Saxo Market Call

Markets are a bit nervous here ahead of the FOMC meeting tomorrow and the delayed key US data, with the key question afoot of whether the US treasury yields are set for a break higher, which could drive higher volatility across all other asset classes. Elsewhere, rising yields driving fresh woes for the JPY, with USD traders holding their breath trying to sort through the reaction function to different scenarios for US data. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours from the time of the podcast release). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Today, a quick look around global markets, where the JPY can't find a bid as long as global bond markets are under pressure, the US stock market continues its odd, micro-volatile march higher and we have Netflix trying to acquire Warner Brothers-Discovery if the deal is approved, with the FT noting that some prior Warner Brothers takeovers have come at interesting market inflection points - see link below. Also, the big move in CAD on Friday and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. The FT notes a couple of prior Warner Brothers takeovers that came just before ugly bear markets. The longer versions of the Saxo Market Call usually feature a John J. Hardy substack post to accompany the show, with links and the chart-of-the-day. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

US small caps are surging to all-time highs while major indices show lackluster performance. Attention turns to the JPY, which is at crucial support levels, stirring speculation among JPY bulls. The podcast explores Bitcoin's resistance levels, Warner Bros' potential takeover of Netflix, and an upcoming earnings calendar featuring major companies. Additional insights include recent job data, central bank meetings, and a significant German pension vote that could impact political stability. A review of the US National Security Strategy adds more depth.

Today, we note that the recent divergences we have highlighted have almost begun to hyperextend, as small caps, transports and other sectors had a banner day even as Mag7 and Tech were decidedly meh. Elsewhere, FX is heating up as the US dollar is breaking down and sterling is breaking up, among other developments. This, a bit of throwing shade on the concept of "dry powder" and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. One interesting link discussed on today's pod was on Japan's new Tagei submarine class - and its revolutionary battery-driven tech. There is no John J. Hardy substack to accompany today's podcast due to time constraints. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

This podcast dives into the current market crosscurrents, highlighting the surprising rebounds of some previously beaten down sectors. There's a keen focus on the struggles of the AI and tech rally, which remains lackluster. Technical analysis reveals intriguing patterns in big tech stocks and notable sector rotations. The geopolitical landscape is dissected, with tensions in NATO and the Pacific drawing attention. Additionally, insights into macroeconomic trends include pivotal movements in the USD and commodities like silver and bitcoin making headlines.

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.

The latest market buzz features a surge in AI stocks, particularly Google and Broadcom, as competition heats up for Nvidia. Novo Nordisk faces challenges after disappointing Alzheimer trial results, impacting its stock. Broadcom has even surpassed Meta in market cap, reshaping top stock rankings. Geopolitical tensions are explored with U.S.-Ukraine talks influencing market sectors. Lastly, a brief dive into macro factors highlights yen interventions and upcoming U.S. economic data.

This podcast introduces a new shorter format for quick market insights. Highlights include small caps outperforming big tech, suggesting potential market rotation. There's intriguing chatter about the Fed's December rate cut odds and its minimal impact on yields. The crypto space sees notable volatility, especially with Bitcoin. Plus, European defense stocks face scrutiny amidst peace talks, and key earnings from major companies are on the radar. Finally, a look at macro trends including currency movements and upcoming fiscal decisions.

The podcast dives into a tumultuous market session, revealing a bearish signal after a surprising reversal fueled by Nvidia's earnings. Discussion centers on potential disruptions in the AI hardware ecosystem, raising concerns about faulty assumptions and financial fragility. Listeners also learn about critical technical levels for NASDAQ and S&P, and how volatility in Nvidia impacts broader indices. The breakdown in cryptocurrencies is highlighted as a leading risk factor, influencing sentiment across financial markets.

Ruben Dalfovo, an Equity Strategist at Saxo, shares insights on Nvidia's strong earnings and its implications for tech revenue. He discusses Nvidia's diverse customer base and the challenges of supply constraints in the face of booming demand. The conversation also shifts to the weakening Japanese yen, highlighting its potential effects on Japan's fiscal policy and inflation. Dalfovo connects these themes to broader market dynamics and investor sentiment, emphasizing the importance of upcoming economic catalysts.