Podcasts about jpy

Today, a look at the steep JPY sell-off post Bank of Japan rate hike as the market was gunning for a firmer commitment to BoJ hiking and a stronger US dollar was already weighing in the background. Also, the BoE surprised slightly dovishly but moved to stabilize the long end of the UK yield curve. Also, we look at the pivotal situation for US stocks as we navigate triple witching ahead of next week's action. This and more on today's podcast, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy Links John's latest The FX Trader piece looking at the Bank of Japan reaction, Bank of England meeting and USDJPY technicals. The Real Eisman Playbook podcast poo-poohs the idea that AI security concerns are the real driver of Anthropic's call for a "slowdown".  And FTAlphaville is out joining the dots with its latest AI cross-commitment diagram showing how all of the AI companies financing is interconnected. 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 music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Lee Hardman, Senior Currency Analyst, and Seiko Kataoka Fisher, Director in Japanese Customer Sales for EMEA in London, discuss potentially spillovers for the FX market from the accelerating bond market sell-off. How will upcoming BoJ and Fed policy meetings impact the JPY and USD?

Today, noting the significant technical break lower for USDJPY and what may come next, with spiking energy prices somewhat of a headwind for JPY bulls and for global risk sentiment in general. At what point could energy prices suddenly seize more of the market's attention bandwidth? Elsewhere, we look into the record copper price, which is partially related to Hormuz Strait woes, Amazon's abuses of its monopoly status, geopolitics and much more. Hosting today's pod is Saxo Global Head of Macro Strategy John J. Hardy.  Links John's The FX Trader piece from today, focusing mostly on the yen. Cory Doctorow carves up Amazon for its "payola" practices and aggressive extraction of profits, even for shipping, from the sellers on its platform. Here's a podcast that goes into where risk may be hiding in the cozy relationship between some insurance companies and private credit outfits.  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 music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.  

Yemeni Houthis confirm that they hit a Saudi Aramco oil refinery and targeted an air base in retaliation for recent Saudi strikes.Canada's retaliatory tariffs on US goods took effect as scheduled, while US President Trump called for a halt to US sales of Bombardier aircraft.US equity futures trade lower as participants return from holiday; Novartis suffers after key drug misses primary endpoints.USD helped by higher energy prices; JPY continues to firm, helped by strong growth and wage data.Fixed income benchmarks fall, with Gilts underperforming as Amazon (AMZN) files for GBP-denominated debt.Crude complex rises following the Saudi and Yemeni Houthi update.Looking ahead, highlights include US ADP Employment Change Weekly. Speakers include ECB's Elderson, BoE's Bailey, Ramsden, Greene & Taylor. Supply from the US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

VOV1 - Bộ Quốc phòng Nhật Bản cho biết đang nghiên cứu - phát triển một "vệ tinh trí tuệ nhân tạo (AI)" với mục tiêu phân tích nhanh các dữ liệu giám sát trong không gian nhằm kịp thời đưa ra các quyết định phản công. Vệ tinh trang bị trí tuệ nhân tạo (AI) đang được Bộ Quốc phòng Nhật Bản chế tạo có chức năng thu thập, phân tích các dữ liệu giám sát trong không gian. Hệ thống này sẽ xử lý thông tin từ nhiều vệ tinh trong thời gian ngắn và gửi về mặt đất, hỗ trợ việc nhanh chóng đưa ra các quyết định kích hoạt các khí tài phòng thủ, phản kích.Điều này được cho là sẽ góp phần tăng cường khả năng hoạt động của các loại tên lửa tầm xa hiện đang được triển khai của Nhật Bản và cải thiện khả năng phản công, nâng cao năng lực răn đe đối với các cuộc tấn công của đối phương, cũng như tăng cường khả năng ứng phó với mọi tình huống của Lực lượng phòng vệ.Sự ra đời của loại vệ tinh AI này sẽ tạo ra nhiều ưu thế như chuyên môn hóa trong xử lý thông tin và đánh giá tình hình nhanh chóng… Các vệ tinh đang được phát triển sẽ không có khả năng giám sát trực tiếp, thay vào đó, chúng sẽ được dành riêng để tổng hợp thông tin thu thập được từ các vệ tinh khác và phân tích toàn diện bằng AI. Ngoài ra, từ không gian vũ trụ, các vệ tinh sẽ nhanh chóng xác định vị trí của các mục tiêu di chuyển nhanh như tàu thuyền tiếp cận các đảo xa, xe tăng, thiết giáp, thiết bị bay…Trong khuôn khổ dự án, 1 vệ tinh thử nghiệm sẽ được một công ty Nhật Bản chế tạo trong giai đoạn từ năm 2027 đến năm 2029, và hiệu năng của nó sẽ được kiểm chứng trên mặt đất. Sau đó, vệ tinh này sẽ được phóng vào không gian sau năm 2030 để xác nhận các tính năng cần thiết. AI trang bị cho vệ tinh cũng ​​sẽ được sản xuất trong nước.Trong một diễn biến có liên quan, Bộ Quốc phòng Nhật Bản cũng vừa đề xuất ngân sách lên tới 8.890,8 tỷ JPY (tương đương khoảng 58 tỷ USD) cho năm tài chính 2027. Ngân sách này có một phần dành cho "các phương thức chiến đấu mới" sử dụng AI và máy bay không người lái (UAV).Tuấn Nhật/VOV- TokyoBộ Quốc phòng Nhật Bản (Ảnh: VOV - Tokyo)

Today, a look at the very confusing comments from the Fed's Waller, who waxed dovish so soon after Chair Warsh's recent hawkish musings that the market doesn't know what to do with the next FOMC meeting. Gold and crypto rose sharply on Waller's comments. Also, important incoming US jobs data today for the US treasury market, but especially for USDJPY after the big move higher in the JPY this week, which arguably has more fundamental support than previous rounds of official intervention were able to provide. This and much more on today's pod, especially on another good day for Tesla and whether we are at some kind of Cybercab inflection point. Hosting today is Saxo Global Head of Macro Strategy John J. Hardy. Links Bloomberg discusses the odd meeting of Japan's largest (and word's largest) pension fund and whether this means a raise of allocation to Japanese government bonds, with this story likely an important contributor to the recent JPY rally. A Tech Crunch article discusses Tesla's polling the market for anyone interested in operating Cybercab fleets. I didn't cover on today's pod that apparently, the post-Cybercab event coverage late yesterday was somewhat negative.  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 music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Lee Hardman, Senior Currency Analyst, and Henry Cook, Senior Economist, discuss what has been behind the JPY's recent rebound and whether it is likely to continue. In addition, they discuss the outlook for ECB policy ahead of next week's meeting.

Norway's sovereign wealth fund sent a letter to the finance ministry recommending the reduction of holdings of US Treasuries from 70% to 50%, according to FT.US equity futures mixed; Volkswagen benefits after the approval of cost-cutting plan.USD slightly firmer heading into the jobs report; JPY gives back some of Thursday's gains.Fixed income benchmarks muted; USTs unfazed following the FT report that Norway may reduce holdings.Energy benchmarks softer amid light geopolitical updates.Looking ahead, highlights include US Jobs Report (Aug), Canadian Jobs Report (Aug).Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump said regarding Iran that the US is winning that one very big and controls the Hormuz Strait.Russian President Putin said that Russia and Ukraine should agree first and noted that there is an opportunity to reach a peace agreement.Global equities broadly firmer; Broadcom slips after Q4 revenue and margin outlooks missed estimates.DXY lower; JPY outperforms, CHF strengthens after hotter-than-expected inflation.Fixed income benchmarks steady; however, US 10yr holds above 4.75%.Energy benchmarks reverse earlier downside following constructive Putin comments.Looking ahead, highlights include US Trade Balance (Jul), Jobless Claims, S&P Services and Composite PMI Final (Aug), ISM Services PMI (Aug), Atlanta Fed GDP (Q3), Canadian Trade Balance (Jul). Speakers include Fed's Waller, Hammack & Goolsbee.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US Central Command said forces successfully completed a wave of strikes against Iranian military targets on September 1st.IRGC said it targeted US bases in Iraq, with missiles and drones. Iran's army also launched drone attacks on the US base in Bahrain while the IRGC added that two tankers were blown up after striking mines in the Strait.Global equities continue to pull back, with NQ futures falling below 29k.USD firms against most peers; NZD underperforms after RBNZ fails to impress hawks, JPY outperforms after BoJ hawk Takata.USTs are flat, whilst Bunds and Gilts are pressured by elevated gas prices.Crude takes a breather following another night of US-Iran hostilities; metals feel no reprieve.Looking ahead, highlights include US Factory Orders (Jul), ADP Employment Change (Aug), New Zealand Terms of Trade (Q2), BoC Announcement, Fed Beige Book. Comments from Fed's Williams, BoC's Macklem & Rogers. Earnings from Broadcom, Hewlett Packard Enterprise & Snowflake.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

VOV1 - Thực hiện mục tiêu khắc phục tình trạng đầu tư không đủ trong hiện tại và tương lai, cũng như hiện thực hóa một nền kinh tế mạnh mẽ, Nhật Bản đang chuẩn bị cho một kế hoạch đầu tư công - tư khổng lồ hướng tới chiến lược tăng trưởng mới.Kế hoạch này có tổng vốn đầu tư công - tư hơn 370.000 tỷ JPY (tương đương khoảng 2.380 tỷ USD) đến năm tài chính 2040, tập trung vào 17 lĩnh vực chiến lược do Chính phủ chỉ định, bao gồm trí tuệ nhân tạo (AI), chất bán dẫn, phản ứng tổng hợp hạt nhân, công nghệ lượng tử, hàng không vũ trụ, y dược, năng lượng, công nghiệp văn hóa, đóng tàu, hải dương, vật liệu mới…Đây là bộ phận cấu thành của một chiến lược tăng trưởng mới hướng tới một “Nhật Bản giàu mạnh”. Theo đó, 17 lĩnh vực chiến lược được chỉ định sẽ tạo ra 62 sản phẩm và công nghệ tương lai. Để thực hiện mục tiêu, Chính phủ Nhật Bản đã, đang và sẽ cho triển khai nhiều bước đi đồng bộ. Phát biểu trước Quốc hội Nhật Bản, Thủ tướng Takaichi cho biết:“Chính phủ sẽ tập trung nâng cao sức mạnh tổng hợp của Nhật Bản, bao gồm sức mạnh ngoại giao, quốc phòng, kinh tế, kỹ thuật, thông tin, nguồn lực con người... Để đạt được mục tiêu, sẽ có những thay đổi căn bản trong các chính sách hiện hành, với nòng cốt là một nền tài chính có trách nhiệm. So với các nước phát triển, tiềm năng của Nhật Bản có phần trì trệ. Tuy nhiên, năng lực cải cách công nghệ, năng suất lao động... không hề thua kém. Điều thiếu nhất hiện nay chính là đầu tư trong nước. Chính phủ sẽ tạo ra một lực đòn bẩy cho lĩnh vực này”.Kế hoạch nêu trên cũng đề ra những mốc và con số cụ thể như đến năm tài chính 2040, đầu tư 10.500 tỷ JPY cho AI vật lý (physical AI) với hiệu ứng lan tỏa kinh tế là 144.400 tỷ JPY, rót 4.100 tỷ JPY cho dự án sản xuất các tấm pin mặt trời thế hệ tiếp theo với hiệu ứng lan tỏa kinh tế là 22.900 tỷ JPY và 11.600 tỷ JPY đầu tư vào chăm sóc y tế tiên tiến với hiệu ứng lan tỏa kinh tế là 105.800 tỷ JPY...Kế hoạch đầy tham vọng này còn được biết tới với tên gọi "Quốc gia lập nghiệp bằng công nghệ mới", nhằm chuẩn bị cho tương lai ngay từ khi tương lai còn chưa đến./.VOV Nhật BảnThủ tướng Takaichi Sanae nhấn mạnh tầm quan trọng của năng lực khoa học - kỹ thuật. Ảnh Phủ Thủ tướng Nhật Bản

US White House is reportedly considering a new round of tariffs on chips, Politico reports citing sources.Nvidia (NVDA) shares rise by over 7% pre-market after beating on top and bottom lines, whilst the CEO said they are seeing demand acceleration and expect revenues to grow about 70% in fiscal 2028.US equity futures firmer across the board, helped by positive Nvidia and Salesforce earnings.DXY modestly higher; JPY little moved following hawkish BoJ Himino comments.Fixed income benchmarks tentative heading into the Fed Jackson Hole Symposium.Energy benchmarks pare earlier losses following firm rhetoric from Russian officials and Iranian sources.Looking ahead, highlights include US Jobless Claims (Aug/22). Fed Jackson Hole Symposium (27th-29th), ECB Minutes (Jul). Speakers include Fed's Hammack, Schmid, Supply from the US & Earnings from Marvell.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Iran's Deputy Foreign Minister Gharibabadi details a temporary arrangement between Iran and Oman concerning the Strait of Hormuz while asserting that reopening of the waterway hinges on the realisation of Tehran's demands, according to Press TV.European bourses are mildly firmer; Intuit -11% after disappointing guidance.USD firms against most G10s, particularly vs. high beta, though AUD and JPY lead after data.Fixed benchmarks are mixed with USTs off by a couple of ticks, whilst Bunds and Gilts move higher.Crude futures continue to soften amid positive, unconfirmed US-Iran reports.Looking ahead, highlights include US Durable Goods (Jul), PCE (Jul), GDP 2nd Estimate (Q2), Atlanta Fed GDP (Q3). Supply from the US. Earnings from NVIDIA, Salesforce & CrowdStrike.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

VOV1 - Trong phiên họp Nội các vừa diễn ra hôm nay, Chính phủ Nhật Bản đã chính thức quyết định nâng mức lệ phí xin tư cách lưu trú đối với người nước ngoài lên gấp nhiều lần.Theo Nghị quyết vừa được Chính phủ Nhật Bản thông qua hôm nay (25/8), lệ phí thay đổi hoặc gia hạn tư cách lưu trú đối với người nước ngoài sẽ không còn ở mức đồng loạt 6.000 JPY như hiện tại, mà sẽ tăng lên rất cao, với các mức khác nhau, tùy theo thời gian cư trú.Cụ thể, người nước ngoài sẽ phải trả 10.000 JPY cho thời gian lưu trú từ ba tháng trở xuống, 33.000 JPY cho 1 năm và 75.000 JPY cho 5 năm trở lên. Lệ phí xin cư trú vĩnh viễn cũng sẽ tăng từ 10.000 JPY hiện tại lên 200.000 JPY. Quy định mới này sẽ được thi hành từ tháng 10/2026.Theo Bộ trưởng Tư pháp Nhật Bản Hiraguchi Hiroshi, việc tăng phí cư trú là nhằm mục đích thực hiện các biện pháp hướng tới một xã hội có trật tự, nơi người nước ngoài có thể cùng tồn tại hài hòa. Ông Hiraguchi nhấn mạnh:“Việc đảm bảo kinh phí cho công tác quản lý xuất nhập cảnh, cư trú là điều rất quan trọng trong bối cảnh số người nước ngoài tăng cao chưa từng có. Vì vậy, cần phải yêu cầu người nước ngoài chịu một chi phí tương ứng”Chính phủ Nhật Bản cũng cho biết số tiền tăng thêm sẽ được sử dụng cho chi phí kiểm soát nhập cư và các chương trình giáo dục tiếng Nhật. Tuy nhiên, vẫn có một luồng ý kiến cho rằng việc tăng phí là “đi ngược lại với mục tiêu xây dựng một xã hội cộng sinh an toàn với người nước ngoài”./. VOV Nhật BảnPhủ Thủ tướng Nhật Bản (ảnh VOV Tokyo)

US President Trump is waiting for Iran to cave to his economic pressure, but Tehran may be willing to wait even longer, according to POLITICO.A source close to Iran's negotiating team said there had been no direct Iran-US negotiations and that talks with Oman concerned sovereignty over the Strait of Hormuz, according to Fars News.US President Trump announced that the US is to pause the 50% tariffs on Canada.US equity futures muted; SK Hynix ADRs surge following share buyback announcement.DXY lower; JPY outperforms while GBP follows despite a mixed inflation reading.Fixed income benchmarks steady after recent steepening and rangebound energy prices (Brent +1.0%).Looking ahead, highlights include FOMC Minutes (Jul). Comments from ECB's Lagarde, Fed's Musalem and US President Trump. Supply from the US. Earnings from Lowe's.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Pakistan's Foreign Ministry said it continues to activate direct and indirect diplomatic channels between the US and Iran and that they are working to bring both sides to the negotiating table in Islamabad.US equity futures gain, with outperformance in NQ futures following stellar SMCI and CRWV earnings.DXY muted; low-yielding funders modestly weaker as JPY shorts are relocated.Fixed income benchmarks slightly firmer on light volume ahead of the key US CPI report.Crude choppy amid a lack of tangible US-Iran updates.Looking ahead, highlights include US CPI (Jul), OPEC MOMR, and supply from the US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump told Axios that they are only semi-negotiating with Iran but said it will work out and that it always works out.Iran's Supreme National Security Council issued six demands to the US, including total force withdrawal, end to proxy warfare.Iran's Foreign Ministry Spokesperson said Iran is currently focused on the Strait of Hormuz rather than resuming negotiations with the US, while adding that talks with Oman are constructive and positiveUS equity futures are mixed, with the NQ outperforming as strong TSMC July revenue lifts tech names.DXY slightly firmer; JPY reverses post-NFP gains despite hawkish BoJ Summary of Opinions.Fixed income flat; Energy benchmarks slightly firmer as Iran issues demands.Looking ahead, highlights include comments from Fed's Hammack.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

This week, our Global FX Strategists assess the impact NFP for the dollar in the wake of last week's FOMC outcome and JPY intervention. We also expand on the carry trade's resilience despite yen vol, and conclude with the latest news from the Euro bloc of currencies.    Speakers: Patrick Locke, Global FX Strategy Antonin Delair, Global FX Strategy James Nelligan, Global FX Strategy   This podcast was recorded on 07 August 2026. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5385231-0, https://www.jpmm.com/research/content/GPS-5391832-0, https://www.jpmm.com/research/content/GPS-5396957-0, https://www.jpmm.com/research/content/GPS-5394775-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.

Three themes dominated markets yesterday: earnings, AI and macro risks. Strong results boosted stocks such as Deutsche Telekom and Diageo, while disappointments weighed on several industrial and technology names. AI remained a key driver, supporting China's trade data and attracting strong demand for Alphabet's USD 25 billion bond offering. Meanwhile, Middle East tensions lifted oil prices and bond yields as investors looked ahead to today's US payrolls report for clues on Fed policy. Damian Ng, Next Generation Research, explains why success in biotechnology increasingly depends on strong innovation ecosystems. Tim Gagie, Head of FX Advisory in Geneva, discusses gold's breakout attempt, the possibility of further JPY intervention, and why expectations for USD weakness may have become overly pessimistic.(00:00) - Introduction: Helen Freer, Product & Investment Content (00:38) - Markets wrap-up: Mike Rauber, Product & Investment Content (06:43) - Ecosystems in Genomics: Damien Ng, Next Generation Research (09:12) - FX & metals update: Tim Gagie, Head of FX/PM PB Geneva (13:44) - Closing remarks: Helen Freer, Product & Investment Content Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.

Head to https://gamma.yt.link/HgbZu2P to check out GAMMA and start designing today!Reports say the US intervened in yen markets, selling euros and buying JPY. It raises several questions: Is the United States bailing out the yen? Why? Why now? Unlike currency manipulation, the answers are surprisingly easy. It's what they amount to that's hard. Eurodollar University's conversation w/Steve Van Metre----------------------------------------------------------------------------------If you want to see The Four Economic Regimes, and How to Position Your Portfolio for Each One, sign up here https://eurodollar-university.com/home-page----------------------------------------------------------------------------------https://www.youtube.com/watch?v=HvaYFs93haohttps://www.youtube.com/watch?v=o3-OJEsqc8ghttps://www.bloomberg.com/news/videos/2026-07-31/japan-preempts-market-with-yen-intervention-videohttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDUI'll also be active on Bravais Social - a new AI-centered social network designed for professionals and knowledge workers. The platform aims to bring together a wider range of tools and functionalities tailored specifically for professional interaction, research, and knowledge exchange in one place. You can find me here: https://bravais.social/profile/edu

Today, a look at the very strong day for US equity markets yesterday as the S&P 500 vaulted to a strong new all-time high amidst broad gains across sectors, with tech stocks roaring higher but the Nasdaq 100 not yet reaching a new peak. We look at the SpaceX earnings announcement and market reaction, including the announcement of a new Nvidia-chip based Starmind concept that is intended as the platform for the eventual SpaceX space-based AI data centers. Elsewhere, a look at the latest action in Macro and FX, especially whether the gold and silver surge yesterday suggests greater potential from here. Today's pod was hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links SpaceX's new Starmind AI1 concept - a compact data center unit based on the next generation Nvidia Vera Rubin chips that will start in earth-based data centers, but is intended for SpaceX's eventual space-based data centers. The legendary Barry Eichengreen on "The real message in the JPY intervention". About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy 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. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.  

Today, a look at the broad market in a positive mood as recent divergences between AI hardware and other names were nowhere in evidence. We zoom in on Palantir's incredible quarterly reports and the wild and entertaining earnings call with CEO Alex Karp, wonder how SpaceX can deliver anything notable today relative to the company's valuation, and preview AMD, Novo Nordisk and Eli Lilly, all with Saxo Equity Strategist Ruben Dalfovo. Macro and FX and more also on today's pod, which was hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Yesterday's John J. Hardy substack post with many links, including on AI. John's The FX Trader piece from this morning, focusing especially on the recent coordinated JPY intervention and EURJPY. 69 Starship launches to get one decent payload to the moon? A Starship skeptic speaks out on concerns related to the idea of SpaceX using these space-based depots of fuel to extend the operating range of Starship.  Arnaud Bertrand challenges Palantir's AI Sovereignty framework, although Palantir's results spoke quite loudly late yesterday, as did CEO Alex Karp himself. Tungsten as an indicator of war risk and once again, a mineral supply chain that China dominates. About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy 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. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.  

Today, a look at the implications for a stronger JPY from coordinated intervention as the US has joined forces with Japan to force yen appreciation. As well, we wonder what the implications are for equities now that we trade with a much cleaner slate after reaching the other side of blowups in leveraged single-stock ETFs and the liquidation of the Situational Awareness fund late last week. A busy week ahead for earnings and macro and more also previewed on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.  Links discussed on today's podcast and our Chart of the Day can be found on the John J. Hardy substack (within two to four 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 music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

US President Trump announced over the weekend that he cancelled strikes on Iran at the request of Tehran and other Middle East countries, subject to making a rapid deal (Brent -4.7%).Iran's Foreign Ministry spokesperson said negotiations with Oman are progressing, with the two sides holding constructive talks on a new framework and exchanging maps over the past seven to eight days for review.Japan's Finance Ministry said it conducted coordinated yen-buying intervention with the US on Friday and won't hesitate to conduct further forex intervention with the US (USD/JPY -0.3%).US equity futures gain given the slump in energy prices; BMY (+7% pre-market) benefits on an FT report of a potential AZN merger.DXY unchanged, JPY outperforms while EUR little changed following downside revisions to manufacturing PMIs.Looking ahead, highlights include US S&P Manufacturing PMI Final (Jul), ISM Manufacturing PMI (Jul), Atlanta Fed GDP (Q3), and US Treasury Financing Estimates. Earnings from Palantir and ONSemi.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Markets start to question Fed credibility, fiscal issues stay in focus for the UK, while Japan's monetary and FX policy come into the spotlight. We discuss the Fed Chair's mixed messages and preview next week's labour market release. In our special UK segment, we reflect on the BoE's "dovish" hold and discuss fiscal plans under the new PM. In Asia, the BOJ and JPY intervention are in focus, and we also look ahead to the RBI and regional CPI data ahead. Chapters: US: 02:49 Europe: 13:00, Japan: 25:19, Rest of Asia: 30:08.

US Secretary of State Rubio said the US has many options to deal with Iran if it refuses to negotiate. He also stated that China is displeased with Iran's actions in the Strait and Iran is in a lot of trouble.Iranian Interior Ministry spokesperson said there is currently no ongoing negotiation and that it may only involve the exchange of messages, Mehr News reported.BoJ officials are reportedly considering hiking rates faster than every 6 months due to the JPY's weakness adding to upside inflation risks, Bloomberg reported. Initial weakness was seen in JGBs while JPY saw fleeting strength. US equity futures trades with losses, with underperformance in the NQ ahead of Tesla and Alphabet earnings AMC.Fixed income benchmarks hold steady despite the surge in energy prices (Brent +4.8%).Looking ahead, highlights include US MBA Mortgage Applications, Supply from the US, Earnings from Tesla, Alphabet, and IBM.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Iran said it has suspended the implementation of the MoU, suggesting that the US had “violated” commitments within the framework; Brent +2.4%.US and Iran continued to exchange strikes; Iran killed two US service members in Jordan and one in Iraq. The US continued to target Iranian military capabilities. US is said to be planning for a wider war, according to a US official, cited by the Washington Post. APAC stocks were mixed; tech underperformance weighed on the KOSPI. European equity futures are indicative of a flat open. DXY traded steady; Antipodeans led the gains, whilst the CHF and JPY were flat. Looking ahead, highlights include Canadian Inflation (Jun), New Zealand Inflation (Q2).Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

VOV1 - Bên cạnh những nghịch lý như thiếu hụt sức lao động nhưng thất nghiệp gia tăng, lương tăng nhưng thu nhập thực chất giảm, người dân Nhật Bản lại đối mặt với một nghịch lý mới, ảnh hưởng trực tiếp hơn tới mức sống.Theo kết quả cuộc điều tra “Cơ sở đời sống người dân” do Bộ Y tế và Lao động Nhật Bản vừa công bố, mặc dù thu nhập của các hộ gia đình nước này gia tăng đáng kể, nhưng sinh hoạt của người dân lại trở nên khó khăn hơn trước.Cụ thể, thu nhập trung bình của một hộ gia đình Nhật Bản là 5.752.000 JPY (tương đương khoảng 38.000 USD), tăng 7,3% so với năm trước. Tuy nhiên, tỷ lệ hộ gia đình khẳng định đang lâm vào hoàn cảnh khó khăn hơn trước lên tới 55,4%, tăng 3,5 điểm. Đặc biệt, tỷ lệ hộ gia đình có con nhỏ lâm vào khó khăn lên tới 61,5%.Kết quả điều tra cũng chỉ ra vấn đề khoảng cách thu nhập giữa các hộ gia đình đang ngày một rộng hơn, thậm chí chênh lệch tới hơn 2 lần, khi thu nhập trung bình của 1 hộ gia đình có con dưới 18 tuổi lên tới 8.573.000 JPY (tương đương khoảng 57.000 USD), trong khi các hộ gia đình của người cao tuổi chỉ có 3.361.000 JPY.Bộ Y tế và Lao động Nhật Bản nhận định, nguyên nhân chủ yếu đẩy đa số hộ gia đình nước này lâm vào tình trạng khó khăn là vấn đề vật giá liên tục leo thang không cản nổi hiện nay, khiến các hộ thu không đủ bù chi, không những không có tích lũy mà còn bị thiếu hụt ngày càng nghiêm trọng.Trong khi đó, theo báo cáo do công ty dữ liệu doanh nghiệp hàng đầu Nhật Bản Teikoku Data Bank (TDB) tập hợp từ 195 nhà sản xuất thực phẩm chủ yếu của nước này, sau khi có tới 1.078 mặt hàng lên giá từ 1/6 và 2.269 mặt hàng lên giá từ 1/7, với mức tăng trung bình 14%, sẽ còn nhiều sản phẩm thiết yếu khác cũng sẽ tiếp tục bị đội giá.Nếu tính chung từ tháng 1 đến tháng 10/2026, đã, đang và sẽ có thêm tới 9.361 mặt hàng thực phẩm chủ yếu bị tăng giá tại thị trường Nhật Bản. Theo đó, nghịch lý mới giữa thu nhập hộ gia đình tăng nhưng cuộc sống khó khăn hơn của nước này sẽ tiếp diễn trong thời gian tới./. VOV Nhật BảnBộ Y tế và Lao động Nhật Bản (ảnh VOV Tokyo)

The US continued to strike Iran, for a sixth consecutive night; Iran claimed that power facilities, bridges and civilian infrastructure were struck. Iranian Army Spokesman warned that if the US strike the infrastructure of Iran, all infrastructure in the region will be a legitimate target; he added that “either all countries in the region can export oil or no one can”.US equities slump after further worries of stretched AI valuations.DXY gains; JPY saw fleeting strength following PM Takaichi's GPIF comments.Fixed income benchmarks supported by safe haven flows. Crude futures higher after multiple UKMTO reports in the Middle East.Looking ahead, highlights include US Building Permits (Jun), Export/Import Prices (Jun), Industrial Production (Jun), UoM Consumer Expectations (Jul) & Atlanta Fed GDP.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

The US and Iran exchanged strikes over the weekend, with the US military targeting 140 Iranian military targets on Saturday and took further action on Sunday, while Iran attacked US bases across the Gulf and closed the Strait of Hormuz.Iran's Foreign Ministry spokesperson said the US violated all clauses of the MoU in less than a month and stated that Iran will not execute commitments in the MoU as long as the US is not fulfilling its commitments. Furthermore, the spokesperson said mediators are still continuing their efforts to mediate between Iran and the US in recent days and Iran is in contact with mediators. Energy benchmarks pulled back following the constructive rhetoric, Brent +2.3%.US equity futures are off worst levels but the NQ is the clear underperformer, weighed down by the losses in SK Hynix (-15.4%).DXY reverse earlier gains; JPY hit on GPIF chatter, NZD continues to benefit on tightening bets.Looking ahead, highlights include OPEC MOMR (Jul), US Monthly Budget Statement (Jun), Coalition of the Willing Summit, Speakers including Fed's Waller, BoE's Pill, ECB's Schnabel & RBNZ's Conway.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

VOV1 - Không chỉ là trung tâm chính trị, kinh tế của Nhật Bản, thủ đô Tokyo còn được biết tới là một trong những điểm đến hấp dẫn nhất thế giới, với số du khách quốc tế không ngừng tăng cao.Theo báo cáo điều tra do chính quyền thủ đô Tokyo vừa công bố, trong năm 2025, số du khách trong và ngoài nước đến thăm thành phố này lên tới trên 508,6 triệu lượt, tăng 0,9% so với năm trước. Trong đó, số du khách nước ngoài là 28,65 triệu lượt, tăng 15,6% và là một kỷ lục chưa từng có tính từ năm 2004, khi chính quyền thủ đô Tokyo bắt đầu thu thập và lưu trữ dữ liệu về du lịch.Báo cáo điều tra của chính quyền thủ đô Tokyo cũng cho biết nhiều điều thú vị về chi tiêu của du khách khi đến địa bàn thủ đô. Cụ thể, trong năm 2025, tổng số tiền mà du khách trong nước “móc hầu bao” khi đến Tokyo lên tới 5.576,3 tỷ JPY (tương đương đương khoảng 37 tỷ USD), tổng chi phí của du khách nước ngoài là 4.553,4 tỷ JPY (khoảng 30 tỷ USD).Báo cáo cũng cho biết, bên cạnh các chi phí về lưu trú, ăn uống và giao thông, chi tiêu của du khách nước ngoài chủ yếu tập trung vào mua sắm hàng hóa, đồ lưu niệm… và mức chi phí trung bình của 1 du khách quốc tế tại Tokyo gấp tới 13,6 lần so với người bản địa. Mức chi và con số du khách nước ngoài nêu trên cũng được coi những yếu tố cho thấy sự hấp dẫn của du lịch Tokyo.Trong khi đó, các chuyên gia kinh tế - thị trường cho rằng sau khi Chính phủ Nhật Bản quyết định tăng gấp nhiều lần lệ phí phát hành thị thực nhập cảnh, cũng như thuế xuất cảnh đối với người nước ngoài, số du khách đến Nhật Bản nói chung và Tokyo nói riêng có khả năng sẽ suy giảm, tuy nhiên, đây chưa hẳn là điều xấu, khi Nhật Bản đang phải tập trung giải quyết vấn đề quá tải du khách quốc tế./.VOV Nhật BảnTokyo mùa Anh đào là một trong những điểm du lịch hấp dẫn nhất thế giới. Ảnh VOV Tokyo

Mediators are working to get the US and Iran back at the negotiating table, CNN reported, citing sources, later echoed by Axios.Brent is softer by around USD 0.20/bbl, with the market essentially waiting for a resumption of negotiations or strikes.Japanese assets lead after Finance Minister Katayama said pension funds should be encouraged to invest more in the domestic market.European bourses are on a modestly firmer footing, Euro Stoxx 50 +0.1%. US futures are mixed; NQ lags, potentially ahead of SK Hynix's ADR debut on the 13th.USD under pressure, JPY leads given the above, NZD continues to climb, CAD flat into its jobs report.Looking ahead, highlights include Canadian Jobs Report (Jun). Earnings from Delta Air Lines and Credit Ratings from Fitch on the Netherlands, Morningstar DBRS on Switzerland and Scope Ratings on Japan.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Sources suggested Iranian air defence systems were activated. However, the US said they were not involved, and Iran then denied any explosions at all; Bushehr's officials said they intercepted projectiles.Mediators are working to get the US and Iran back at the negotiating table, CNN reported, citing sources, later echoed by Axios.Brent is firmer by USD 0.30/bbl, in a narrow range as the magnitude of geopolitical updates slowed throughout the APAC session into Friday.APAC bourses were entirely firmer, European futures point to a flat start to the day, while US futures are marginally softer, NQ -0.2%.USD remains under pressure, with the JPY the primary beneficiary. Support came from Finance Minister Katayama, who spoke on increasing investment in domestic financial funds.Fixed income mixed but broadly contained, taking the lead from energy performance. JGBs outperformed on the above remarks.Looking ahead, highlights include German/French Inflation Final (Jun), Norwegian Inflation (Jun), Canadian Jobs Report (Jun), IEA OMR (Jul), Speakers include ECB's Vujcic, Supply from Italy, Earnings from Delta Air Lines and Credit Ratings from Fitch on the Netherlands, Morningstar DBRS on Switzerland and Scope Ratings on Japan.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump said the Iran ceasefire is over, "I think", lifting Brent above USD 79/bbl, weighing on equities and fixed income.However, Trump did add he will allow US negotiators to continue talking with Iran, but said, "I think this is a waste of time"Euro Stoxx 50 -2.2%, ES -1.0%, NQ -1.4% given the above. Mixed APAC trade, but China was in the green after updates relating to DeepSeek and Zhiphu.Apple signed an agreement with Broadcom, to design and produce custom silicon components and wireless technologies, deal expected to exceed USD 30bln.NZD outperforms after the RBNZ hiked and signalled further increases "appear likely". Elsewhere, CAD bid on energy moves while JPY slips as a result of its import dependence and yield moves.Looking ahead, US Atlanta Fed GDP (Q2), NBP Policy Announcement (Jul), NBH Minutes (Jun), Fed Minutes (Jun), NATO Ankara Summit, Speakers include US President Trump, Supply from the US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Iran's IRGC fired at least two missiles at ships in the Strait of Hormuz, Axios reported, citing a US official. It was separately reported that one was a Qatari LNG tanker.Fars reported that the Qatari tanker attempted to pass through the Omani route and ignored repeated warnings.Iranian Foreign Minister Araghchi said negotiations on a final deal will not commence if threats continue.KOSPI slumped following post-earnings losses in Samsung Electronics (-9.7%). Co. topped forecasts, but failed to calm fears surrounding elevated valuations. European equity futures are indicative of a weaker open.DXY is incrementally firmer, whilst the JPY marginally outperforms after a Japanese official pushed back on reports that the government is urging the BoJ to lower interest rates.Looking ahead, highlights include German Industrial Production (May), French Trade Balance (May), US ADP Employment Change Weekly, Trade Balance (May), New York Fed SCE (Jun), Atlanta Fed GDP (Q2), Canadian Trade Balance (May), Ivey PMI (Jun), EIA STEO (Jul), NATO Ankara Summit. Supply from the UK, Germany and the US. Speakers include BoE's Mann.Click for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Iran's IRGC fired at least two missiles at ships in the Strait of Hormuz, Axios reported, citing a US official. It was separately reported that one was a Qatari LNG tanker. Brent Sept'26 +1.2%.Fars reported that the Qatari tanker attempted to pass through the Omani route and ignored repeated warnings.Iranian Foreign Minister Araghchi said negotiations on a final deal will not commence if threats continue.Global tech stocks fall after Samsung Electronics (-6.9%) shares plummeted post-earnings; NQ -1%.DXY is incrementally firmer, JPY marginally outperforms after a Japanese official pushed back on reports that the government is urging the BoJ to lower interest rates.Looking ahead, highlights include US ADP Employment Change Weekly, Trade Balance (May), New York Fed SCE (Jun), Atlanta Fed GDP (Q2), Canadian Trade Balance (May), Ivey PMI (Jun), EIA STEO (Jul), NATO Ankara Summit. Supply from the US. Speakers include BoE's Mann.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Good morning from Pharma Daily: the podcast that brings you the most important developments in the pharmaceutical and biotech world. Today, we delve into a series of remarkable advancements and strategic maneuvers that are shaping the future of drug development and patient care. Starting with Roche's breakthrough in oncology, their small molecule inhibitor, Divarasib, has shown promising results in a Phase 3 trial for patients with KRAS G12C-mutated non-small cell lung cancer. This trial demonstrated superior efficacy over competitors like Amgen's Lumakras and Bristol-Myers Squibb's Krazati. Historically, KRAS mutations have been difficult to target, but Divarasib's success underscores the potential of precision medicine in oncology. These findings could lead to more effective treatment options for NSCLC patients, showcasing how targeted therapies are revolutionizing cancer treatment by focusing on specific genetic mutations. In regulatory news, Vertex Pharmaceuticals has made significant strides with Casgevy (exagamglogene autotemcel), a gene therapy that now includes pediatric patients with sickle cell disease and transfusion-dependent beta thalassemia in its FDA-approved label. This marks a pivotal moment for gene therapy applications in blood disorders. Utilizing CRISPR technology, Vertex offers potentially curative solutions for debilitating conditions, signaling a new era where genetic disorders can be addressed at their root cause. Similarly, Novartis has gained European Commission approval for Itvisma to treat 5q spinal muscular atrophy in patients aged two years and older, further cementing gene therapies' role in mainstream medical practice. Strategic partnerships remain essential in driving innovation. Takeda's collaboration with Insilico Medicine on AI-driven drug discovery is a case in point. The $600 million partnership highlights the growing reliance on AI and machine learning to expedite therapeutic development processes. Platforms like Pharma.AI are being leveraged to identify novel drug candidates more efficiently. Additionally, AstraZeneca's alliance with CSPC Pharmaceutical Group to develop siRNA-based therapies for kidney diseases reflects the burgeoning interest in RNA therapeutics as these technologies open new avenues to address complex diseases. On the financial front, BridgeBio's ability to attract $1 billion in convertible preferred equity from Sixth Street and Healthcare Royalty underscores investor confidence in rare disease therapeutics. This funding will bolster its pipeline targeting cardiovascular and rare conditions, emphasizing the profitable potential found within niche markets of the pharmaceutical landscape. Manufacturing is also seeing expansion as Lonza deepens its partnership with an unnamed U.S. drugmaker to enhance biologics programs. Anticipated investments reaching into multi-billion Swiss Francs underscore the critical importance of robust manufacturing infrastructure to meet growing demands for biologics and antibody-drug conjugates. Clinical trials continue to yield promising results. Can-Fite Biopharma's Phase 2a trial for Namodenoson in treating advanced pancreatic ductal adenocarcinoma has shown promising survival data when combined with therapies targeting Wnt/β-catenin signaling pathways. At the same time, Otsuka's Phase 3 data for Voyxact (sibeprenlimab-szsi) demonstrated improved kidney function in patients with immunoglobulin A nephropathy, bolstering traditional FDA approval pathways. On the acquisitions front, GNI Group's acquisition of Ayumi Pharmaceutical for approximately JPY 44.8 billion highlights strategic moves to enhance global biopharma operations focusing on pain management solutions. Yet not all news is positive; Sanofi's Genzyme Ireland unit received an FDA warning letter regarding manufacturing violations related to Altuviiio production, pointing to ongoing regulatory challenges within production practices. Moving on to geopolitical considerations, recent congressional letters to major pharmaceutical CEOs have raised concerns about clinical trials conducted within China due to national security concerns. This tension illustrates the delicate balance between leveraging China's economic potential and safeguarding US interests—a critical issue as international collaborations continue to expand. Meanwhile, AstraZeneca's ongoing collaborations with CSPC Pharmaceutical Group further signify strategic bets on China's capabilities despite geopolitical tensions. Their joint efforts focus on kidney disease treatments while adding to existing agreements addressing obesity and chronic diseases. The FDA remains pivotal as key decisions anticipated this quarter could significantly influence investment strategies and research priorities. This includes revisiting applications previously delayed or rejected—decisions that could reshape industry dynamics. In conclusion, this dynamic landscape is marked by significant scientific breakthroughs and complex global interactions guiding pharmaceutical and biotech sectors toward a transformative era. Gene therapy advancements underscore progress in personalized medicine while geopolitical factors continue influencing strategic industry decisions. As regulatory bodies evolve their approaches alongside increasingly international partnerships, these developments collectively herald profound implications for drug development and patient care globally.Support the show

Today, a look at global equity markets roiled by Meta's announcement that it will rent out use spare data center capacity for AI applications, raising concerns for AI-linked cap-ex and all stocks linked with the "AI picks and shovels" theme even as it was read as a boon for Meta's stock itself. Software as a service and consulting names also rallied on the news. Elsewhere, Japan is intervening against JPY weakness, sterling is breaking higher and we have a US June jobs report today ahead of a three-day weekend for US markets. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Ole's awesome article on the sub-7 kg technical marvels used by Tour de France cyclists, and the commodities they contain. Michael McNair TLDR piece on SiriusXM holdings and, among other things, why it might have large suitors for a takeover. About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy 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. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Qatar and Pakistan mediators concluded separate meetings with US and Iranian negotiators in Doha, highlighting positive progress on issues related to the Islamabad MoU.US equity futures trade mixed, with the NQ weighed by tech selling in South Korean stocks.DXY slips below the 101.00 handle, as the JPY strengthens on possible intervention.Fixed income benchmarks trade on the softer side heading into the US jobs report; NFP expected at 110K.Crude benchmarks continue to trade lower, Brent -1.5%.Looking ahead, highlights include US Jobs Report (Jun), Initial Jobless Claims, Speakers including ECB's Cipollone, BoE's Mann and Fed's Daly.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Jess Houlgrave breaks down why 2026 is the year of non-USD stablecoins with USDC losing Mica compliance, 30 European banks now issuing a euro stablecoin, and HKD, JPY, SEK and CHF versions all coming to market. She covers WalletConnect's $6B per week in stablecoin volume, why broad asset support is the key to reducing merchant and much more.Jess Houlgrave is CEO of WalletConnect, the leading financial connectivity layer powering stablecoin payments across 700 wallets and hundreds of thousands of applications.The Rollup is where the leaders of digital assets and finance converge. Live from the financial capital of the world.Timestamps: 00:00 Intro01:04 TradFi Crypto Worlds Converging02:48 $6B Volume Last Week04:50 Non-USD Stablecoins Growing Fast08:08 30 Banks Issuing EUR Stablecoin11:26 WalletConnect Just The Pipes13:47 Broad Assets Less Dropoff18:45 Payment Has Multiple Layers20:47 Stablecoin Cards Hurt Merchants24:10 New CRO From Visa28:39 Worst Quarter For SecurityGuest Socials:Jess Houlgrave X: https://x.com/HoulgraveWalletConnect X: https://x.com/WalletConnect?lang=enWalletConnect Website: https://walletconnect.com/Partners:Better than Banks. Transparent capital efficiency earning the highest yields in DeFi. Learn more here: https://infinifi.xyz/---Dinari - Over 230 1:1 backed tokenized stocks, ETFs & more with dividends. US-based SEC transfer agent. Available on 5+ chains & via API. https://dinari.com/---Relay is the fastest and most reliable way to swap any token on any chain. Learn more here: https://relay.link/bridge---Zama is an open source cryptography company that builds state-of-the-art Fully Homomorphic Encryption (FHE) solutions for blockchain.Learn more here: https://www.zama.org/---Trezor is the creator of the first-ever hardware wallet. Securing crypto for 2M+ users worldwide. 100% open source. Learn more here: https://affil.trezor.io/aff_c?offer_i...---

US President Trump said the Hormuz deal is fully signed and that the Strait of Hormuz has already partially reopened, with a complete reopening expected on Friday.The US claim that Lebanon is not included in the memorandum of understanding is false, reports Fars, citing sources.Israeli artillery shelling was reported in southern Lebanon, while it was also reported that Hezbollah fired rockets at Israeli soldiers in the region.APAC stocks were mixed, cooling from the relief rally seen on Monday; European equity futures are indicative of a slightly lower open.DXY is a touch firmer and trades around 99.70; JPY incrementally gains post-BoJ, which delivered a 25bps hike, as expected. The Aussie was little moved by the RBA's hawkish hold.Looking ahead, highlights include Italian Inflation Final (May), EU/German ZEW (Jun), US ADP Weekly, Import/Export Prices (May), Housing Starts (May), Atlanta Fed GDP (Q2), Speakers including RBA's Bullock, BoJ's Uchida & ECB's Lane, Supply from UK, Germany & US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

The BoJ hiked rates to 1.00%, as expected, while the RBA left rates unchanged at 4.35% following three consecutive 25bp rate hikes. Qatar is to restore half of its LNG output a month after the Strait of Hormuz opens, with output to reach 80% of full output within two months.US equity futures are mixed, while SPCX (+10.2% pre-market) looks set to surpass AMZN's market cap.DXY softer amid pressure in energy prices; JPY and AUD flat following rate announcements.Fixed income benchmarks are broadly higher, while JGBs fell as the BoJ paused purchase tapering from FY27.Looking ahead, highlights include US ADP Weekly, Import/Export Prices (May), Housing Starts (May), Atlanta Fed GDP (Q2), Speakers including ECB's Lane, Supply from the US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Lee Hardman, Senior Currency Analyst, and Abdul-Ahad Lockhart, Currency Analyst, discuss how building investor optimism over a US-Iran deal and Kevin Warsh's first policy meeting as Fed Chair are likely to impact the USD. Will another BoJ rate hike be sufficient to trigger a reversal of JPY weakness?

US President Trump said we made a great settlement of war with Iran, signing will probably happen in Europe and soon; Brent -2.0% at USD 88.50/bbl.Israel is not a party to the MOU, though PM Netanyahu expressed his appreciation to the US' commitment, CBS reported. Iran is reportedly yet to come to a final conclusion on the deal.APAC stocks rallied in a continuation of the strength from Wall St. on the settlement report and despite the Israeli & Iran reporting.European futures point to a firmer open, Euro Stoxx 50 +1.7%. US futures are also bid, ES & NQ +0.2%, looking to the SPCX IPO.FX moved to the above, currently features a firmer USD to the detriment of NZD and JPY in particular. Fixed income holds onto gains.Looking ahead, highlights include German/French/Spanish HICP Final (May), UK GDP (Apr), Industrial Production (Apr), Canadian Wholesale Sales (Apr), US UoM Prelim. (Jun), SpaceX Debut & COO Interview.Click for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump said they have been hitting Iran pretty hard and Iran negotiations are going well, while he suggested a deal could happen over the weekend. Though noted that it could go another two or three weeks, Brent Aug'26 -0.7%.Talks between Iran and the US were reportedly still ongoing, and no final decision had been made, according to Fars, citing a member of Tehran's negotiating team.An Iranian negotiating delegation media team member outlined a four-stage proposal for a deal with the US. 1) Ending the war, 2) tangible measures re. the Strait, 3) sanctions and nuclear issues, 4) the establishment of a supervisory committee.APAC stocks traded lower following a negative handover from the US; European bourses are indicative of a softer open.G10s are mostly slightly firmer against the USD; JPY gains slightly on reports that the BoJ is to mull a hike this month, with another possible this year.Looking ahead, highlights include Swedish CPIF (May), Swiss CPI (May), EU Retail Sales (Apr), US Challenger Layoffs (May), Jobless Claims (May/30), Revelio PLS (May), and Chicago Fed Labor Market Indicators Final (May). Supply from Spain & France. Earnings from Docusign, lululemon & Ciena.Speakers include BoE's Bailey, ECB's Lagarde, Fed's Daly, Bowman & Barkin.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

An informed source to Al Arabiya said the agreement on the release of frozen Iranian funds in its final stages, but the search continues for a mechanism on frozen funds. However, US President Trump informed the mediators of his refusal to release funds to Iran before signing the agreement.Israel and Lebanon agreed to a ceasefire in US-brokered talks, with the ceasefire contingent on Hezbollah's evacuation from the Litani. Despite this, there have been reports of continuing attacks in Southern Lebanon.US equities mixed as disappointing AVGO and CRWD earnings weigh on NQ and ES. Fixed income benchmarks gain by a handful of ticks ahead of Friday's NFP.DXY softened; JPY saw fleeting strength following hawkish BoJ reports, CHF firmer despite softer CPI data.Crude slips as efforts for a US-Iran deal continue.Looking ahead, highlights include Jobless Claims (May/30), Revelio PLS (May), Chicago Fed Labor Market Indicators Final (May), Speakers include BoE's Bailey, Fed's Daly, Bowman & Barkin, Earnings from Docusign, lululemon & Ciena.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Chief Fixed Income Strategist Vishy Tirupattur takes a look at how credit markets are adapting to fund the new phase of AI capex.Read more insights from Morgan Stanley.----- Transcript ----- Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Today – The critical question behind the AI-driven capex cycle that is front and center for markets year to date. How is credit market financing this ecosystem evolving? It's Wednesday June 3rd at 2 pm in New York. When we first discussed the role of credit markets in financing the AI and data center build-out around the middle of last year, the direction of travel was clear. Realizing the transformative potential of AI requires unprecedented levels of capex. What has really surprised us since is the scale and speed of that spending, both of which have exceeded our expectations by a wide margin. The upward revision to capex expectations has been dramatic. A year ago, we projected the combined capex of the five large hyperscalers at roughly $450 billion in both 2026 and 2027. After the first quarter earnings reports, Morgan Stanley's internet equity analysts, led by Brian Nowak, now expect hyperscaler capex of roughly $800 billion in 2026 and $1.2 trillion in 2027. One data point really captures the surge in the underlying demand for compute. According to OpenRouter, the global weekly token usage, which is a key proxy for compute, has risen by roughly 350 percent since early January, increasing from about 6 trillion tokens to 28 trillion tokens. Credit channels for financing this capex have not only been broader and deeper than we anticipated, spanning public and private markets, but have seen remarkable in the structural innovation that is blurring the lines between public and private markets. Over $200bn of public AI-related issuance across the different credit channels has happened just in the first five months of this year. We had previously assumed unsecured issuance would be limited by the scale of the largest non-financial issuers, confined to investment grade credit only, and largely USD denominated. Instead, some hyperscaler issuance has now far exceeded even the largest telecom names; funding has expanded well beyond USD into EUR, GBP, CHF, JPY and CAD markets. The issuer base has also broadened to include data center REITs and neoclouds, particularly in the high-yield market. The scope of financing has also widened beyond the data center shells themselves. GPU financing, which we assumed would be funded entirely through equity capital, has begun to migrate into credit markets. Funding is now coming through broadly syndicated loans and asset based financing, with ABS structures not far behind. Structural innovation illustrates how rapidly the credit ecosystem is adapting to the complexities of demands of AI-driven capex. Financings that combine elements of project finance, tranching, and residual value guarantees, along with high-yield issuance backed by hyperscaler guaranteed leases – these are innovations that we have never seen before. These structures have expanded the investor base, reduced the funding frictions, and further blurred traditional boundaries – between both corporate and project finance, and public and private credit markets. At the same time, physical, operational, and political constraints are beginning to shape the pace and the composition of the AI infrastructure build-out – and, by extension, the demand for financing. Grid access, power generation equipment, skilled labor, and permitting delays are emerging as significant constraints. These are compounded by political and regulatory frictions at the local, national, and international level. As power availability becomes a gating factor, the AI build-out is likely to pull energy infrastructure financing more tightly into the orbit of AI infrastructure financing. The clear takeaway is this. The capex requirements underpinning AI infrastructure are expanding exponentially, and with them the role of credit markets in financing this build-out. Along the way, there will be winners and losers, periods of adjustment, and a range of physical, financial, and political constraints that shape outcomes on the margin. But the broader trajectory is certain. The scale, duration, and strategic importance of AI infrastructure investment mean that financing of this will remain a defining theme for credit markets and credit investors for years to come. Thanks for listening. If you enjoy the podcast, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.

This week in the forex market, inflation data, GDP reports, and central bank decisions could create major volatility across the USD, AUD, JPY, and CAD. In this episode, we break down the biggest economic events traders need to watch and what they could mean for the markets ahead.Your Trading Coach - Akil

Today we discuss the key companies reporting in this week's earnings bonanza with Saxo Equity Strategist Ruben Dalfovo, including Meta, Alphabet, Amazon and Microsoft and Apple. We also note Nvidia's big drop on an otherwise positive day for the market - a concerning sign. Next week features several companies of note. Elsewhere, we note everyone rushing to declare a top in the crude oil market because of a classic Economist cover indicator. Really? Finally, a look at the macro and FX space, where the focus is on a strong bout of JPY intervention that sparked significant JPY volatility. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on today's podcast and our Chart of the Day can be found on the John J. Hardy substack (within two to four 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 music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today - how the market is parsing the titanic capex plans for the four Mag7 companies reporting after the US market close yesterday. With crude oil prices spiking aggressively, maintaining the AI exceptionalism trade will prove difficult unless prices back down. Also, a far more interesting FOMC meeting than was expected as Powell vows to stay on and put up a fight for Fed independence, a fight that is doomed to fail. Elsewhere, Japan fights against JPY sell-off while recording today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. About twice per week, you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy 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. Intro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.