Saxo Market Call

Epizódy

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  Beware the steepening or what's the message? 02.10.2026 29min

  Today we look at the crush lower in short term sovereign bond yields, especially in Europe, where Germany's bonds were bid while French and even Italian longer dated bonds remain stressed, a key focus for European markets and increasingly for the euro currency. The retreat in most sovereign bond yields has buoyed market sentiment today, but some underlying stress signs are still there, and credit spreads were wider yesterday elsewhere as well. Elsewhere, new geopolitical developments are worth paying attention to, including this weekend's election in Brazil. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Is dynamic AI pricing a great way to optimize your business or will it just annoy customers into going elsewhere? Reuters covers McDonald's attempt to find out. Looks risky. KKGB notes the risk of a self-reinforcing negative spiral in the current French debt situation from local debt without some dramatic change of course. BBC says that Meta's Muse is about to make the internet more annoying. 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 music by AShamaluevMusic DISCLAIMERThis 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.
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  Yields must turn here, especially in Europe, or else. 01.10.2026 19min

  Today, focusing chiefly on the implications for stocks and risk sentiment broadly if yields don't turn lower very soon, especially in Europe, where the focus on France is intensifying while Germany-France yield spreads blow wider and France puts together its budget proposal for the coming year. Some perspectives on how poorly the median US stock is doing relative to the strong overal indices as well and much more on macro and FX. Links Rosenberg and Gundlach talk shop for nearly 90 minutes and how the bond market might respond to a coming slowdown and/or crisis. An audiophile talks what it means to be an audiophile. A bit over the top, but we could all be listening to much better music if we ditch the Bluetooth and ANC. 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 music by AShamaluevMusic DISCLAIMERThis 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.
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  Burnham declares end of Thatcherism. Micron earnings on tap. 30.09.2026 19min

  Today, a look at a calm market as a massive downdraft in US Consumer Confidence in September failed to weigh. Lots more data ahead before we know where we are with yields through Friday's US September payrolls and others jobs data. Elsewhere, UK Prime Minister Andy Burnham declared the end of Thatcherism and prospect for a much more visible hand from the UK government. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Regarding Micron's earnings after the close today, What would Warren Buffett think of Micron? asks the Parabolic substack. Part 2 of the Michael Every interview on all things geo-strategic, with a particularly compelling discussion on the AGI race between US and China. 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 music by AShamaluevMusic DISCLAIMERThis 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.
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  Stress levels are rising if still not flashing red. 29.09.2026 24min

  Today, a look back at another dicey day for risk sentiment as global bond yields continued to ratchet higher as we head into month-end and quarter-end with possible portfolio rebalancing in the mix after a remarkable period for fixed income. Elsewhere, our overall global risk indicator is under the most pressure since the Liberation Day episode in the spring of 2025, even if equity market sentiment remains relatively stable. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Michael Every's latest global macro piece:  A great deal of concern.  Michael Kao makes a great point on the "rate sensitive narrative" not adding up. Alexander Stahel claims Hormuz Strait flows are 94% of normal. So what is the oil price doing here still? To be fair, he still points out some concerns. Izabella Kaminska on how AI assistants might contribute to a rise in funding costs for banks. FTAlphaville covers US Treasury Secretary Bessent's hire of David Zervos, recycling the latter's own comments on markets. 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 music by AShamaluevMusic DISCLAIMERThis 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.
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  Asymmetric risks in a busy week ahead 28.09.2026 31min

  Today - a look at a fresh spike in crude oil and bond yields spooking risk sentiment and gold bugs as we look at a busy week ahead on the macro calendar, especially for US data, but also an historic moment awaits the UK in tomorrow's speech from PM Burnham. The stakes are high for gilts and sterling. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Again, here is the link from Friday to the fascinating article about the possible reason for the end of the Bronze Age (also might be what took out Troy rather than Odysseus and his gang in the Trojan horse, by the way) - the spread of iron weapons, which "democratized violence" As well as whether (we ardently hope not) there is a parallel of a kind in our age in the form of drone technology. FTAlphaville article covers whether enough data centers will be built (or importantly to be plugged in to the power grid) to house all of the GPU's and other hardware that is supposedly set to be produced over the next handful of years. The Big Read in the FT today is on AI hyperscaler debt and how it is transforming debt markets globally. 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 music by AShamaluevMusic DISCLAIMERThis 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.
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  Geopolitics could continue to dog this market for a long while yet. 25.09.2026 27min

  Today, a run through the outlook for crude oil with Saxo Head of Commodity Strategy Ole Hansen as we face a key week ahead, given Iran's bid for a 7-day negotiation window with the US. More with Ole on natural gas, the El Niño status and impacts and gold. Elsewhere, a run through the macro and rates and the week ahead, together with interesting single stocks stories driving the market action yesterday. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Michael Every on the latest Macrovoices podcast, with a bit more granularity and bias on what may happen next than usual on Iran and Ukraine/Russia.  John's latest The FX Trader piece with thoughts on USDJPY and much more. FT focus piece on quantum computing and whether there is a path to profit for the technology. FT on UK & German exposure to Chinese economy, but leaving out in the title that the US is way up there with these two economies as well. FTAlphaville with a provocative headline: SpaceX pivots away from space. Whoa. TypeSafe AI has a new and cheaper AI model called Jev that is supposedly more efficient for software development than the tools from Anthropic and OpenAI and is getting massive attention. For the historians: was it iron that triggered the Bronze Age collapse because iron was a weapon of mass decentralization? Super interesting!  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 music by AShamaluevMusic DISCLAIMERThis 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.
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  This is nuts - when's the intervention? 24.09.2026 21min

  Today, we wonder how long markets can take any extension of the latest rather brutal sell-off in global bonds, which have taken the entire US yield curve from 5-years and out to new post-global financial crisis highs. Also, a look at the macro and FX reaction to bond market developments, the risk to macro trades if intervention is incoming at some point, and the three central bank meetings this morning. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links FTAlphaville passed along an archived The Verge article on Meta's latest big scramble to diversify its business model away from over-reliance on its core "social media" platforms with Muse and now the Muse Charm. Should we just stop? (Unplug from the social media and influencer rate race that no longer connects us in meaningful ways?). We probably should, but will we and how? Meanwhile, the AI data centre buildout is the largest single investment boom ever, as a percent of GDP, than the canal building, railroad and electrification infrastructure buildouts combined. 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 music by AShamaluevMusic DISCLAIMERThis 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.
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  The narrowness of the advance at least a medium term concern. 23.09.2026 16min

  Today - a look at how narrow the advance is in the US equity market that is taking the main indices close to their record highs and how this rhymes with past less-than-promising outcomes.. As well, we encourage market participants to keep bond yields and geopolitical headline risks on the radar - particularly for Europe if Trump announces an embargo on exporting diesel. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Some believe that Trump shouldn't and even really shouldn't announce a diesel export embargo  Beware bond holders and savers! Russell Napier is a must-listen on a long-form podcast on the coming financial repression as we move to build what must be built and do so while keeping governments funded. A Substack post on China's AI scene - very thorough. 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 music by AShamaluevMusic DISCLAIMERThis 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.
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  Enthusiasm for Meta's Muse reignites parts of AI trade 22.09.2026 31min

  Today, we covered the breaking news of Iran's possible overture on opening the Hormuz Strait, followed by a breakdown of the market's strong risk-on reaction to news of strong demand for Meta's Muse personal AI assistant app, especially the cluster of stocks that rallied the most on the news. Elsewhere, a look at the state of play in FX and interest rates, geopolitical news flow and much more. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Some color on the Meta-Amazon dispute, but you can do better if you want to understand the nature of the issue with an AI prompt like "How best to understand the nature of the Amazon-Meta dispute regarding the blocking of the Muse app and what is at stake in the big  picture for the two companies that lies adjacent to this issue." Wired magazine says that Meta's Muse is better at surveilling than at helping. Sounds about right if you use the Charlie Munger maxim "Show me the incentive and I will show you the outcome." Just remember, for Meta, you are the product. A writer who uses AI for some writing tasks but not for most writing says that you should be very careful before allowing AI to write for you, which can turn people away from wanting to every wanting to read what you write again. (HT FTAlphaville.) Did the "last veil of Bank of England independence" just drop last Thursday? PML Macro thinks so. (HT FTAlphaville.) Taleb acolyte Spitznagel argues (once again) that we are in for one big burst higher before an absolutely massive wipeout. The important thing is to be prepared for either scenario. The German political situation is getting fraught, as covered by Eurointelligence.com (see September 18 post on "Goodbye CDU" - their posts not associated with specific URLs  - there was an earlier post about France "A messy turn for the French presidential race" as well. 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 music by AShamaluevMusic DISCLAIMERThis 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.
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  MOVE more important than VIX 21.09.2026 22min

  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.  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 music by AShamaluevMusic DISCLAIMERThis 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.
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  Not the BoJ result the JPY bulls were looking for. 18.09.2026 19min

  Today, a look at the steep JPY sell-off post Bank of Japan rate hike as the market was gunning for a firmer commitment to BoJ hiking and a stronger US dollar was already weighing in the background. Also, the BoE surprised slightly dovishly but moved to stabilize the long end of the UK yield curve. Also, we look at the pivotal situation for US stocks as we navigate triple witching ahead of next week's action. This and more on today's podcast, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy Links John's latest The FX Trader piece looking at the Bank of Japan reaction, Bank of England meeting and USDJPY technicals. The Real Eisman Playbook podcast poo-poohs the idea that AI security concerns are the real driver of Anthropic's call for a "slowdown".  And FTAlphaville is out joining the dots with its latest AI cross-commitment diagram showing how all of the AI companies financing is interconnected. 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 music by AShamaluevMusic DISCLAIMERThis 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.
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  Warsh hawkish, but market quick to reverse. Now comes BoJ. 17.09.2026 14min

  Today, a look at the hawkish FOMC meeting yesterday, especially Fed Chair Warsh's positioning of the rate hike yesterday as merely removing accommodation, together with the sharp market reaction that has been surprisingly quick to unwind in places. Is this in respect of the incoming BoJ, the deflation of oil prices or because we are entering a new pivot zone for interest rates and possibly the US dollar? This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Meta's Zuckerberg isn't for the AI slowdown, prefers "evaluators" DeepQuarry questions Anthropic's pre-IPO claims of its profitability (first portion of post available for free) 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 music by AShamaluevMusic DISCLAIMERThis 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.
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  The AI slowdown narrative weighing more than bond carnage...for now. 15.09.2026 26min

  Today, a look at a remarkably resilient equity market even as the fresh spike in oil prices weigh and global bond yields have rushed to new highs for the cycle in many key markets. Looking at US equity market internals, the impact of Anthropic CEO Amodei's call for a "slowdown" in AI development (and perhaps Trump's aggressive poo-pooing of the idea) seems a more important factor for this market, as key AI hardware names sold off and many software-as-a-service companies rallied steeply on the day. Lots more on today's pod on commodities with Saxo Head of Commodity Strategy Ole Hansen and on macro and FX and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links A great LinkedIn post from Felix Martin (HT to the great Izabella Kaminska) with a round-up of other links to the debate on open-source (usually really open-weight) versus closed source AI models - not necessarily drawing the same conclusion that the market drew from Anthropic's "slowdown" call. One of the better links was to a Toby Nangle FT column on the open-source threat to hyperscalers as well. 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 music by AShamaluevMusic DISCLAIMERThis 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.
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  Fresh oil supply woes and pondering the agenda behind an AI "slowdown" 14.09.2026 24min

  Today, a heady cocktail of developments are coming at us across geopolitics, intermarket forces, but especially a new twist in the AI story as Anthropic CEO Amodei calls for an AI development "slowdown" with other key industry voices chiming in with supportive comments. We discuss what this may be all about as risk sentiment is rather spooked by the story and by the latest surge in oil prices and bond yields still pressing on cycle highs. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Saxo Head of Commodity Strategy Ole Hansen breaks down the latest COT report showing shifts in positioning across the US futures market complex, including some huge shifts in the FX space. Arnaud Bertrand says China is hyperscaling an AI data center far beyond anything the rest of the world has ever seen in the autonomous region of Inner Mongolia. WSJ runs an article on Russia's new generations of drones, which are applying new levels of pressure on Ukraine. Cory Doctorow with a very different take (LLM's are real, AI is fake) on the infamous "Hugging Face incident" as he pokes fun at the breathless anthropomorphizing of how AI agents hacked into systems and used message boards to communicate, etc., arguing that all of their actions were fully based on training data and showed no sign of intelligence. Many cool sub-links in this piece as well. 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 music by AShamaluevMusic DISCLAIMERThis 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.    
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  Yields explode higher, pressurizing the situation across markets. 11.09.2026 28min

  Today, a look at the rip higher in global yields as crude oil prices spiked and the ECB surprised on the hawkish side of expectations. The market is trying to recover its equilibrium on hopes that a Monday meeting between GCC members and Iran will set things right. In the meantime, we have the US CPI report to get out of the way today, an FOMC meeting next Wednesday and Bank of Japan meeting next Friday to contend with. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links John's The FX Trader piece from today, on currency moves and what to watch for next. Goldman Sachs says that interest rates are set to remain higher and outlines why. LA Times on how the AI future is already here for some forms of video entertainment in China. Some profound thinking on where we are in the "interregnum" as we transition away from the old world order and into the new one.  A taste: "Gramsci’s interregnum, the “time of monsters” when the old is dying and the new cannot be born, has become a cliché of our political moment, which is usually a sign that it is true. But what it means precisely is this: the conceptual frameworks adequate to the old order have ceased to describe reality, and the frameworks adequate to the new order have not yet been assembled." 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 music by AShamaluevMusic DISCLAIMERThis 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.  
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  Trump desperation grows ahead of midterms. US yields pop ahead of CPI. 10.09.2026 22min

  Today, we note the fresh pop in US treasury yields to new cycle highs after the Treasury market buyback and Treasury Secretary Bessent's posturing failed to shore up confidence. Elsewhere, it was a rather negative day for risk sentiment on the latest aggravated rise in crude oil prices and that rise in yields, with Europe particularly spooked ahead of today's ECB meeting. We note key equity stories like Apple's (Gen Z targeted?) pricey new foldable phone, Meta's pop on the enthusiasm for its Muse AI agent. Most of all, we queue up what to look for over tomorrow's US CPI release. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Trump wants cheap hamburger meat ahead of the mid-terms. Matt Stoller covers the story and shows what this may cost him politically with some of his base - and what it may cost those consuming the questionable meat. Yikes.  The FT version of the widely covered resignation of an Anthropic researcher over concerns that the company is not doing enough to enforce safety guardrails and that AI could end humanity as the company and OpenAI are "'gambling' with the future of mankind". Michael Every reposted a news item on X that Germany's Deutsche Bank will be appointed as the clearer and settler of RMB (Chinese yuan) transactions in Europe. Wasn't the EU supposed to be gearing up for a less friendly face to China on concerns it is undermining EU industry with its cheap and subsidized exports? (HT FTAlphaville) A Bruegel long-form piece poking into the factors that are driving the rise in long-term interest rates - it's not just about fiscal profligacy. ProPublica earlier this year looked into how Trump might look to call the mid-term election results into question if they are not favourable for Republicans - a high risk on this front, but how high when the president himself is so unpopular? 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 music by AShamaluevMusic DISCLAIMERThis 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.
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  Is copper too cheap relative to gold? 09.09.2026 27min

  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. 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 music by AShamaluevMusic DISCLAIMERThis 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.
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  Energy prices and yen top market agenda. Copper hits record. 08.09.2026 21min

  Today, noting the significant technical break lower for USDJPY and what may come next, with spiking energy prices somewhat of a headwind for JPY bulls and for global risk sentiment in general. At what point could energy prices suddenly seize more of the market's attention bandwidth? Elsewhere, we look into the record copper price, which is partially related to Hormuz Strait woes, Amazon's abuses of its monopoly status, geopolitics and much more. Hosting today's pod is Saxo Global Head of Macro Strategy John J. Hardy.  Links John's The FX Trader piece from today, focusing mostly on the yen. Cory Doctorow carves up Amazon for its "payola" practices and aggressive extraction of profits, even for shipping, from the sellers on its platform. Here's a podcast that goes into where risk may be hiding in the cozy relationship between some insurance companies and private credit outfits.  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 music by AShamaluevMusic DISCLAIMERThis 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.  
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  USDJPY breakdown despite firm US jobs data 07.09.2026 22min

  Today, most interesting to note that the positive US jobs report was unable to inspire sustained new highs in US treasury yields or spark a US dollar rally, with USDJPY even breaking down below critical support to start the week as US markets are closed for the extended Labor Day holiday. Elsewhere, AI hardware stocks are trying to get back their mojo as OpenAI has released its latest model. More on the earnings and macro focus for the week ahead and much more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links An X post by "JH" describing the alarming copper supply shortage that must be overcome, likely with a tremendous price signal, if we are to continue building out AI and electrifying our economies. OpenAI's chief scientist with a piece on the prospects of AI achieving new levels of super-human intelligence and the implications in a piece somewhat ominously titled An Alien Mind. In the wake of watershed Germany elections at the weekend in Saxony-Anhalt and other events across Europe and elsewhere, Michael Every's latest piece follows the threads connecting political events across Europe and around the world.  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 music by AShamaluevMusic DISCLAIMERThis 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.  
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  Big stakes for USDJPY over US jobs report. 04.09.2026 25min

  Today, a look at the very confusing comments from the Fed's Waller, who waxed dovish so soon after Chair Warsh's recent hawkish musings that the market doesn't know what to do with the next FOMC meeting. Gold and crypto rose sharply on Waller's comments. Also, important incoming US jobs data today for the US treasury market, but especially for USDJPY after the big move higher in the JPY this week, which arguably has more fundamental support than previous rounds of official intervention were able to provide. This and much more on today's pod, especially on another good day for Tesla and whether we are at some kind of Cybercab inflection point. Hosting today is Saxo Global Head of Macro Strategy John J. Hardy. Links Bloomberg discusses the odd meeting of Japan's largest (and word's largest) pension fund and whether this means a raise of allocation to Japanese government bonds, with this story likely an important contributor to the recent JPY rally. A Tech Crunch article discusses Tesla's polling the market for anyone interested in operating Cybercab fleets. I didn't cover on today's pod that apparently, the post-Cybercab event coverage late yesterday was somewhat negative.  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 music by AShamaluevMusic DISCLAIMERThis 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.