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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.

business investing

All Episodes

16:06

Geopolitics getting white hot. Also, can USD tip into...

Saxo Market Call ·

2026/01/09

Today, the weak tech, strong broad market theme deepens as we wonder what is driving it. Also, geopolitical developments are coming quick and heavy, with the situation in Iran looking especially impactful from here if the regime is overturned. Elsewhere, a focus on the US dollar today on the US jobs report and whether nearly-dead FX can wake up if macro trades are revived in its wake. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.John's The FX

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25:16

Last chance saloon for the bears for a while?

Saxo Market Call ·

2026/01/08

Today, we run through a number of factors, from the very tactical, to the very big picture, on why bears might try to make a stand here - with earnings season in the wings to test this wildly bullish market anyway in the weeks ahead. Regardless, Trump's new populist pronouncements on big defense companies and companies buying US housing are pivotal, as they will have strong bipartisan support. Elsewhere, geopolitics will remain a massive distraction even if markets continue to ignore developments

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23:50

Big metals rebalancing incoming. Waiting for Godot,...

Saxo Market Call ·

2026/01/07

Today, we note the strong risk-on vibe continues, though more in the broader market rather than in the megacaps. We also highlight that major commodity indices are in for an annual rebalancing in coming days, with interesting implications for gold, silver and even cocoa. There's also lots of Nvidia news shaking the autonomous driving space, very little going on in the FX space, though Aussie is doing its best to make noise and key US data incoming. This and more (including geopolitics and oil) on

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14:27

Two Mag stocks aren't so happy. Also, can FX please...

Saxo Market Call ·

2026/01/06

Today, a rundown of a positive day for stocks, though two Mag 7 stocks look rather weak here given the backdrop. We also discuss a reconstitution of our AI basket, FX trying to become relevant again with some possibly interesting moves developing and the hope that the US dollar can make a statement one way or another by the end of the week with key data incoming. A few comments on Venezuela and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Today's

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19:16

Venezuela is probably just the start. Market shrugs,...

Saxo Market Call ·

2026/01/05

Today, an assessment of the reasons behind the US' surgical removal of Venezuela's political leadership and what the fallout may be for oil and likely more importantly, geopolitically. We also bring the Iran situation into the conversation and note that it could prove a far bigger deal for oil and gas markets if sanctions are eventually lifted there. As well, we discuss the insane ramp in silver prices into year-end, the moves in FX and more. Today's pod features Saxo Head of Commodity Strategy Ole

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43:02

Forecasts for 2026. Also: a stab at assembling a 2026...

Saxo Market Call ·

2025/12/23

Today, we take a humble stab at forecasting the coming year, from the economy and global equity markets to outcomes for rates and FX, as well as touching on key policy and geopolitical topics with uncertain outcomes that could make a mockery of any forecast. We even assemble a sample portfolio for 2026 that we'll return to throughout the year. (Important: this is not a recommendation, it's presented in order to have as a point of departure for discussions).You can find the sample portfolio

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16:52

Why Tesla might rip higher again. Also, JPY at the...

Saxo Market Call ·

2025/12/22

Today, we look at equity markets trying to ramp up for a strong close to a strong year. On Tesla's recent share price ramp, we have finally gotten the memo, as there is clearly a SpaceX angle for the company's stock of late that could send it higher still depending on market conditions for an eventual SpaceX IPO and whether Tesla shareholders get special access. Elsewhere, the JPY tries to make a stand after Friday's ugly downdraft and as JGB yields spike again. This and more on today's pod, which

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13:31

DJT goes nuclear. Also, how can the yen be saved?

Saxo Market Call ·

2025/12/19

Today, a look at AI stocks trying to get back their stride, Trump's DJT stock now becoming a nuclear fusion play and thoughts on what exactly can stop the yen from weakening when the market continues to play the currency as an emerging market currency after today's BoJ hike, with weakness in the currency coinciding with new 26-year highs in the 10-year JGB yield, which has ripped higher through 2.00%. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.For our longer form

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29:08

AI stocks on tilt, even if Micro isn't. JPY eyes BoJ.

Saxo Market Call ·

2025/12/18

Today, a look at a weak session for US equities, led by fresh selling in nearly everything AI-related, though Micron did all it could to right sentiment after the close with stunning forward projections. We also talk Oracle's latest stumbles, Nike earnings incoming and the European fashion space, macro and FX, especially the incoming Bank of Japan meeting Friday as yen traders are likely set to pounce. Today's pod features Saxo Equity Strategist Ruben Dalfovo and was hosted by Saxo Global Head of

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20:45

Tesla all time high, metals mayhem and BoJ focus

Saxo Market Call ·

2025/12/17

On a meh day for US equities, retail traders take Tesla to a new all time highs on robo-taxi hopes. Elsewhere, we break down some critical news for owners of US defense stocks as Trump weighs moving against their buybacks and dividend payments. Elsewhere, we run through the latest on the crude oil and natural gas outlook, the wild price action in metals, a key US dollar reversal and the massive stakes going into the Bank of Japan meeting this Friday for the yen. This and more in today's pod, which

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20:06

Sliding risk sentiment, but not for optimistic Tesla...

Saxo Market Call ·

2025/12/16

Today we look at another weak session for the US equity market, especially for many AI-related names, although Tesla had a banner day on hopes that its Robo-taxis are set to go driverless. We do some of the maths on robo-taxis to show why market hopes are so high - but also why the company must deliver them on a staggering scale to justify Tesla's share price. Thoughts on macro and FX ahead of key central bank meetings later this week and much more also on today's pod, which is hosted by Saxo Global

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10:02

Signs of funds closing down for the year, but...

Saxo Market Call ·

2025/12/15

Today, a look at Friday's ugly session, where internals suggest a market where some of the pros may be in profit-taking mode ahead of year-end as some of the most recent high-profile gainers suffered an ugly setback while many weak companies posted strong gains. Also, a look at the busy calendar for the week ahead for macro traders, as we await key US data and central bank meetings, especially the Bank of England on Thursday and the Bank of Japan on Friday. Today's pod hosted by Saxo Global Head of

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29:22

Rebalancing away from AI continues, USTs still a concern

Saxo Market Call ·

2025/12/12

Today, we note the extension of the recent boom in the broader market and small caps relative to tech, as the relative rotation away from AI continues and Broadcom is the latest AI/tech megacap to be punished despite reporting strong results for last quarter after the close yesterday. We also profile an intriguing and wildly successful name for the last thirty years that reports next week, assessing Micron and its massive advance. Lots more on today's pod as well, especially on macro and FX and

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21:35

Oracle spoils post-FOMC pump, can Broadcom save the day?

Saxo Market Call ·

2025/12/11

Today, a look at the S&P 500 attempting a new all-time high and the broader market bulling up strongly on the nominally dovish FOMC meeting, only to be spoiled by the Oracle earnings after the close as investors worry about the company's rate of spending and cloud revenue miss. Can Broadcom earnings today save the day? Also, Carvana is about to be added to the S&P 500, but is it an out-and-out fraud and an eventual zero as many short sellers would maintain? This and more on today's pod,

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24:47

The stunning silver surge, the FOMC and prepping for...

Saxo Market Call ·

2025/12/10

Today, we look at the equity and treasury markets holding their collective breath ahead of the FOMC tonight and what to watch for in the market's reaction today, noting that key incoming US macro data is in the mix as well. We also talk gold, the surge in silver and the crude outlook with Saxo Head of Commodity Strategy Ole Hansen. Also, one key listen for today asks the question of what would the market trajectory look like if AI causes unemployment rates to rise to 20%? Today's pod hosted by Saxo

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16:06

Is a volatility expansion on tap across markets post...

Saxo Market Call ·

2025/12/09

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

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9:17

The 9-minute: Have we just seen a "harbinger of...

Saxo Market Call ·

2025/12/08

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

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15:29

Small caps bull FTW, while USDJPY tilting, tilting....

Saxo Market Call ·

2025/12/05

Today - US small caps posting all-time highs while the action in the major indices remains positive, but moribund. Elsewhere, the JPY is knocking on key support levels in USDJPY and EURJPY is faltering within its very restricted range - is something finally afoot for JPY bulls. A look at the week ahead in macro and company earnings and more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.Our link of the day is to the White House's recent National Security

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27:23

Divergences under the surface extend further, while...

Saxo Market Call ·

2025/12/04

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

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19:08

Crosscurrents all around and outrageous predictions!

Saxo Market Call ·

2025/12/03

Today, a look at the many crosscurrents in this market as some beaten down names and formerly beaten down sectors have surged higher, while the attempt to get the AI and tech rally back on track has only been half-hearted. Also, macro and FX as the USD looks pivotal ahead of today's US data, some must reads 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 (within

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357 results

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