Saxo Market Call saxostrats

Today's slide deck: https://bit.ly/3ftJ8ij   -


Today's session is expected to be quiet with a holiday closing cash markets in the US. This week will likely become a tug of war between earnings releases and higher interest rates as equities try to digest the fast changing landscape for equities. Real yields have moved sharply higher recently suggesting the market is believing that the Fed can cool down demand and inflationary pressures by raising interest rates. For gold bulls it should be encouraging to watch how gold prices are holding up despite rising US real yields. In commodities things are not cooling down with oil prices surging higher with Brent crude at the cusp of breaking above the previous high from October last year. We also discuss copper which looked strong last week but gave up some of the gains again due to weakening macro data from China. Today's pod features Peter Garnry on equities and Ole S. Hansen on commodities.


Intro and outro music by AShamaluevMusic

Today's slide deck: https://bit.ly/3ri64Xh   -


Today, we look at a weak session in the equity market yesterday, but one that continues to show violent cross-currents as performance levels for various themes continue to diverge significantly and where there may be a considerable contrast in where institutional investors are focusing their buying versus a possibly more straightforward buy-the-dip mentality from retail traders. We also look at the US treasury auctions this week as the yield curve remains stubbornly flattish, note the ongoing JPY resurgence, the USD failing to serve as a safe haven yesterday and what we are looking for on the increasingly busy earnings calendar. Today's pod features Peter Garnry on equities,  Althea Spinozzi on fixed income, and John J. Hardy hosting and on FX.


Intro and outro music by AShamaluevMusic

Today's slide deck: https://bit.ly/3FnDlFA   -


Today, we look at the market shrugging off the latest multi-decade high in US CPI as US treasury yields actually dipped on the day and the US dollar broke down broadly as the drumbeat of hawkish Fed appearances and data have failed to sustain new momentum in policy tightening expectations or long US treasury yields. Elsewhere, we look at a new pop in metal prices, particularly copper, discuss key equity stories, including chip giant TSMC and more. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.


Intro and outro music by AShamaluevMusic

Today's slide deck:  https://bit.ly/3zONkTb   -


Today, we discussed yesterday's session completing at least a near term mean reversion in market internals after remarkable performance divergence between bubble stocks and the wider market. Elsewhere, we look at US yields peeling away from new highs after Fed Chair Powell's nomination hearing and as we await a possible 7-handle on the US headline December CPI later today for the first time since 1982, discuss credit spreads in high yield corporates and whether there are any signs of distress yet, new post-omicron highs in crude oil, inflation pressures from food and wages and more. Today's pod features   Althea Spinozzi on fixed income, Ole Hansen on commodities and John J. Hardy hosting and on FX.


Intro and outro music by AShamaluevMusic

Today's slide deck:  https://bit.ly/3fbHEsX   - 


Today, we look at the extension of the US equity market sell-off suddenly finding support intraday yesterday and managing to close around unchanged, with Bitcoin surviving a simultaneous challenge of the key 40,000 area. US long treasury yields also topped out yesterday with auctions in coming days critical for measuring demand after the recent spike in yields. A look at FX developments, key equity stories and earnings and macro event risks on on tap and more in today's pod, which features Althea Spinozzi on fixed income, Peter Garnry on equities and John J. Hardy hosting and on FX.


Intro and outro music by AShamaluevMusic

Today's slide deck:  https://bit.ly/3JW7bEM   -


Today, we look at December US jobs report indicating that the US is more or less at full employment as payrolls growth is anemic, but the unemployment rate continues to drop aggressively and average hourly earnings to rise steeply. The Fed will continue to feel that it is behind the curve and may have to step up more dramatically than the market is currently pricing, with yields now rising all along the yield curve. Elsewhere, we look at crude oil, commodity index rebalancing, softs, struggling vaccine maker Moderna as omicron may point toward a new phase of the pandemic, geopolitical concerns on Ukraine weighing heavily this week, upcoming earnings calendar and more. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.


Intro and outro music by AShamaluevMusic