Today, a blitz of news, from geopolitics on latest trade deal developments and more, to specific company news, particularly United Health and Meta, which faces possible major business risks that are perhaps underappreciated. Today's pod also covers the latest macro data, the big bounce in gold, the outlook for USD and JPY, huge tectonic issues for the US treasury market and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Michael McNair post on X mentioned on the pod. John's latest FX Update . Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo .…

Today's slide deck - Today we look at the equity market comeback now having almost come full circle as we are a mere few percent from all-time highs after a broad-based surge, but also signs of the most speculative names have been leaders, including the notorious Palantir. Lots to discuss today in the macro outlook, gold after the big correction, oil and even soybeans with Saxo Head of Commodity Strategy Ole Hansen. Hosting today's pod is John J. Hardy, Saxo Global Head of Macro Strategy. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo .…

Today, a look at where the markets are headed after yesterday's big capitulation in what was meant to be the macro trade of the year - the move out of the US dollar and US markets. Especially pressing now is where the focus may shift now that trade policy headlines are less likely to move markets. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy John's latest FX Update . Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo .…

Equity markets are shooting for the moon and the US dollar is rallying after the US-China trade talks at the weekend resulted in a 90-day ceasefire and temporary huge tariff reductions. We look at the implications across markets and ask whether this is as good as it can possibly get for now on the trade front, as this is a change of speed, not of direction. On today's pod are Saxo Head of Commodity Strategy Ole Hansen and Global Head of Macro Strategy John J. Hardy.…

No slide deck today as we are trying out a new quick turnaround format for some days. Let us know how you feel about it and always happy for feedback: Reach out to as at marketcall@saxobank.com Today: extremely pivotal technical levels across US equities and in currencies ahead of a weekend that will see US-China trade talks kicking off (and where hopes are probably too high for significant developments). Also: coverage of the UK-US trade deal and what it really represents and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here . Click here to open an account with Saxo .…

Today's slide deck: https://bit.ly/3Sn9Ook - Today we discuss the US bearish case remaining intact as key resistance has held, signs that Palantir may finally be paying the price for its bubbly valuation, the latest rip in gold prices and drivers there, as well as in crude oil, the outlook for JPY, an FOMC preview and outlook for Fed policy the rest of this year, the latest must reads and so much more. Today with Head of Commodity Strategy Ole Hansen and Global Head of Macro Strategy John J. Hardy. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo .…

Today's slide deck: https://bit.ly/3GvSye7 - Today we cover the latest challenge to the bearish case in the wake of Microsoft's huge recovery as AI spending commitments from that company and Meta helped lift broader market sentiment. We look at the next existential levels for badly wounded stock market bears after yesterday's price ramp, discuss gold, the latest on tariffs and trad talk prospects, the US jobs report today and Fed outlook and much more. On today's pod were Global Head of Investment Strategy Jacob Falkencrone, Head of Commodity Strategy Ole Hansen and Global Head of Macro Strategy John J. Hardy. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo .…

Today's slide deck: https://bit.ly/42V3jy8 - Today we look at the remarkable degree to which the market has continued to climb the wall of worry, the risk to gold prices over the next several trading days, what the market is looking for next from earnings and Trump administration policy as volatility has dropped across most assets and much more, including some links to great content for further reading in the slide deck. Hosting today's pod is Saxo Global Head of Macro Strategy John J. Hardy. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo .…

Today's slide deck: https://bit.ly/4jHvS8G - Today we look at the impact of Trump's big softening on tariffs against China as well as his declaration he has no intention of firing Fed Chair Powell, asking whether this is a major reversal across the board or merely a big slow-down in the "direction of travel" toward a US-China economic decoupling. We talk gold, silver, crude oil, equities, currencies and key US earnings as everything has been roiled once again by Trump's latest rhetoric. On today's pod are Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J. Hardy. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo .…

Today's slide deck: https://bit.ly/3Yz632x - Today we look at more market volatility on the latest US-China trade friction and look ahead to the next key event risks on the geopolitical front as US-Japan trade talks are set to get under way and with Italian PM Meloni in Washington. We also wonder whether the US equity market is shaping up for the greatest bear market in a generation as market bailouts are likely no longer a major Washington priority, among other reasons. Today's podcast hosted by Saxo's Global Head of Macro Strategy John J. Hardy. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo .…

Today's slide deck: https://bit.ly/4jdtaZ6 - After Trump's 90-day delay on reciprocal tariffs, we have a short window of time to find out how the global geopolitical order will shape up from here as US trading partners scramble to make deals with the US on trade. Will they be willing to sign on to the US' anti-China policy as we now have what amounts to a US-China economic war until or unless until or unless we suddenly see a move to the negotiating table. On today's pod are Jacob Falkencrone on equities, Ole Hansen on commodities, and John J. Hardy on macro and hosting. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo .…

Today's slide deck . - Today we look at a historic, very bad day for US markets in the wake of Trump's Liberation Day tariffs as the market positions for disruption and widening recession risks. On that note, Europe is certainly at risk, especially relative to recent enthusiasm. Elsewhere, we talk through the FX market and how risk off may see some shifts in recent patterns, look at precious metals after the plunge in silver, discuss what OPEC+ just did that added to the downdraft in crude oil prices, and much more. On today's pod were Ole Hansen on commodities and John J. Hardy hosting. Read John's FX Update from this morning, April 4. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo .…

Trump's Liberation Day tariffs proved far larger than expected and have markets in a defensive posture for good reason. Today we break down why this moment has come as well as what to watch for as the ongoing impact of this historic policy move unfolds. Today hosted by John J. Hardy, Saxo Global Head of Macro Strategy. White House official announcement on the tariffs: https://bit.ly/4ld2E3e Michael Every's latest after the new tariffs: https://bit.ly/4iSClO7 Yanis Varoufakis on this once-in-a-generation moment: https://bit.ly/3E1VP3U Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo .…

Today's slide deck: https://bit.ly/4lbxQ2T - Today we look at the state of the market a day ahead of Trump's "Liberation Day" tariff announcements as the market braces for impact. We also discuss the outlook for gold now that it has tacked on another massive rally and run down the performance across the commodity complex in Q1, where gold was surprisingly not the top performer. The latest developments in FX, equity technical levels of note and our top must reads also in today's podcast, which features Ole Hansen on commodities and John J. Hardy hosting. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo .…

Today's slide deck: https://bit.ly/4iEdDRG - Trump is supposedly set to go easier than originally planned with the reciprocal tariffs to be announced next Wednesday, April 2. There are few details on this story, which provided the strong boost to risk sentiment today. Does this mean that Trump has "blinked" on the tariff issue? We assess where we are and what to watch for across asset classes, as well as highlighting incoming economic data and much more. Today's pod hosted by Saxo's John J. Hardy. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo .…