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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

26:22

NVDA handcuffed on OpEx. Three interesting names...

Saxo Market Call ·

2025/08/29

Today's slide deck: https://bit.ly/41sbzFO - Today we look at the S&P 500 index hitting a record high, while breadth is lacking and the Nasdaq 100 is still below its cycle highs. In single names, we wonder whether Nvidia is struggling to find direction on the enormous options expiry today and together with Saxo Equity Strategist Ruben Dalfovo we preview earnings reports from three interesting tech companies next week, including hard-charging Broadcom. Some thoughts on gold, FX and more on the

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32:29

Nvidia's earnings greeted with mild sell-off. What now?

Saxo Market Call ·

2025/08/28

Today features special guest and former Saxonian, Peter Garnry, CEO and Co-founder of Gesda Capital, who takes us through his thoughts on Nvidia after the earnings call yesterday and especially its medium to longer term growth potential versus the current valuation. We also cover Crowdstrike and Snowflake earnings, where Peter looks for investment opportunities when so many pockets of the market are overvalued, thoughts on the geopolitical backdrop and much more. Today's pod hosted by Saxo Global

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26:54

Has market made up its mind no matter what Nvidia...

Saxo Market Call ·

2025/08/27

Today, a look at how the market may treat the Nvidia earnings call tonight almost irrespective of the quality of its results if big money has made up its mind what it wants to do with AI names before the event risk itself. We also delve further into what is at stake as Trump continues to go after political control of the Fed, particularly for gold. Also: soybeans and lumber are two commodities that are heavily affected by Trump tariffs and the prospects for trade deals, the euro still could face a

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16:09

Europe on edge as the bad penny of French politics...

Saxo Market Call ·

2025/08/26

Today, a look at markets unwinding much of the reaction to the Powell's Jackson Hole speech, the bad vibes in Europe this morning as French politics are set for another showdown into a September 8 confidence vote, Trump's trying to fire the Fed's Lisa Cook and whether he can succeed, AI-related names that are nervous ahead of Nvidia's big earnings report tomorrow after the close, crypto markets on edge and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links

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20:38

Much ado about a modest Jackson Hole something

Saxo Market Call ·

2025/08/25

Today we pick apart the market drama that unfolded in the wake of a modestly dovish Jackson Hole speech from Fed Chair Powell, with market divergences more compelling to discuss than the speech itself and its boost to the broader market. We also emphasize that the week ahead could prove a pivotal one as the AI theme faces its critical quarterly test in the shape of Nvidia's earnings on Wednesday after the US market close and US Labor Day marks the end of summer. FX reactions, anecdotes, links and

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25:40

Is Nvidia dead to China?

Saxo Market Call ·

2025/08/22

Slide deck for today's podcast: https://bit.ly/47eartf -Be sure to check out the many links, including those discussed on today's podcast, together with the chart of the day, over at the johnjhardy substack. (available within two hours of this episode upload) Today we focus on possible correction targets for this drawdown, should it continue, and welcome Saxo Equity Strategist Ruben Dalfovo to the pod, who leads us through his assessment of Nvidia going into next Wednesday's critical earnings

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19:39

Dip buyers celebrate, but market fragility now laid bare

Saxo Market Call ·

2025/08/21

Today, we note that dip-buyers won the day yesterday after a further acceleration of the sell-off, but that the entire volatile experience has further revealed the fragility of this market. We also note reactions to incoming earnings, the pressure on long bonds easing with the important major exception of Japan, the latest in currencies, some must reads if you would like to delve deeper into the Palantir phenomenon and much more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J

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21:58

Is Palantir's goose finally cooked?

Saxo Market Call ·

2025/08/20

Yesterday saw Palantir shares leading the decliners on Wall Street as tech and crypto stocks were hammered yesterday even as the average stock didn't perform terribly on the day. With a drawdown of more than 15% after a noted short seller threw shade on the stock's valuation, has Palantir finally seen a major peak? Elsewhere today, we look at the heavy action across the currency space, bonds not yet serving as a safe haven, and what is ailing gold and especially silver at the moment, noting major

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23:27

Bond markets could pressurize this too quiet market.

Saxo Market Call ·

2025/08/19

Today, we look at an unremarkable US equity market session while we continue to watch for signs of trouble after recent divergences and shifts in the internals. A key focus today on very long bond yields rising to cycle highs, especially dangerous for the UK with its external deficits - when does the penny drop for the pound? Meanwhile, the very low volatility across asset markets belies the spring loaded risks from the next policy choices should bonds come under additional pressure. Some great

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24:12

Correction time again as big US retailers set to report?

Saxo Market Call ·

2025/08/18

Link to today's slide deck: https://bit.ly/4fIGOCj -This week we face an extension of geopolitical tensions as we await the outcome of the bargaining process over the terms of a ceasefire in the Ukraine war after Trump and Putin failed to announce anything concrete. Meanwhile, we look at signs of both uncertainty and wobbliness in animal spirits as crypto nosedives at the start of the week and we consider the technical lay of the land for the US S&P 500 index. Earnings and macro calendar

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22:18

The music has suddenly changed. It feels like a huge...

Saxo Market Call ·

2025/08/14

Today we break down another day of wild divergences relative to recent market action, as former dud sectors are suddenly outperforming like crazy, a sudden vibe shift that feels significant, if mysterious. As well, we note the volatility in US treasury markets and FX on Treasury Secretary Bessent's latest dovish comments on where Fed policy should be and on need for the BoJ to hike rates. Also on today's podcast, Apple's slate of new hardware products, upcoming macro and earnings releases, today's

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19:23

After US CPI, small caps for the win, for a day at...

Saxo Market Call ·

2025/08/13

Today we look at the explosive reaction to the US July CPI release, which failed to confirm fears that Trump tariffs would feed into hotter headline inflation - but was this one-off algorithmic squeeze or something more durable? Also, a delving into the different moving parts of inflation, one major category of which could prove deflationary, a look at the macro and FX reaction to the US CPI data, Circle Internet execs doing a money grab, Coreweave dumped as it struggles with costs and more. Today's

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22:31

Stagflation and mounting market divergences on the brain

Saxo Market Call ·

2025/08/12

Today we run through the important US July CPI data release today, the first data point that is arguably fully showing Trump tariff impacts. We break down the possible reaction functions across markets, including gold, rates, and currencies as we await evidence that stagflation remains the most likely scenario from here. We also revisit the lithium and rare earths discussion after the pop in lithium stocks yesterday and point out significant market divergences in the US equity market, noting that

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20:12

Surf is up for the bulls for now, can US CPI spoil...

Saxo Market Call ·

2025/08/11

Today, a look at the strong close to the equity market action on Friday and the ongoing speculative fervor in key areas of the market, with Bitcoin pushing near all time highs today. Also: a look at Apple's big comeback above its 200-day moving average and its massive pivot into AI, with all of the risks and opportunities that brings. Lithium and lithium stocks are a hot topic as well after China shutdown a key mine for three months. Looking ahead, we wonder if the US CPI release tomorrow can throw

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27:24

Countdown to Mar-a-Lago accord just begun?

Saxo Market Call ·

2025/08/08

Today's slide deck: https://bit.ly/4oGwhfc - Today we cover the chaos in the gold market on the US moving to tariff certain classes of bullion, Trump's executive order to allow bitcoin and cryptocurrency holdings in 401k accounts, geopolitics and crude, and most importantly, the possibly massive implications of Trump's nomination of Stephen Miran to occupy the empty seat on the Fed Board. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J

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29:06

Something weird is brewing, but what?

Saxo Market Call ·

2025/08/07

Today, we run down some of the odd factors in this market that are keeping us on the edge of our seat that something weird, and possibly ominous, is brewing, if disguised by the wall of retail, passive and corporate buyback bids in this market. We also talk incoming earnings and strong reactions to those, macro and FX and today's latest batch of must reads and listens. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on the podcast can be found on the John J

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20:13

And the next Fed Chair is...

Saxo Market Call ·

2025/08/06

Today, we await the imminent announcement of the identity of the next Fed Chair as Trump has two empty Fed board seats to play with and could fill one of them with his next Fed Chair nominee. We also talk earnings yesterday (AMD, Supermicro and Novo Nordisk) and upcoming earnings today, whether the USD bears are set to get the upper hand again here, key resistance that is still in place for US equities, some great links and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J.

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18:51

The AI train keeps chugging. Challenging our own...

Saxo Market Call ·

2025/08/05

Today, we note that US stocks have closed last week's gap in the major indices. Do bears re-engage or get trampled by the bulls? We round up the blowout Palantir earnings, look at the next key AI names to report today and discuss some great links, including one that is supports the idea that bearish concerns are misplaced in an era of fiscal dominance, in a policy mix possibly unlike anything we have seen since at least the 1940's and structurally, unlike anything we have seen ever. Today's pod

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23:49

The cracks beginning to show as we are flying blind...

Saxo Market Call ·

2025/08/04

The overdue US equity market correction finally arrived. Will this just prove a healthy correction or are the cracks beginning to show, pointing to something bigger afoot? It is certainly clear that the data is not giving us any real clue of the status of the US labor market after Friday's shock negative revisions to payrolls. Also on today's podcast, we discuss listed rare earth companies and an ETF, the situation in industrial and precious metals, geopolitics, critical incoming earnings, important

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21:40

What one Mag7 name giveth, another Mag7 name taketh away

Saxo Market Call ·

2025/08/01

Link to today's slide deck. - Today, a look at a very unusual and very climactic third consecutive outside day on the Nasdaq 100 index, as the intraday rally tested all time new highs before selling started that accelerated on Amazon.com's earnings after the close. Also, a look at Europe struggling mightily today and some of the mighty that have fallen of late. Huge focus today as well on the US July jobs report and how it will impact the US dollar, as well as a preview of critical names

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299 results

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