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PODCAST

Saxo Market Call

For the aspirational trader and financial markets professional. Coming at you most trading days, the Saxo Market Call is the high frequency podcast for real-time analysis of the financial markets across asset classes, from forex and rates to equities and commodities.

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All Episodes

13:51

The TACO trade engages once again

Saxo Market Call ·

2025/05/26

It's a new week and we have the latest example of what an FT columnist has called the TACO trade engaging once again: Trump Always Chickens Out. In this case, it was Trump's announcement late yesterday to delay the threat to slap 50% tariffs on the EU already to July 9 rather than June 1 (which he threatened on Friday). The US is out on holiday today, but we have plenty to discuss on geopolitics, further Trump tariff threats and executive orders on nuclear, moves in FX and more. Today's pod hosted

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13:31

Is everyone (including us) too bearish on US Treasuries?

Saxo Market Call ·

2025/05/23

Today, we ask whether too many have gotten too bearish on US treasuries, the one asset nearly everyone agrees no on should own. If so, US treasuries could be in for quite a painful squeeze ahead of a long US holiday weekend that would inevitably have interesting repercussions across markets, not least for the US dollar and gold. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.John's latest FX Update. Read daily in-depth market updates from the

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34:07

US Treasury pressure cooker heating up once again

Saxo Market Call ·

2025/05/22

Today's slide deck: https://bit.ly/44JSSzS -Today we look at the big spike in US treasuries yesterday on a weak treasury auction, which cratered confidence suddenly for the first time in weeks and sparked fresh USD selling. Elsewhere, a rundown of the action in metals, where platinum is making a strong bid for relevance, as well as weather risks for grain prices. Also, a long look at the massive uncertainties for market outcomes from here as the macro backdrop is without precedent. On today's pod

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10:00

USD breaking down as we are all waiting for Trump's...

Saxo Market Call ·

2025/05/21

Today, a look at the USD breaking down and bitcoin trying to break up to new all time highs as the US treasury market looks like a cat waiting to pounce as it awaits the passage of President Trump's "Big Beautiful" tax cut and spending bill that is set to cement huge US deficits for years to come. This and more on today's pod, which is hosted by Saxo Head of Global Macro Strategy John J. Hardy.Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please

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15:27

Make or break time for US equity market bears and...

Saxo Market Call ·

2025/05/20

Today, we check in on the technical status of the US equity market, noting meanwhile that leading versus coincident indicators on the economy have yawned to one of their greatest divergences in the past 50 years, something that usually coincides with trouble. Thoughts on make or break time for Tesla, geopolitics, FX, US treasuries and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team

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08:56

Here we go again with tariffs and US fiscal focus

Saxo Market Call ·

2025/05/19

Today, a breakdown of why US markets are stumbling so badly at the start of the week after some renewed menace on the tariff front from the Trump administration at the weekend and as US treasury yields are under pressure from Trump's big tax cut and spending bill clearing a hurdle in the House. Today's pod with Saxo Global Head of Macro Strategy John J. Hardy. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here. Please reach out to us at

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17:49

Ripping gold reversal. Underappreciated Meta risks?

Saxo Market Call ·

2025/05/16

Today, a blitz of news, from geopolitics on latest trade deal developments and more, to specific company news, particularly United Health and Meta, which faces possible major business risks that are perhaps underappreciated. Today's pod also covers the latest macro data, the big bounce in gold, the outlook for USD and JPY, huge tectonic issues for the US treasury market and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.Michael McNair post on X mentioned on the

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27:34

Gold on hold as speculative comeback has come nearly...

Saxo Market Call ·

2025/05/15

Today's slide deck - Today we look at the equity market comeback now having almost come full circle as we are a mere few percent from all-time highs after a broad-based surge, but also signs of the most speculative names have been leaders, including the notorious Palantir. Lots to discuss today in the macro outlook, gold after the big correction, oil and even soybeans with Saxo Head of Commodity Strategy Ole Hansen. Hosting today's pod is John J. Hardy, Saxo Global Head of Macro Strategy. Read

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16:53

What now after the capitulation?

Saxo Market Call ·

2025/05/13

Today, a look at where the markets are headed after yesterday's big capitulation in what was meant to be the macro trade of the year - the move out of the US dollar and US markets. Especially pressing now is where the focus may shift now that trade policy headlines are less likely to move markets. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy John's latest FX Update. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team

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11:54

As good as its gets on the trade news front

Saxo Market Call ·

2025/05/12

Equity markets are shooting for the moon and the US dollar is rallying after the US-China trade talks at the weekend resulted in a 90-day ceasefire and temporary huge tariff reductions. We look at the implications across markets and ask whether this is as good as it can possibly get for now on the trade front, as this is a change of speed, not of direction. On today's pod are Saxo Head of Commodity Strategy Ole Hansen and Global Head of Macro Strategy John J. Hardy.

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11:17

A possibly pivotal Friday

Saxo Market Call ·

2025/05/09

No slide deck today as we are trying out a new quick turnaround format for some days. Let us know how you feel about it and always happy for feedback: Reach out to as at marketcall@saxobank.com Today: extremely pivotal technical levels across US equities and in currencies ahead of a weekend that will see US-China trade talks kicking off (and where hopes are probably too high for significant developments). Also: coverage of the UK-US trade deal and what it really represents and much more. Today's

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30:30

Bears hang in at key levels as Palantir rides the...

Saxo Market Call ·

2025/05/06

Today's slide deck: https://bit.ly/3Sn9Ook -Today we discuss the US bearish case remaining intact as key resistance has held, signs that Palantir may finally be paying the price for its bubbly valuation, the latest rip in gold prices and drivers there, as well as in crude oil, the outlook for JPY, an FOMC preview and outlook for Fed policy the rest of this year, the latest must reads and so much more. Today with Head of Commodity Strategy Ole Hansen and Global Head of Macro Strategy John J

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33:02

If a cat has nine lives, how many lives does a bear...

Saxo Market Call ·

2025/05/02

Today's slide deck: https://bit.ly/3GvSye7 -Today we cover the latest challenge to the bearish case in the wake of Microsoft's huge recovery as AI spending commitments from that company and Meta helped lift broader market sentiment. We look at the next existential levels for badly wounded stock market bears after yesterday's price ramp, discuss gold, the latest on tariffs and trad talk prospects, the US jobs report today and Fed outlook and much more. On today's pod were Global Head of Investment

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27:39

Did Liberation Day not happen or are we missing...

Saxo Market Call ·

2025/04/30

Today's slide deck: https://bit.ly/42V3jy8 - Today we look at the remarkable degree to which the market has continued to climb the wall of worry, the risk to gold prices over the next several trading days, what the market is looking for next from earnings and Trump administration policy as volatility has dropped across most assets and much more, including some links to great content for further reading in the slide deck. Hosting today's pod is Saxo Global Head of Macro Strategy John J.

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22:18

Trump going soft on tariffs versus the direction of...

Saxo Market Call ·

2025/04/23

Today's slide deck: https://bit.ly/4jHvS8G -Today we look at the impact of Trump's big softening on tariffs against China as well as his declaration he has no intention of firing Fed Chair Powell, asking whether this is a major reversal across the board or merely a big slow-down in the "direction of travel" toward a US-China economic decoupling. We talk gold, silver, crude oil, equities, currencies and key US earnings as everything has been roiled once again by Trump's latest rhetoric. On

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21:47

The great bear market of our generation in store?

Saxo Market Call ·

2025/04/16

Today's slide deck: https://bit.ly/3Yz632x -Today we look at more market volatility on the latest US-China trade friction and look ahead to the next key event risks on the geopolitical front as US-Japan trade talks are set to get under way and with Italian PM Meloni in Washington. We also wonder whether the US equity market is shaping up for the greatest bear market in a generation as market bailouts are likely no longer a major Washington priority, among other reasons. Today's podcast hosted by

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25:08

US and China are slipping into an economic war

Saxo Market Call ·

2025/04/11

Today's slide deck: https://bit.ly/4jdtaZ6 -After Trump's 90-day delay on reciprocal tariffs, we have a short window of time to find out how the global geopolitical order will shape up from here as US trading partners scramble to make deals with the US on trade. Will they be willing to sign on to the US' anti-China policy as we now have what amounts to a US-China economic war until or unless until or unless we suddenly see a move to the negotiating table. On today's pod are Jacob Falkencrone on

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25:34

Market melts down as recession risks go global

Saxo Market Call ·

2025/04/04

Today's slide deck. -Today we look at a historic, very bad day for US markets in the wake of Trump's Liberation Day tariffs as the market positions for disruption and widening recession risks. On that note, Europe is certainly at risk, especially relative to recent enthusiasm. Elsewhere, we talk through the FX market and how risk off may see some shifts in recent patterns, look at precious metals after the plunge in silver, discuss what OPEC+ just did that added to the downdraft in crude oil

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14:44

Markets on tilt after Trump's Liberation Day tariff...

Saxo Market Call ·

2025/04/03

Trump's Liberation Day tariffs proved far larger than expected and have markets in a defensive posture for good reason. Today we break down why this moment has come as well as what to watch for as the ongoing impact of this historic policy move unfolds. Today hosted by John J. Hardy, Saxo Global Head of Macro Strategy. White House official announcement on the tariffs: https://bit.ly/4ld2E3e Michael Every's latest after the new tariffs: https://bit.ly/4iSClO7 Yanis Varoufakis on this

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22:57

Bracing for Liberation Day

Saxo Market Call ·

2025/04/01

Today's slide deck: https://bit.ly/4lbxQ2T - Today we look at the state of the market a day ahead of Trump's "Liberation Day" tariff announcements as the market braces for impact. We also discuss the outlook for gold now that it has tacked on another massive rally and run down the performance across the commodity complex in Q1, where gold was surprisingly not the top performer. The latest developments in FX, equity technical levels of note and our top must reads also in today's podcast, which

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312 results

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