Saxo Market Call Something weird is brewing, but what?
Aug 7, 2025
The podcast explores the unsettling factors shaping the market, hinting at something ominous beneath retail and corporate buyback activity. It delves into the impact of geopolitical influences and earnings results, especially highlighting stresses among lower-income consumers. The discussion touches on a potential interest rate cut by the Bank of England and its implications for the currency. Additionally, the challenges faced by mid-market companies in a K-shaped economy and the repercussions of monopoly power on competition and society are examined.
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Market Unease and Soros Anecdote
- John Hardy shares his personal uneasy feeling about the market's unusual strength despite troubling internal signals.
- He compares this sensation to George Soros’s backache warning but humorously doubts his own back pain's prescience.
Market Unease Despite Bullish Signals
- The market shows odd behavior with strong retail influence and large corporate buybacks masking potential risks.
- Market breadth and hedge fund underperformance suggest something ominous may be brewing within weeks.
US Stagflation and Data Quality Issues
- US ISM services data shows stagflation signs with easing labor market strength, raising economic concerns.
- Data quality issues, including population measurement anomalies, challenge accurate economic assessment.
