political earthquake as Takaichi emerges victorious after the oddsmakers and the market got the situation completely wrong, sending the yen sharply lower. But will this initial reaction to her victory stick in the longer run? Elsewhere, France's political dysfunction takes on new urgency as the latest PM has now resigned. Also, Palantir suffers a glitch, market internals are ablaze with divergences, some great must reads and listens on Japan and credit 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 (within one to three hours 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 many AI names and the broader market posting a strong day, if one that finished off the highs - while Tesla shareholders got a very bad, no good bearish candlestick. Importantly, we cover the big markdown in private equity stocks, possibly linked to the First Brands bankruptcy, as well as whether this is this is a one-off or the beginning of a wider contagion. Geopolitics, macro and FX, more links 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 (within one to three hours 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 US market blasting to a new all time high, apparently to celebrate the dovish implications for the Fed from the government shutdown, but especially from some very weak ADP payrolls data released yesterday, which pushed US treasury yields lower. We talk geopolitics and the crude oil outlook and whether anything can stop the run higher in gold and silver with Saxo Head of Commodity Strategy Ole Hansen. Also, we note one asset class that is flashing red under the radar amidst all of the speculative frenzy. 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 (within one to three hours 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 consider the risks of a US government shut down and why it is likely to happen even if it doesn't extend for long, what kind of damage it can inflict on the economy and more. Also, we note the sudden surge in the JPY as the wily currency is back on the rally path after nearly getting drop kicked above 150.00 in USDJPY just two trading days ago. Earnings, geopolitics, some great links to other content and more also covered on today's pod, which was 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 markets in a fine mood since the Friday close as treasury yields failed to punch into destabilizing territory and crypto arrested its decline and bounced back after testing below key levels as well. The next focus this week is on the risk of a US government shutdown starting this Wednesday, together with the key first week of the month economic data. This and much more 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

Today we make a structural, if patient call on the direction of crude oil from here, while also looking at the situation for European natural gas heading into the winter. Also, while stocks staged a decent comeback from the lows yesterday, we note some potential headwinds that could keep volatility high, with or without a US government shutdown next Wednesday. A preview of upcoming earnings and macro event risks and much more also on today's pod, which features Saxo Head of Commodity 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 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 another weak session for US equities, with few stand-out themes amidst the broad weakness.  The concern going into next Tuesday's September 30 government shutdown continues to build and could be a determining factor in whether we remain in consolidation-ville or tip over into correction-ville. Another factor could be USDJPY and the fallout if it breaks higher. Some key developments in copper on an Indonesian copper mine disaster, a compelling biotech stock story, other single stock developments 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 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 US equity market finally suffering a down day, perhaps in part as government shutdown risks are growing ahead of the September 30 deadline. We note increasing signs of a harder US attitude against Russia from the Trump administration, break down the latest disappointing news from Germany's economic data, what's going on in macro and FX and how one US lithium company saw as much as a 75% surge after hours after the Trump administration expressed interest in taking partial ownership. This and much more in 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

Today we discuss a mixed session in the US, even with Apple and key AI stocks dragging the overall market indices higher. We also look at the latest boost to AI stocks as Nvidia decides to "vendor finance" OpenAI data centers to the tune of USD 100 billion as we discuss the performance of an AI basket of 24 stocks. We also discuss precious metals shooting the lights out while crude oil drags along with Saxo's Head of Commodities Strategy Ole Hansen 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 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 still narrow US equity market managing to post new all-time highs, while the broader market is mixed. Some signs of froth are forming in this market as some of the most speculative stocks, including quantum computing names and one we profile that is really not much more than a bunch of promises at this point, are ramping exponentially on the latest news flow, even when earnings are years away. We also look at the follow-on reaction to the FOMC and Bank of Japan meetings, what to watch this week 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 down another solid session for the US market, with enthusiasm in abundance on the Nvidia investment in Intel, a development we discuss with Saxo Equity Strategist Ruben Dalfovo, together with the surge in ASML and Crowdstrike yesterday. Also, a preview of some names reporting next week, including recent darling Micron, key developments in FX as the US dollar is on the comeback path and the JPY churns post-BoJ. 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

The market was desperate for FOMC takeaways, but alas, despite interesting details, the overall picture was one that mostly validated the existing lay of the land, resulting in some choppy market action but no big changes in the macro or FX picture by later this morning in Europe, though risk appetite seems to be getting a further boost. Are equity investors overreaching soon? Also on today's pod, single stock news, a look at the upcoming Bank of Japan meeting tonight as the JPY punches to new lows in place 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

Today, some final thoughts on what could be a shambolic FOMC meeting, given the risk of a three-way vote and possibly vague statements, given the possible influence of newly minted Fed Governor Stephen Miran. Also, a very interesting development yesterday suggests Fed control of interest rates is slipping - or is this just a one off because of tonight's meeting? Elsewhere, the US dollar has broken down. This, some must reads and must listens and more 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

Today, a breakdown of the market action yesterday in US equities, with big games in Google-parent Alphabet and even bigger gains in an "old tech" stock that has suddenly been revivified by AI. We also look forward to the FOMC tomorrow and wonder why the Fed doesn't go ahead and cut 50 basis points, even if they are most likely not to. Meanwhile, the US dollar is already breaking lower ahead of the fact - after all, isn't the hawkish scenario non-existent?  Lots 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

Today we look through the divergences that continue to characterize the action across US equities, with some of the most speculative areas - especially Tesla - on fire on Friday even as the median stock had a rather weak day. As volatility continues to crush lower, this could mean we are headed for a volatility breakout, but in what direction? Also, a look at geopolitical developments, including in rare earths, some must reads and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Link to Ruben's article on European companies with strong AI exposure. 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 profile European companies with exposure to AI with Saxo Equity Strategist Ruben Dalfovo, as we continue to wonder what AI names may be in a bubble. Elsewhere, we note ongoing divergences in this market, largely brush off the impact of yesterday's US economic data as we focus on a possibly pivotal week ahead, given the FOMC is set to meet Wednesday and the Bank of Japan on Friday. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Link to Ruben's article on European companies with strong AI exposure. 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

The market is taking Oracle at its word in its longer term guidance on cloud infrastructure growth. We wonder instead whether an AI bubble is incipient here and if so, which dozen or so stocks should be in the "AI Bubble Basket" we are considering identifying as a talking point from here. The set of names we are considering will be listed on the John J. Hardy substack (see link below - please let us know your thoughts there!). Otherwise on today's pod, a discussion of other key single stock news and Adobe earnings incoming tonight, the key macro data incoming, gold correction risks, the US political storm set to intensify on the assassination of conservative activist Charlie Kirk 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic  

Today we feature Saxo equity strategist Ruben Dalfovo helping break down what is driving the moon-shot in Oracle shares after the company blew the doors off of expectations with forward cloud infrastructure bookings in its earnings call after the close yesterday. We also look at the Klarna IPO forthcoming today, Novo Nordisk shares rallying on the company's cost reductions, the latest in geopolitics, macro and currencies and much more. Hosting today's pod is 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 lackluster session in the US yesterday as we remain nominally bearish with no readily identifiable catalyst in sight. And clear that the catalyst would need to be AI related to puncture this market's confidence. The next best candidate would be Oracle's earnings today after the close, though we have no visibility on what they will report. Also today, a discuss of the weak US dollar that would normally be weaker still given the backdrop, whether the US risks a government shutdown and much 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 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 fallout from the US jobs report, as bonds rallied and the US dollar sold off, while equities churned in place, with many AI names under pressure. Today's topics also include the latest surge in gold, its drivers and where it may be headed, the turbulence in many AI names, driven in part by OpenAI's new initiatives making waves, previewing Oracle's earnings report tomorrow after the close, the macro and FX fallout from the US jobs data and political uncertainty in Japan and France and more. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and Saxo Equity Strategist Ruben Dalfovo, with Saxo Global Head of Macro Strategy John J. Hardy hosting. 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 market remaining in complacency mode, boosted by a drop in yields and later by Broadcom's apparent coming collaboration with OpenAI on new chips. Also, new geopolitical developments, speculating on coming Trump announcement later today (including on a possible revaluation of US gold reserves), earnings coming up next week, the US jobs data today, a general sense of foreboding that something big is about to happen to this market, 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 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 equity markets trying to reset after the jump and retreat in global yields, possibly linked to the Trump tariff ruling as we await the Supreme Court ruling on tariffs as the next step. Elsewhere, Saxo Equity Strategist Ruben Dalfovo looks at the latest earnings reports yesterday, especially Figma and Salesforce, which both traded lower after their reports. He also previews what we should look for from Broadcom reporting after the close today and profiles precious metals mining companies (see link to article below). This and more, including some dark thoughts on history taking a dramatic step forward this week after China's Xi teamed up with Putin and Kim Jong Un at the Beijing parade. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Ruben's article on precious metals mining companies. 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, an attempt to root out the sources of yesterday's ugly bout of risk off, with sovereign debt markets quite possibly driving much of the unease as several countries saw new cycle highs in 30-year yields. We also break down the reaction, if inconsistent, across currencies to new stresses in bond markets as we await key US labor market data while the market doesn't know what data to trust. 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 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 discuss the ramp in metals prices as we are finally over the summer doldrums, although the US has yet to open after the long holiday weekend. Something seems to be spooking markets overnight and into early European trading, and that something may be the fresh grind higher in long interest rates, with the long UK Gilt, for example, hitting its highest yield level since 1998 this morning. We also look at the impact on currencies and possibly the stock market from this latest rise in rates. This and more on today's pod, which features Saxo Head of Commodities 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's slide deck: https://bit.ly/41sbzFO   -  Today we look at the S&P 500 index hitting a record high, while breadth is lacking and the Nasdaq 100 is still below its cycle highs. In single names, we wonder whether Nvidia is struggling to find direction on the enormous options expiry today and together with Saxo Equity Strategist Ruben Dalfovo we preview earnings reports from three interesting tech companies next week, including hard-charging Broadcom. Some thoughts on gold, FX and more on the call. Hosting today's pod was 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 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 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 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 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 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 marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic

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

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

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

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

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