Saxo Market Call

Amazon blasted on spending bonfire, Crypto FODLed.

Today, a look at the US equity market suffering it first real broad sell-off in a while as nearly everything sold off yesterday, with the negative vibes intensifying after the close on news of Amazon.com's titanic spending plans on AI for the coming year. Elsewhere, crypto suffered one of its worst days ever, unsettling risk sentiment further. Also, a look at macro and FX, especially the wobbles in sterling on BoE and political developments. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack [https://johnjhardy.substack.com/]. 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] 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.

AI wipeout amidst broad market strength: what is the takeaway?

Today, a look at a remarkable downdraft in nearly all AI-adjacent stocks, with no category escaping the selling, even as much of the rest of the market posted a positive and even strong day, the latest in wildly gyrating internals. We try to piece together a takeaway and wonder as well whether the European equity market performance has gotten overcooked. Perspectives on the Bitcoin sell-off, FX and macro 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 four 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] 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.

An AI disruption bomb just went off for a widening swath of companies

Today, while the software-as-a-service disruption concern has been roiling for quite some time for many companies, yesterday's market action saw a massive new acceleration in the negative focus on companies that face a risk from AI disruption as new agentic AI applications come on board - some of them names that had escaped negative attention before. We look at a number of these names, other key moves in equities, the latest pressure on crypto and whether it can be stopped and macro and FX and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack [https://johnjhardy.substack.com/]. 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] 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.

"Cosmic reward" for Palantir shareholders, apparently. USD pivotal here.

Today, a look at global risk appetite in a happy mood as precious metals markets have stabilized and the US manufacturing sector shows its first interesting sign of revival in years. Palantir shareholders were also able to celebrate their "cosmic reward" for sticking with the company as the company reported strong earnings after the close. Disney shareholders had less to celebrate. Elsewhere, the USD is back at a tipping point as bears need to make a stand or else. 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 [https://johnjhardy.substack.com/] (within one to four 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] 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.

Silver crash - what's next? US equity market fragility?

Today, we unpack the Friday crash in silver, and to a lesser extent gold, noting that the Kevin Warsh as Fed Chair nominee news was a mere excuse for a market that was already showing signs of total dysfunction, as covered in our Thursday January 29 podcast. Elsewhere, we look at the general contagion of the metals volatility into other markets, including in rates, FX and equities, where we continue to monitor some strange behaviors that my suggest considerable market fragility. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy. The two links mentioned on today's pod: Izabella Kaminska on X [https://x.com/izakaminska], one of the greatest observers of narrative versus reality and measurer of the Zeitgeist. Especially this post caught my eye today [https://x.com/izakaminska/status/2017736588516589713]. Russell Napier's most recent appearance on a podcast [https://www.youtube.com/watch?v=W9tTg0g7kJg] - one of the most important thinkers about the new market regime we are in and the need to ask the right questions appropriate to that regime. Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack [https://johnjhardy.substack.com/]. 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] 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.