Show Notes
Today a look at equity market divergences in evidence on Friday as many stocks were lower, perhaps on the fresh rise in bond yields, while many large cap and momentum stocks did well on the day and are off to a strong start this week. Elsewhere, USDJPY is the critical focus in FX, there is plenty to discuss on the geopolitical front, both in terms of oil supply risks and the Trump-Xi summit set for Thursday and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links
As we look at high petrol and record diesel prices in recent days, the WSJ covered the risk of a US refined product export embargo, how it would work and the potential price impacts. WSJ does a more than 30-minute deep dive on North Korea's secret US work force. Remarkable stuff. On the headlines trumpeting Saudi Arabia's quitting mBridge, China's cross-border currency platform, apparently there may far less of geopolitical import. Consider coverage on X from Endgame Macro and Luke Gromen as well as the most thorough take from Izabella Kaminska.
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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
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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