Saxo Market Call

SaxoStrats
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For the aspirational trader and financial markets professional. Coming at you most trading days, the Saxo Market Call is the high frequency podcast for real-time analysis of the financial markets across asset classes, from forex and rates to equities and commodities.

  1. 19h ago

    Fresh oil supply woes and pondering the agenda behind an AI "slowdown"

    Today, a heady cocktail of developments are coming at us across geopolitics, intermarket forces, but especially a new twist in the AI story as Anthropic CEO Amodei calls for an AI development "slowdown" with other key industry voices chiming in with supportive comments. We discuss what this may be all about as risk sentiment is rather spooked by the story and by the latest surge in oil prices and bond yields still pressing on cycle highs. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Saxo Head of Commodity Strategy Ole Hansen breaks down the latest COT report showing shifts in positioning across the US futures market complex, including some huge shifts in the FX space. Arnaud Bertrand says China is hyperscaling an AI data center far beyond anything the rest of the world has ever seen in the autonomous region of Inner Mongolia. WSJ runs an article on Russia's new generations of drones, which are applying new levels of pressure on Ukraine. Cory Doctorow with a very different take (LLM's are real, AI is fake) on the infamous "Hugging Face incident" as he pokes fun at the breathless anthropomorphizing of how AI agents hacked into systems and used message boards to communicate, etc., arguing that all of their actions were fully based on training data and showed no sign of intelligence. Many cool sub-links in this piece as well. 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.

  2. 3d ago

    Yields explode higher, pressurizing the situation across markets.

    Today, a look at the rip higher in global yields as crude oil prices spiked and the ECB surprised on the hawkish side of expectations. The market is trying to recover its equilibrium on hopes that a Monday meeting between GCC members and Iran will set things right. In the meantime, we have the US CPI report to get out of the way today, an FOMC meeting next Wednesday and Bank of Japan meeting next Friday to contend with. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links John's The FX Trader piece from today, on currency moves and what to watch for next. Goldman Sachs says that interest rates are set to remain higher and outlines why. LA Times on how the AI future is already here for some forms of video entertainment in China. Some profound thinking on where we are in the "interregnum" as we transition away from the old world order and into the new one.  A taste: "Gramsci’s interregnum, the “time of monsters” when the old is dying and the new cannot be born, has become a cliché of our political moment, which is usually a sign that it is true. But what it means precisely is this: the conceptual frameworks adequate to the old order have ceased to describe reality, and the frameworks adequate to the new order have not yet been assembled." 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.

  3. 4d ago

    Trump desperation grows ahead of midterms. US yields pop ahead of CPI.

    Today, we note the fresh pop in US treasury yields to new cycle highs after the Treasury market buyback and Treasury Secretary Bessent's posturing failed to shore up confidence. Elsewhere, it was a rather negative day for risk sentiment on the latest aggravated rise in crude oil prices and that rise in yields, with Europe particularly spooked ahead of today's ECB meeting. We note key equity stories like Apple's (Gen Z targeted?) pricey new foldable phone, Meta's pop on the enthusiasm for its Muse AI agent. Most of all, we queue up what to look for over tomorrow's US CPI release. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Trump wants cheap hamburger meat ahead of the mid-terms. Matt Stoller covers the story and shows what this may cost him politically with some of his base - and what it may cost those consuming the questionable meat. Yikes.  The FT version of the widely covered resignation of an Anthropic researcher over concerns that the company is not doing enough to enforce safety guardrails and that AI could end humanity as the company and OpenAI are "'gambling' with the future of mankind". Michael Every reposted a news item on X that Germany's Deutsche Bank will be appointed as the clearer and settler of RMB (Chinese yuan) transactions in Europe. Wasn't the EU supposed to be gearing up for a less friendly face to China on concerns it is undermining EU industry with its cheap and subsidized exports? (HT FTAlphaville) A Bruegel long-form piece poking into the factors that are driving the rise in long-term interest rates - it's not just about fiscal profligacy. ProPublica earlier this year looked into how Trump might look to call the mid-term election results into question if they are not favourable for Republicans - a high risk on this front, but how high when the president himself is so unpopular? 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.

  4. 5d ago

    Is copper too cheap relative to gold?

    Today, a thorough look across the commodity space with Saxo Head of Commodity Strategy Ole Hansen, discussing the latest developments in oil, refined products and the natural gas markets, the drivers for the recent record highs in the copper price and whether that price remains "too low" relative to gold if suppliers are to increase production. Elsewhere, a discussion of the latest moves in equities, a still heavy focus on FX and rates as the yen is on the move and yields are pushing on the highs for the cycle ahead of the ECB meeting tomorrow and US August CPI report up on Friday. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Does heavy AI us mean that students don't learn as much? Probably, but there are nuances. "In China and many other countries, well-designed tutoring tools already exist, often at nearly zero cost. Most students just do not use them. Rather, they prefer general-purpose AI tools that make it easy to outsource homework." Erik Townsend points out the very high cost of the most recently completed US nuclear power plants and wonders if the new ones can be built (by a South Korean outfit) in the US at prices that are proven possible elsewhere and some 75% lower. Stumbled across another interesting post on NexGen Energy and long-term uranium supply as well. 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.

  5. 6d ago

    Energy prices and yen top market agenda. Copper hits record.

    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.

  6. Sep 7

    USDJPY breakdown despite firm US jobs data

    Today, most interesting to note that the positive US jobs report was unable to inspire sustained new highs in US treasury yields or spark a US dollar rally, with USDJPY even breaking down below critical support to start the week as US markets are closed for the extended Labor Day holiday. Elsewhere, AI hardware stocks are trying to get back their mojo as OpenAI has released its latest model. More on the earnings and macro focus for the week ahead and much more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links An X post by "JH" describing the alarming copper supply shortage that must be overcome, likely with a tremendous price signal, if we are to continue building out AI and electrifying our economies. OpenAI's chief scientist with a piece on the prospects of AI achieving new levels of super-human intelligence and the implications in a piece somewhat ominously titled An Alien Mind. In the wake of watershed Germany elections at the weekend in Saxony-Anhalt and other events across Europe and elsewhere, Michael Every's latest piece follows the threads connecting political events across Europe and around the world.  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.

  7. Sep 4

    Big stakes for USDJPY over US jobs report.

    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.

  8. Sep 3

    Markets pause for breath after yield run-up.

    Today, a look at markets pausing to take a breath after the recent brutal rise in bond yields. The biggest mover Wednesday and Thursday was the Japanese yen on an apparent fresh round of intervention, although some interesting dynamics are at play in the Japanese government bond market as well. Elsewhere, a look at extreme bifurcation in AI stories for single names after earnings reports. A big focus on macro and FX and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Breathlessly enthusiastic Silicon Valley types talk up the most optimistic outlook for AI I have heard anywhere. Who am I to say they won't be right, but it was a bit nauseating listening, nonetheless with interesting details here and there. Gil Duran wrote the ingeniously titled Nerd Reich, a book charging that a tech oligarchy is undermining our democratic institutions and trying to establish a techno-authoritarian state. He traces the intellectual backdrop of its adherents like Peter Thiel, etc. A long form youtube video of the author himself talking about the book. An exchange on X about China's huge debt load and its implications depending on how it is unwound - Japanese-style or otherwise. The deepest of dives on "what really happened at Jackson Hole" - not the ramblings of Fed Chair Warsh, but rather on the actual theme of Jackson Hole this year, which was Financial Innovation: Implications for Payments and Policy. 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.

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4.9
out of 5
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About

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.

Information

  • Creator
    SaxoStrats
  • Years Active
    2019 - 2026
  • Episodes
    100
  • Rating
    Clean
  • Copyright
    © Copyright 2019 All rights reserved.
  • Show Website
    Saxo Market Call

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