Saxo Market Call
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Saxo Market Call
For the aspirational trader and financial markets professional. Coming at you most trading days, the Saxo Market Call is the high frequency podcast for real-time analysis of the financial markets across asset classes, from forex and rates to equities and commodities.
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219 episoder
Recently boring Nvidia reports next week. Did we just see German green shoots?
Today, another breakdown of the remarkable dispersion in the US market, with few signs that it is ending just yet, while Europe continues to soar on r...
It's all pivotal, whether US market sentiment, USD, JPY or geopolitics
Today, a look at a modest US equity market rally as we wonder whether those pressing recent themes within AI winners vs. AI losers have overextended t...
AI overlay trades: is mean reversion the new pain trade?
Today, continuing to note the wild swings in individual names even as the overall indices look relatively flat on the surface, while wondering whether...
Can both USD and JPY launch a comeback? Also: another 200B capex story...
Today, we discuss the ongoing "AI Overlay" trade, note another AI-related company that is not a hyperscaler, but is set to spend up to USD 200 billion...
AI overlay mayhem: where is this taking us?
Today, a look at everyone attempting to put on the "AI overlay" trade and whether this unsettles confidence in the market more broadly, or just deepen...
Is what comes next what hurts everyone the most?
Today, strong notes of general concern as yesterday could have marked the beginning of a broader weakening in risk sentiment, which has so far been av...
AI disruption grenades continue to go off. JPY rattles its cage.
Today, a look at carnage for additional individual names on AI disruption fears even amidst relative market calm in US equities. Elsewhere, a break do...
US payrolls revision in focus. Gold and silver: the calmer the better?
Today, we discuss another session marked by notable divergences within the US stock universe, oil markets heading into territory that is starting to l...
Special guest Peter Garnry of Gesda Capital
Today's episode features a very special guest, Peter Garnry, CEO and co-founder of Gesda Capital, as we discuss everything from Novo Nordisk's perform...
Amazon blasted on spending bonfire, Crypto FODLed.
Today, a look at the US equity market suffering it first real broad sell-off in a while as nearly everything sold off yesterday, with the negative vib...
AI wipeout amidst broad market strength: what is the takeaway?
Today, a look at a remarkable downdraft in nearly all AI-adjacent stocks, with no category escaping the selling, even as much of the rest of the marke...
An AI disruption bomb just went off for a widening swath of companies
Today, while the software-as-a-service disruption concern has been roiling for quite some time for many companies, yesterday's market action saw a mas...
"Cosmic reward" for Palantir shareholders, apparently. USD pivotal here.
Today, a look at global risk appetite in a happy mood as precious metals markets have stabilized and the US manufacturing sector shows its first inter...
Silver crash - what's next? US equity market fragility?
Today, we unpack the Friday crash in silver, and to a lesser extent gold, noting that the Kevin Warsh as Fed Chair nominee news was a mere excuse for...
Why Trump went with the "hawkish" Fed Chair option. Oh, and earnings!
Today, a thorough rundown of big incoming earnings reports, especially Microsoft (which likely drove much of the volatility in the broader US indices...
New wave of an AI-led bullish nirvana or a bull trap?
Today, much of the AI "pick and shovels" space is aflame on Meta CapEx plans and other announcements after the latter, Tesla and Microsoft all reporte...
Trump blasts an already weak USD with offhand comments
Today, a look at the focus on FX intensifying after Trump comments blasted an already weak US dollar lower still ahead of today's not-so-anticipated F...
Lots of irons in the fire, from JPY surge to silver chop and Nasdaq 100 technicals
Today, we note the flip in US equity market internals while noting what might be driving it ahead of critical Mag7 earnings and as the Nasdaq 100 once...
A massive signal on the yen and metals mayhem intensifying
Friday gave us a huge signal that the US may be extending Japan a helping hand in preventing further yen weakness - certainly effective for putting a...
Little and not so little grenades rolling around...
Today, markets are happy to have dodged a US-Europe trade war this week, but we consider a few issues (besides the acceleration in high-impact earning...
Massive ice storm set to knock US as sentiment celebrates a supposed TACO.
Markets are rushing higher on the Trump "TACO" on tariffs against European countries and on calling off any military option for the US taking Greenlan...
Don't forget rates as we await a Davos Octagon or a Davos TACO.
Today, another rundown of any number of possible outcomes from Davos after Trump touches down to negotiate with or browbeat European counterparts on t...
Between a Greenland rock and a JGB hard place
Today, looking at markets in a bad place on concerns for US-Europe relations over Trump's Greenland ambitions, a situation that could fester for globa...
A week ahead in which a decade might happen.
Markets are nervous as it feels like an either-or setup soon with the US-Europe relationship over the Trump administration's apparent intent to "take"...
Can the bears continue to hold the line? Trump set to hammer Canada?
Today, we note that the bearish line continues to hold in US equities, as the Nasdaq 100 index can't seem to break through the local resistance and th...
Mag7 deadweight amidst strong market breadth. Silver stumbles.
Today we note that yesterday's divergences in the US equity market internals were particularly large as Mag7 and banks suffered yesterday amidst other...
Another day, another silver handle. US economy weaker than it looks.
Today, a rundown of the latest market action and the "last chance saloon" for bears still hanging in there for now as earning season picks up momentum...
What could take silver to USD 250 an ounce?
Today we round up the market action and focus especially in on the precious metals and other commodities markets with a spotlight on silver and whethe...
Market complacency challenged by latest blitz of Trump administration moves
A rocky start to the week as the market looks on with unease at the latest Trump administration move against Fed independence, but the move could also...
Geopolitics getting white hot. Also, can USD tip into uptrend post jobs report?
Today, the weak tech, strong broad market theme deepens as we wonder what is driving it. Also, geopolitical developments are coming quick and heavy, w...
Last chance saloon for the bears for a while?
Today, we run through a number of factors, from the very tactical, to the very big picture, on why bears might try to make a stand here - with earning...
Big metals rebalancing incoming. Waiting for Godot, a.k.a. US dollar volatility.
Today, we note the strong risk-on vibe continues, though more in the broader market rather than in the megacaps. We also highlight that major commodit...
Two Mag stocks aren't so happy. Also, can FX please be relevant again?
Today, a rundown of a positive day for stocks, though two Mag 7 stocks look rather weak here given the backdrop. We also discuss a reconstitution of o...
Venezuela is probably just the start. Market shrugs, though US oil majors cheer.
Today, an assessment of the reasons behind the US' surgical removal of Venezuela's political leadership and what the fallout may be for oil and likely...
Forecasts for 2026. Also: a stab at assembling a 2026 portfolio.
Today, we take a humble stab at forecasting the coming year, from the economy and global equity markets to outcomes for rates and FX, as well as touch...
Why Tesla might rip higher again. Also, JPY at the precipice again.
Today, we look at equity markets trying to ramp up for a strong close to a strong year. On Tesla's recent share price ramp, we have finally gotten the...
DJT goes nuclear. Also, how can the yen be saved?
Today, a look at AI stocks trying to get back their stride, Trump's DJT stock now becoming a nuclear fusion play and thoughts on what exactly can stop...
AI stocks on tilt, even if Micron isn't. JPY eyes BoJ.
Today, a look at a weak session for US equities, led by fresh selling in nearly everything AI-related, though Micron did all it could to right sentime...
Tesla all time high, metals mayhem and BoJ focus
On a meh day for US equities, retail traders take Tesla to a new all time highs on robo-taxi hopes. Elsewhere, we break down some critical news for ow...
Sliding risk sentiment, but not for optimistic Tesla robo-taxi hopes
Today we look at another weak session for the US equity market, especially for many AI-related names, although Tesla had a banner day on hopes that it...