Saxo Market Call Geopolitics getting white hot. Also, can USD tip into uptrend post jobs report?
23 snips
Jan 9, 2026 Exploring weak tech amidst strong market breadth, the discussion dives into geopolitical heat, particularly the impact of potential regime changes in Iran. Attention turns to the upcoming US jobs report, raising questions about the US dollar's potential upturn. Meanwhile, tensions in Asia regarding rare earth exports and Taiwan strategy are highlighted, alongside regional risks from Mexico and Venezuela. The episode also addresses earnings forecasts for banks and Delta, monthly equity divergences, and a cautious outlook on defense stocks.
AI Snips
Chapters
Transcript
Episode notes
Divergence Between Mega Caps And Broader Market
- U.S. equity internals show growing divergence: mega-cap tech falters while equal-weight and small caps rally.
- John Hardy highlights this as turbulence beneath the surface that may precede a broader market shift.
Tariff Ruling Could Create Policy Uncertainty
- A Supreme Court ruling on Trump-era tariffs could trigger market uncertainty and sector rotations.
- John Hardy expects a period of uncertainty and possible reworking of tariffs under a different legal framework.
Use Jobs Report As A Volatility Trigger
- Treat the U.S. jobs report as a key event risk that can revive FX and Treasury volatility.
- Watch for the report to influence dollar momentum and trigger moves in rates and FX markets.