Saxo Market Call

Today, a look at the weakest equity market session in the US in the last few weeks, with at least one key AI story triggering a bit of unease, while Tesla news disappointed. But macro was the headline stealer yesterday as the Japanese yen was thrashed across the board and gold soared above $4,000 for the first time. Also: today is crunch time for whether France can kick the political can to the 2027 election, the dispersion trade is getting wild and deserves our attention, speculative froth is downright insane in some single names and more. Today's pod 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 [https://johnjhardy.substack.com/] (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 [https://www.home.saxo/insights]. Please reach out to us at marketcall@saxobank.com [marketcall@saxobank.com] for feedback and questions. Click here to open an account with Saxo [http://goto.saxo/MarketCallSignup]. Intro and outro music by AShamaluevMusic [https://soundcloud.com/ashamaluevmusic]

Today, a fresh burst of speculative energy in the AI space on the OpenAI - AMD deal, which has generated some of the funnier takes from market observers as the level of absurdity is getting worse here. The deal is the latest step forward in what one observer has called the "AI capex endgame". We also talk the latest geopolitical bits and pieces, a series of must reads for whether this is an AI bubble and how it unwinds if so, macro and FX and much more. Today's pod 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 [https://johnjhardy.substack.com/] (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 [https://www.home.saxo/insights]. Please reach out to us at marketcall@saxobank.com [marketcall@saxobank.com] for feedback and questions. Click here to open an account with Saxo [http://goto.saxo/MarketCallSignup]. Intro and outro music by AShamaluevMusic [https://soundcloud.com/ashamaluevmusic]

Today, a look at Japan's political earthquake as Takaichi emerges victorious after the oddsmakers and the market got the situation completely wrong, sending the yen sharply lower. But will this initial reaction to her victory stick in the longer run? Elsewhere, France's political dysfunction takes on new urgency as the latest PM has now resigned. Also, Palantir suffers a glitch, market internals are ablaze with divergences, some great must reads and listens on Japan and credit and more. Today's pod 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 [https://johnjhardy.substack.com/] (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 [https://www.home.saxo/insights]. Please reach out to us at marketcall@saxobank.com [marketcall@saxobank.com] for feedback and questions. Click here to open an account with Saxo [http://goto.saxo/MarketCallSignup]. Intro and outro music by AShamaluevMusic

Today we look at many AI names and the broader market posting a strong day, if one that finished off the highs - while Tesla shareholders got a very bad, no good bearish candlestick. Importantly, we cover the big markdown in private equity stocks, possibly linked to the First Brands bankruptcy, as well as whether this is this is a one-off or the beginning of a wider contagion. Geopolitics, macro and FX, more links and much more also 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 [https://johnjhardy.substack.com/] (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 [https://www.home.saxo/insights]. Please reach out to us at marketcall@saxobank.com [marketcall@saxobank.com] for feedback and questions. Click here to open an account with Saxo [http://goto.saxo/MarketCallSignup]. Intro and outro music by AShamaluevMusic

Today, we look at the US market blasting to a new all time high, apparently to celebrate the dovish implications for the Fed from the government shutdown, but especially from some very weak ADP payrolls data released yesterday, which pushed US treasury yields lower. We talk geopolitics and the crude oil outlook and whether anything can stop the run higher in gold and silver with Saxo Head of Commodity Strategy Ole Hansen. Also, we note one asset class that is flashing red under the radar amidst all of the speculative frenzy. Today's pod 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 [https://johnjhardy.substack.com/] (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 [https://www.home.saxo/insights]. Please reach out to us at marketcall@saxobank.com [marketcall@saxobank.com] for feedback and questions. Click here to open an account with Saxo [http://goto.saxo/MarketCallSignup]. Intro and outro music by AShamaluevMusic