Saxo Market Call Rotation a go-go and who gives a hoot about Hassett?
9 snips
Nov 26, 2025 Discover the latest powerful rotation moves in the equity market, especially within AI sectors. Hear insights on why who replaces Powell at the Fed isn't as crucial as it seems. Explore the impact of the upcoming UK budget and implications for the sterling and gilt markets. Dive into the healthcare sector's recent rally and the surge in materials and rare earths. Plus, John discusses the significant price cuts from Novo Nordisk for weight-loss drugs and the upcoming Aussie CPI and its effects on FX markets.
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Broad Rotation Driving Market Breadth
- Equity market internals are rotating hard with underperforming sectors leading recent gains.
- Equal-weight S&P strength shows breadth improving beyond mega-cap AI names.
Private Equity Funding Shows Strain
- Private equity and shadow banking credit markets are showing strains despite benign broad high-yield metrics.
- John points to BlackRock's Floating Rate Income Trust yielding ~12.9% as an anecdote of stress in that funding space.
Healthcare Attracts Rotation Flows
- Defensive sectors like healthcare are seeing strong rotation as investors seek cheaper valuations.
- XLV and similar names have outperformed as money shifts from expensive go-go areas.