Saxo Market Call Will the shutdown of government shut down the bulls?
27 snips
Sep 30, 2025 The risks of a US government shutdown are explored, highlighting potential economic impacts and political theatrics. The Japanese Yen makes a sudden rally, defying recent trends against the USD. Exciting discussions on Carnival's earnings reflect strong demand but cautioned cost outlook. Geopolitical tensions, especially around China and Taiwan, are on the rise, affecting global markets. The episode also dives into the complexities of labor shortages and the AI boom's perceived hype, plus what to expect in upcoming economic data releases.
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Shutdown Likely, Mostly Political
- John Hardy thinks a US government shutdown is likely and will be used for political finger-pointing into the midterms.
- He expects limited GDP damage unless the standoff widens into confidence contagion.
ARK Rally Driven By Select Winners
- John Hardy noted Cathie Wood's ARK ETF outperformed, driven by holdings like AppLovin and Robinhood momentum.
- He expressed skepticism about the productivity revolution narrative but acknowledged the positive stock reaction.
Cruise Demand Yet Cautious Management Tone
- Hardy discussed Carnival Cruise's puzzling earnings reaction: record demand but cautious talk on costs created a big intraday reversal.
- He linked strong bookings to an older clientele who may be buoyed by market-driven wealth effects.
