Saxo Market Call

Ruben Dalfovo, Saxo's Equity Strategist, shares insights on the impact of the recent US jobs report on various markets. He discusses the upcoming earnings of Oracle, which is ramping up its AI ambitions and competing with industry giants like Microsoft. The conversation touches on the current struggles of AI stocks amid new initiatives from OpenAI. Additionally, the duo explores the rising gold market and its drivers, as well as the broader economic changes influencing currency and investment dynamics.

The market's complacency is palpable as yields drop, driven partly by a potential collaboration between Broadcom and OpenAI. Geopolitical tensions, including Russian troop movements, are stirring concerns that impact NATO and trade relations. Speculation buzzes around an upcoming Trump announcement that may touch on U.S. gold reserves. With U.S. job data looming and expectations of volatility, there’s a sense that something big is on the horizon, echoing familiar market anxieties. Intriguing discussions unfold regarding employment figures and innovative breakthroughs in technology.

Today we run through equity markets trying to reset after the jump and retreat in global yields, possibly linked to the Trump tariff ruling as we await the Supreme Court ruling on tariffs as the next step. Elsewhere, Saxo Equity Strategist Ruben Dalfovo looks at the latest earnings reports yesterday, especially Figma and Salesforce, which both traded lower after their reports. He also previews what we should look for from Broadcom reporting after the close today and profiles precious metals mining companies (see link to article below). This and more, including some dark thoughts on history taking a dramatic step forward this week after China's Xi teamed up with Putin and Kim Jong Un at the Beijing parade. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Ruben's article on precious metals mining companies. Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (with a one- to two-hour delay 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.

Discover the unsettling impact of rising 30-year yields on sovereign debt markets and global sentiment. Unpack the mixed reactions across currencies as market players wrestle with the reliability of labor data. Explore the fallout from recent sell-offs in U.S. and European markets, linked to poor earnings and Google's antitrust news. Delve into currency volatility tied to national debt sustainability and the implications for precious metals. Finally, analyze how political upheavals and economic indicators shape market dynamics.

The recent surge in metals prices marks an end to summer lulls, but rising long interest rates are stirring unease in the markets. UK Gilt yields have reached levels not seen since 1998, prompting discussions about currency impacts and stock market reactions. Shifts in central bank gold holdings indicate a new trend as geopolitical dynamics evolve. Sweden's stable economy amidst global turbulence and the U.S. strategy to isolate Russia from China add layers to market complexity. Concerns about potential housing crises and consumer spending loom large.

Ruben Dalfovo, Saxo Equity Strategist known for his deep insights into tech companies, joins the discussion as they analyze the S&P 500's record high and Nvidia's indecisive market position amid an options expiry. They also preview earnings from tech giants such as Broadcom and delve into Salesforce's competitive landscape, highlighting its challenges with AI rivals. The impact of data clouds and macroeconomic factors like gold prices and currency dynamics further enriches the conversation, providing a comprehensive view of the tech sector's future.

Join Peter Garnry, CEO of Gesda Capital and former head of equity strategy at Saxo Bank, as he shares insights on Nvidia's recent earnings and its growth outlook amidst market volatility. He discusses the challenges posed by competition and capital expenditure in AI. The conversation also touches on investment opportunities in Crowdstrike and Snowflake, alongside a deep dive into geopolitical trade tensions and their effects on the market. Peter reflects on Warren Buffett's timeless investment strategies and the evolving landscape for active management.

In this discussion, Ole Hansen, Saxo Head of Commodities Strategy, analyzes how market sentiment might influence reactions to Nvidia's earnings, regardless of the results. He delves into the impact of political maneuvers on the Fed and gold prices, alongside the effects of Trump tariffs on U.S. soybean exports and lumber prices. The conversation touches on geopolitical shifts affecting commodities and the tech sector, especially concerning AI and Chinese market dynamics. Expect insights that connect finance with current events!

The podcast dives into the implications of recent market reactions to the Fed Chair's speech, spotlighting financial tensions in Europe. It discusses the looming French political showdown and the potential fallout on market stability. Concerns over the yield spread between French and German bonds highlight investor unease. Trump’s controversial remarks regarding the Fed add another layer of complexity. Plus, insights on AI's intersection with political dynamics and its impact on advertising are explored, revealing a mix of skepticism and opportunity.

The podcast dives into the aftermath of a subtly dovish speech from Fed Chair Powell and its surprising impact on market dynamics. It highlights significant divergences between equity sectors, with home builders thriving while tech stocks stumble. Insights into currency movements reveal how U.S. interest rates are shaping forex markets. There's also a discussion about the influence of demographic shifts on economic policies and the rising importance of non-bank financial institutions in forecasting inflation. Excitement builds around Nvidia's earnings as a potential game changer.