Saxo Market Call Bigger Fed cut weighed. Oracle the next company to set the tone in AI.
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Sep 8, 2025 Ruben Dalfovo, Saxo's Equity Strategist, shares insights on the impact of the recent US jobs report on various markets. He discusses the upcoming earnings of Oracle, which is ramping up its AI ambitions and competing with industry giants like Microsoft. The conversation touches on the current struggles of AI stocks amid new initiatives from OpenAI. Additionally, the duo explores the rising gold market and its drivers, as well as the broader economic changes influencing currency and investment dynamics.
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Jobs Report Tilted Markets Toward Rate Cuts
- The weak US jobs report lowered yields and pushed markets to price larger Fed cuts, creating bond rallies and dollar weakness.
- Equities oscillated as investors weighed cheaper rates against recession risk, leaving direction uncertain.
Gold Riding Fed-Cut Expectations
- Weak US data plus lower rate expectations pushed gold to fresh highs above $3,600 as investors price earlier and larger Fed cuts.
- Ole Hansen sees room for further extension toward $3,800 if the CPI and rate outlook support the move.
Large Speculative Longs Underpin Gold
- Managed-money futures show a massive skew to gold longs, with about $60bn of the $130bn normal position in gold.
- Shallow pullbacks have let long-term technical traders hold and add to positions as prices make new highs.