Saxo Market Call Most significant market correction since April - is it over?
Nov 10, 2025
In this engaging discussion, Ole Hansen, the Head of Commodity Strategy at Saxo Bank, shares insights into the recent market corrections and recovery. He explains the rising demand for precious metals and natural gas, driven by US economic policies and seasonal needs. Hansen also delves into the potential political shifts influencing markets, such as Trump's populist trends, and answers key questions about currency volatility. The conversation wraps up with an analysis of consumer sentiment and upcoming corporate earnings, making it a must-listen for market enthusiasts.
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Major Correction And Quick Bounce
- The market experienced a 4.2% S&P 500 correction and then recovered about half the move quickly.
- John Hardy notes this was the biggest correction since April and suggests the bounce may be thinly justified by shutdown optimism.
Critical Minerals Listing Risks Supply Moves
- Silver and copper were added to the US critical minerals list, enabling potential future tariffs.
- Ole Hansen says the immediate market impact is limited but tariffs could be introduced later and affect supplies.
Fiscal Populism Could Lift Yields
- Ole Hansen highlights rising US deficits and proposals like $2,000 checks as debt-pressure drivers.
- He links these fiscal actions to higher bond yields and persistent inflationary risk.