Show Notes
Today, a thorough look across the commodity space with Saxo Head of Commodity Strategy Ole Hansen, discussing the latest developments in oil, refined products and the natural gas markets, the drivers for the recent record highs in the copper price and whether that price remains "too low" relative to gold if suppliers are to increase production. Elsewhere, a discussion of the latest moves in equities, a still heavy focus on FX and rates as the yen is on the move and yields are pushing on the highs for the cycle ahead of the ECB meeting tomorrow and US August CPI report up on Friday. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links
Does heavy AI us mean that students don't learn as much? Probably, but there are nuances. "In China and many other countries, well-designed tutoring tools already exist, often at nearly zero cost. Most students just do not use them. Rather, they prefer general-purpose AI tools that make it easy to outsource homework." Erik Townsend points out the very high cost of the most recently completed US nuclear power plants and wonders if the new ones can be built (by a South Korean outfit) in the US at prices that are proven possible elsewhere and some 75% lower. Stumbled across another interesting post on NexGen Energy and long-term uranium supply as well.
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More from Saxo Market Call
Today, we look at the violent vibe shift in the US equity market, which crumbled overnight after a quite positive session, led by the very high momentum sectors that posted a solid result yesterday. It doesn't feel like this is all coming from negative reactions to earnings results from the likes of Tesla or Lam Research - but what is it? We wonder if it could be geopolitics. Also on today's pod, we delve way back into the financial history of the 1870's depression and its origins and aggravations, whether hedge fund strategies that are blowing up are further aggravating the French debt market instabilities and much more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links
Today, a look at yet another day of US equity market divergences, as the major indices and semiconductors posted an indifferent to slightly negative day while most stocks were up solidly on the day. This rhymes with another market from around the years 2000-01. Also, a look at SpaceX and Netflix earnings and the very different reactions. French yields and much more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links
Today, we look at the markets trying to get back in a positive mood yesterday in the US, but with the broader market and the rest of the world not having any of it as oil prices surged once again and as the situation in France continues to fester. Discomfort with stability of AI "neo-cloud" companies is also weighing. With earnings season hitting full swing this week, we wonder why SpaceX is suddenly set to report earnings today. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links
Today, a look at a massive comeback from further steep selling in US equities, establishing a critical line in the sand for the major indices and especially AI-adjacent names from here, effectively a bull-bear line. Elsewhere, Tesla demonstrated its new Roadster, which can both "fly" for an unknown number of seconds and "suck" itself to the road, allowing for beyond vertical adherence to a road surfaces and supposedly insane cornering abilities. Useful. More importantly, a deep-dive on the global oil picture and the troublesome Brent futures contract with Saxo Head of Commodity Strategy Ole Hansen and so much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links
Today, a look at a wild day for US treasuries as a hot US CPI print first pumps US treasury yields, only to see longer-dated yields end the day at the lowest level in weeks. The US dollar followed yields lower and the implication is that treasuries may be a safe haven again as in the days of yore, given that stocks were generally weak for the entire post-CPI episode yesterday. This and much more, including what is spooking this market and where to focus next as earnings season hits full stride next week. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links