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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

20:02

Divergences continue to build - which way for the...

Saxo Market Call ·

2025/09/15

Today we look through the divergences that continue to characterize the action across US equities, with some of the most speculative areas - especially Tesla - on fire on Friday even as the median stock had a rather weak day. As volatility continues to crush lower, this could mean we are headed for a volatility breakout, but in what direction? Also, a look at geopolitical developments, including in rare earths, some must reads and much more. Today's pod hosted by Saxo Global Head of Macro Strategy

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25:23

Pssst...Europe has AI stocks, too.

Saxo Market Call ·

2025/09/12

Today we profile European companies with exposure to AI with Saxo Equity Strategist Ruben Dalfovo, as we continue to wonder what AI names may be in a bubble. Elsewhere, we note ongoing divergences in this market, largely brush off the impact of yesterday's US economic data as we focus on a possibly pivotal week ahead, given the FOMC is set to meet Wednesday and the Bank of Japan on Friday. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.Link to

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22:36

Putting together an AI Bubble Basket - who should be...

Saxo Market Call ·

2025/09/11

The market is taking Oracle at its word in its longer term guidance on cloud infrastructure growth. We wonder instead whether an AI bubble is incipient here and if so, which dozen or so stocks should be in the "AI Bubble Basket" we are considering identifying as a talking point from here. The set of names we are considering will be listed on the John J. Hardy substack (see link below - please let us know your thoughts there!). Otherwise on today's pod, a discussion of other key single stock news and

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26:21

Oracle rewarded for betting its capex farm on AI

Saxo Market Call ·

2025/09/10

Today we feature Saxo equity strategist Ruben Dalfovo helping break down what is driving the moon-shot in Oracle shares after the company blew the doors off of expectations with forward cloud infrastructure bookings in its earnings call after the close yesterday. We also look at the Klarna IPO forthcoming today, Novo Nordisk shares rallying on the company's cost reductions, the latest in geopolitics, macro and currencies and much more. Hosting today's pod is Saxo Global Head of Macro Strategy John

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16:00

Which AI story might crack this market's confidence?

Saxo Market Call ·

2025/09/09

Today we look at the lackluster session in the US yesterday as we remain nominally bearish with no readily identifiable catalyst in sight. And clear that the catalyst would need to be AI related to puncture this market's confidence. The next best candidate would be Oracle's earnings today after the close, though we have no visibility on what they will report. Also today, a discuss of the weak US dollar that would normally be weaker still given the backdrop, whether the US risks a government shutdown

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26:47

Bigger Fed cut weighed. Oracle the next company to...

Saxo Market Call ·

2025/09/08

Today, we look at the fallout from the US jobs report, as bonds rallied and the US dollar sold off, while equities churned in place, with many AI names under pressure. Today's topics also include the latest surge in gold, its drivers and where it may be headed, the turbulence in many AI names, driven in part by OpenAI's new initiatives making waves, previewing Oracle's earnings report tomorrow after the close, the macro and FX fallout from the US jobs data and political uncertainty in Japan and

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24:38

Market complacent ahead of US jobs data. Is the US...

Saxo Market Call ·

2025/09/05

Today - a look at the market remaining in complacency mode, boosted by a drop in yields and later by Broadcom's apparent coming collaboration with OpenAI on new chips. Also, new geopolitical developments, speculating on coming Trump announcement later today (including on a possible revaluation of US gold reserves), earnings coming up next week, the US jobs data today, a general sense of foreboding that something big is about to happen to this market, and much more. Today's pod hosted by Saxo Global

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27:55

Broadcom a key test for AI space, but big bad...

Saxo Market Call ·

2025/09/04

Today we run through equity markets trying to reset after the jump and retreat in global yields, possibly linked to the Trump tariff ruling as we await the Supreme Court ruling on tariffs as the next step. Elsewhere, Saxo Equity Strategist Ruben Dalfovo looks at the latest earnings reports yesterday, especially Figma and Salesforce, which both traded lower after their reports. He also previews what we should look for from Broadcom reporting after the close today and profiles precious metals mining

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19:06

The 800 pound long bond gorilla remains in the room

Saxo Market Call ·

2025/09/03

Today, an attempt to root out the sources of yesterday's ugly bout of risk off, with sovereign debt markets quite possibly driving much of the unease as several countries saw new cycle highs in 30-year yields. We also break down the reaction, if inconsistent, across currencies to new stresses in bond markets as we await key US labor market data while the market doesn't know what data to trust. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links

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18:40

Markets drop-kicked into September. What's going on?

Saxo Market Call ·

2025/09/02

Today we discuss the ramp in metals prices as we are finally over the summer doldrums, although the US has yet to open after the long holiday weekend. Something seems to be spooking markets overnight and into early European trading, and that something may be the fresh grind higher in long interest rates, with the long UK Gilt, for example, hitting its highest yield level since 1998 this morning. We also look at the impact on currencies and possibly the stock market from this latest rise in rates

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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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309 results

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