Saxo Market Call

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 Macro Strategy John J. Hardy. Today's links:  Ruben's look at European fashion stocks The epic Craig Tindale X post with a strategic analysis of critical materials supply chains - super stuff. Arnaud Bertrand breaks down the recent shocking US National Security Strategy document as a historic moment for Europe, finding parallels in Khrushchev's shocking the Soviet relationship with China. For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at [email protected] for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

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 features Saxo Head of Commodity Strategy Ole Hansen and 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 one to four hours from the time of the podcast release). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at [email protected] for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

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 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 one to three hours from the time of the podcast release). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at [email protected] for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

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 Macro Strategy John J. Hardy. Today's link: Mike Green has made a huge splash on middle class financial insecurities and cost of living affordability challenges at surprisingly high income levels and was recently a guest on a very long form podcast discussing this very topic. Really critical to get at the root of why someone like Donald Trump has become president - because the system isn't working for most people anymore.   For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at [email protected] for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

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 ongoing concern about the US treasury market and its potential to drive market volatility. Today's pod features Saxo Equity Strategist Ruben Dalfovo and is 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 one to three hours from the time of the podcast release). Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here. Please reach out to us at [email protected] for feedback and questions. Click here to open an account with Saxo. Intro and outro music by AShamaluevMusic DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.