Saxo Market Call Market wrap and a big US mid-term preview.
19 snips
Oct 30, 2026 Markets reel as AI stocks, Amazon’s spending, Intel’s weakness, and renewed Iran-war fears fuel a broad sell-off. The discussion then turns to the high-stakes U.S. midterms, including congressional control, cost-of-living backlash, corruption controversies, election risks, and the future of both parties. Also covered: yen weakness, precious metals, Binance’s cybersecurity scare, and constraints facing America’s AI infrastructure boom.
AI Snips
Chapters
Books
Transcript
Episode notes
AI Spending Faces A Return-On-Capital Test
- Investors interpreted Amazon’s $77 billion quarterly capital spending alongside declining e-commerce revenue as a warning about AI infrastructure returns.
- Caterpillar’s 17% growth also mattered less after decelerating from 24%.
Short Covering Can Masquerade As Market Health
- Strong gains in heavily shorted companies can reflect forced short-covering rather than healthy, broad-based demand.
- Hardy compared the distorted correlations with market behavior during 2000 and 2001.
Oil Shock Drove A Flight Into Bonds
- Renewed Iran-war fears pushed Brent crude toward $118 while investors bought bonds and drove two-year yields down ten basis points.
- The resulting curve move reflected risk aversion and expectations of easier policy.
