Saxo Market Call

Apr 04 2025 100 ep. 23 mins 501

Saxo Market Call Podcast artwork

For the aspirational trader and financial markets professional. Coming at you two to three times a week, 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.

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Market melts down as recession risks go global

Apr 04 2025 25 mins

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

Markets on tilt after Trump's Liberation Day tariff blitz

Apr 03 2025 14 mins

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

Bracing for Liberation Day

Apr 01 2025 22 mins

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

Did Trump just blink?

Mar 25 2025 28 mins

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 a

US market found some support, but how durable will it be?

Mar 18 2025 22 mins

Today's slide deck: https://bit.ly/3DLe6SW - The US market found some more solid buying support than it has in a while, but not yet enough to turn the technical tide. We look at what forces could drive the market in either direction, but suspect that US under-performance relative to a hard charging Europe may be here to stay for a while. A thorough look at FX, gold and silver, impo

Is silver set to shoot the lights out?

Mar 14 2025 29 mins

Today's slide deck: https://bit.ly/3DwZZR8 - Today we run down some small divergences that could spell near term relief on risk sentiment, even if there is a steep hill to climb to significantly reverse this market rise. We also discuss gold trading at $3,000 per ounce and whether silver is set for brisk and large rally higher if it can break above the 35+ dollar per ounce level. T

US un-exceptionalism is the theme

Mar 11 2025 22 mins

Today's slide deck: https://bit.ly/43zRWgK - Today we look at the massive further slide in US equities, which has taken the Nasdaq 100 to the next significant support point. We also note the reasons that the US has been in for an exceptional pounding relative to the rest of the world, have a look at key commodities like gold, oil and grains, rundown the latest in and FX, the latest

US bear market risks ratchet higher. EUR train has left the station.

Mar 07 2025 28 mins

Today's slide deck: https://bit.ly/4bvm276 - Today we look at the US stock market correction crossing its first key technical Rubicon as bear market risks ratchet higher. We also discuss the spiking Euro, Japan's likely desire to get USDJPY a lot lower, key commodities markets like oil, natural gas and copper and much more. Today's pod features Saxo Head of Commodity Strategy Ole H

Twin EU fiscal bazooka. Trump grift: bug AND feature?

Mar 05 2025 23 mins

Today's slide deck: https://bit.ly/4hVKEbD - Today we unpack the historic paradigm shift as the EU and Germany have unveiled titanic fiscal initiatives that are altering the landscape for European bonds and the euro. Also, we look at whether there is a Trump put, and ponder whether Trump's moves on crypto and to supercharge money laundering risks are a feature as much as a bug. R

Are we on the verge of a big whoosh?

Mar 04 2025 25 mins

Today's slide deck: https://bit.ly/4bsNZML - Markets are on technical and even an emotional edge as Trump tariffs have gone forward and as speculation swirls that Trump will announce something particularly dramatic at a speech later today. From currencies and gold to US tech and European defense, we have a look at what may come next, including the risk of a big risk-off "whoosh" he