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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

27:03

AI leading equity market nosedive. Also: USD no safe...

Saxo Market Call ·

2025/11/14

Today, we cover the very ugly day for US equity markets, with the selling quite broad, but most concentrated in AI-related and crypto-related names as the latter is in a real funk and suggests poor liquidity. With Saxo Equity Strategist Ruben Dalfovo, we pick out several names to discuss including Oracle and Disney. Also, we look to next Wednesday's Nvidia earnings report as the next critical event risk for this market, noting other big retail names reporting in the US as well, including Walmart

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25:22

AI picks & shovels versus AI miners. Also: "Gimme a...

Saxo Market Call ·

2025/11/13

Today we look at another fascinating session full of divergences, particularly the clearly emerging pattern of AI "picks and shovels" sellers (hardware makers, particularly in chips) performing well versus the biggest spenders on "miners" or those investing in AI data center capacity. Meanwhile, will there be any power to drive further growth? A rundown of the massive comeback in gold, energy and more with with Saxo Head of Commodity Strategy Ole Hansen, notably connecting Trump's turn left and

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20:44

One day, is gonna be the day, the K-shape really gets...

Saxo Market Call ·

2025/11/12

By now you should have some how realized the things you oughta do... Okay enough of that...(Hint - goofing around with alternative lyrics to the Oasis song Wonderwall). Today's theme and the links (see below) are clearly the K-shaped economy and what that means for the long run. But we also cover some fresh interesting divergences in yesterday's action, macro and FX moves and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.Links discussed on the podcast and our

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20:34

As market comeback continues, remembering those who...

Saxo Market Call ·

2025/11/11

On Veterans' Day, remembering those we know and knew that served, we note that the market comeback is nearly complete with only the last shreds of resistance remaining ahead of the recent top, look at some results from Coreweave, Softbank and Rocket Labs, the coming end of the government shutdown, macro data from UK hitting sterling, how AI data center infrastructure ages, some interesting links for the day and more. Links discussed on the podcast and our Chart of the Day can be found on the John J

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22:31

Most significant market correction since April - is...

Saxo Market Call ·

2025/11/10

Today, a look at markets bouncing back with considerable enthusiasm as the US government shutdown may be set to end in coming days, though it's worth noting we are only seven days removed from record highs as the market completely ignored the shutdown issue in the first place. Also, talking precious metals and natural gas with Saxo Head of Commodity Strategy Ole Hansen, macro and FX, whether US President Trump is turning hard left, incoming earnings and lots of must read and must listen links

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19:05

We are at a tipping point - which way do we tip?

Saxo Market Call ·

2025/11/07

Another ugly day on the US markets as the AI bubble focus heats up and key names are bleeding, from Nvidia and Palantir to Meta and Oracle. With VIX near pivotal levels, it feels like we need to find support here or risk a further and possibly accelerating consolidation in this bull market. That's important for other markets as well, as bond and FX markets have shrugged off the volatility in risk assets so far but can't remain immune to the contagion if risk sentiment deteriorates further. This and

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20:53

A critical constraint for AI infrastructure spending:...

Saxo Market Call ·

2025/11/06

Today, a look at the market's attempt to recover from the recent sell-off, noting at least one key name that is not participating in the comeback and noting sectors that are sending off diverging signals. Also on today's pod: key companies reporting and results incoming, macro and FX, some must reads and listens on what could hold AI back even if the hope to spend even more on data centres and more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on the

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21:24

Corrections without obvious drivers to be taken more...

Saxo Market Call ·

2025/11/05

Today - a rundown of yesterday's significant, if rather mega-cap and AI-concentrated market correction and its possible drivers, including the idea that the drivers weren't so obvious, and possibly therefore a bit more ominous. Still, it is worth noting the lack of contagion into other assets so far as we ponder next steps across markets, including in rates and FX. 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

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24:20

Bubbliest of the bubbly companies on deck with...

Saxo Market Call ·

2025/11/03

We are much of the way through earnings season, although some of the bubbliest of the big bubbly names are reporting earnings this week, including speculative favorite Palantir today, while Applovin reports tomorrow and Robinhood, the top performer of the S&P 500 this year, reports on Wednesday. Also today, we look at the state of play in commodities markets with Saxo Head of Commodity Strategy Ole Hansen, including soybeans, gold and crude oil, run through some more compelling developments in

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29:37

The boy who cried "Hindenburg Omen!"

Saxo Market Call ·

2025/10/31

Today we break down the weak US equity market session, which was partially reversed after hours by a blowout Amazon earnings report. We also note that the ominous "Hindenburg Omen" has now been triggered, although it's relevance in market history is patchy. Also, a full rundown with Saxo Equity Strategist Ruben Dalfovo of the major companies that reported this week from Meta and Amazon to Apple and others as well as a ahead at next week's earnings highlights. Macro and FX, a bit on geopolitics and

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22:03

US & China check the key "trade war detente" boxes....

Saxo Market Call ·

2025/10/30

Today, we look at the US and China clearly wanting to de-escalate trade tensions as both sides made concessions, with a one-year time horizon for some of the most important ones. Otherwise, we cover the extreme narrowness of the market's recent advance as most stocks have had a lousy couple of days on Tuesday and Wednesday. Thoughts on Fed Chair Powell's hawkish press conference and an unbelievably dovish Bank of Japan governor Kuroda press conference, many single stock stories, must reads and

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24:18

A pivotal 24-hour window for global markets

Saxo Market Call ·

2025/10/29

Equity markets hit fresh highs on hopes for a friendlier terms-of-trade stance between the US and China to be agreed ahead of a Trump-Xi meeting meant to take place in South Korea tomorrow. We note the important details that need to emerge to justify the market's enthusiasm in what could prove a critical 24-hour window for global markets, with the FOMC on tap later today and an important BoJ meeting tomorrow as well. Plenty of single company stories to pick through as earnings roll in and macro

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17:02

Could precious metals meltdown see new FX themes...

Saxo Market Call ·

2025/10/28

Today, a look at the strong risk appetite rally encouraged by hopes for a respite or detente in the US-China trade war. Also, a look at some wild moves on AI-chip related moves, Amazon's big job cuts, earnings ahead, and especially, on whether the end of the precious metals meltdown could free up some focus on currencies more broadly after their recent lack of volatility, with particular focus on the JPY. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J

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21:45

The art of the deal, or at least the art of the pause...

Saxo Market Call ·

2025/10/27

The US and China appear to be headed toward a trade deal, or at least an agreement to come to arms-length terms to de-escalate on a number of fronts for now. This is boosting already bubbly risk sentiment further as we enter the heart of earnings season, where five of the Mag7 are reporting later this week. All the AI-related spending will be a key point of scrutiny. Also, an update on macro and FX with four central banks meeting this week, some links and podcasts listens and more. Today's pod

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27:16

Market hoping for US-China comprehensive deal. Also,...

Saxo Market Call ·

2025/10/24

Today, we look at a market that remains hopeful the US and China are maneuvering towards a comprehensive deal, which could clear the decks of significant geopolitical uncertainty for quite some time if Xi and Trump are headed toward a friendly meeting in person next week after trade talks through Monday. With Saxo Investment Strategist Ruben Dalfovo, we also run through the key earnings reports this week and what we're looking for in next week's mother lode of reports. Macro, FX, geopolitics, must

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20:02

Critical four days ahead for geopolitical headlines

Saxo Market Call ·

2025/10/23

Today we look at a rocky session for equities as geopolitical headlines spooked the market, which is trying to figure out whether the latest US threats are just chest thumping ahead of the key talks between the US and China kicking off tomorrow or a sign that trade tensions will escalate further. Also, plenty of single company news on earnings from Tesla, IBM and others, more fun and games for quantum computing stocks, key incoming data from Japan and the US that could spike FX volatility and more

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23:54

Remember that China has as much power as Trump to...

Saxo Market Call ·

2025/10/22

Yesterday saw a low-energy session in US equity markets, though as ever with considerable turbulence and divergence beneath the surface. We also underline that in this key US-China relationship that is the focus ahead of the November 1 deadline for a new deal to emerge, China is as important as the US if it simply decides that it wants to use its leverage now and not make any concessions. The market is pricing zero risk of bad outcomes, which looks complacent, even if we have no idea what the

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24:07

Markets charge back higher as we continue to cast a...

Saxo Market Call ·

2025/10/21

Today, we note the US equity market strength, but also note some of the signs that the rally is of poor quality as we continue to maintain that we are in an unsustainable bubble, while recognizing we've no ability to call even a temporary top. Also, this is a critical phase for the US-China trade talks as we don't know whether the market's optimism is justified. Thoughts on geopolitics, single stock stories, macro and FX and some compelling further reading and further listening links also on the

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23:02

Market says glass is half full as we near crunch time...

Saxo Market Call ·

2025/10/20

Today we look at the strong equity market recovery on Friday and its drivers, chiefly centred on hopes that US-China trade talks proceed in the direction of de-escalation, as sentiment related to the regional bank and private credit markets showed only marginal stabilization. Also, we refresh our impression of the precious metals markets after Friday's wild session and look at copper, crude oil and soybeans. Also, a look ahead at key US companies reporting in the coming days, US macro data that will

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14:42

Market fear levels shoot up, but not everyone is...

Saxo Market Call ·

2025/10/17

Today we look at a relatively ugly day for the market, although the huge ugly sell-off in US regional banks was only one aspect bringing down overall sentiment, which looks suddenly rather shaky relative to what was a modest decline in the major indices. From a fresh big rally in US treasuries to a considerable spike in the VIX and crypto turning south once again, this market looks terribly nervy even as AI deal noise kept sentiment bubbly in places. Today's weekly close looks important for how

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