Quarterly Outlook
Q3 Investor Outlook: Beyond American shores – why diversification is your strongest ally
Jacob Falkencrone
Global Head of Investment Strategy
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Is Meta bad for humanity, even if earnings were as good as it gets?
Saxo Market Call
Summary: Today, a look at Meta blasting it out of the park in its latest earnings report, though this could be about as good as it gets for a company of its size, and its roadmap has some "questionable" elements. Microsoft also surprised, sending Mag7 sentiment higher ahead of two further Mag7 names to report today - Apple and Amazon. Also, a look at Trump's latest tariff announcements, the FOMC and Bank of Japan meetings and USDJPY levels and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.
Listen to the full episode now or follow Saxo Market Call on your favorite podcast app:
Link to John’s latest FX Update - discussing FOMC, USDJPY lurch back and forth over BoJ and Ueda presser and with latest trend updates. The dystopic parts of Meta’s Superintelligence roadmap discussed by Scott Gallaway on the Pivot podcast - go to minute 50 for the short segment. The recent interview with the legendary Jeremy Grantham, who discusses the current market bubble and why it is a “losing business” to call the end of a bubble even if you know you are in one. Great comments on Mag7 and how the game is now changing for them in this new AI arms race. If you want to get really depressed, watch part two on the environment and endocrine-disturbing chemicals that are impacting our ability to reproduce. (Hey, I did my part, my wife and I have four kids).
Today’s chart of the day: Apple
Apple is expected to report strong handset sales today for the quarter, but the company’s hardware growth has been stagnating for years, with the company held up by services growth. In this age of the AI focus and with Apple’s access to its massive user base, how can the company monetize on AI without going the creepy invasive personal surveillance route of Meta? The chart looks very weak relative to the broader market, will Apple be able to pull any rabbits out of its hat today?
Questions and comments, please!
We invite you to send any questions and comments you might have for the podcast team. Whether feedback on the show's content, questions about specific topics, or requests for more focus on a given market area in an upcoming podcast, please get in touch at marketcall@saxobank.com.This content is marketing material and should not be considered investment advice. Trading financial instruments carries risks and historic performance is not a guarantee for future performance.
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