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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Most dangerous market of all time? Note: with links and charts!
Saxo Market Call
Summary: Today, a run down the gauntlet of risks that this market has to navigate in the coming two weeks, from earnings and US data to geopolitics and other factors as we fret that a reasonable consolidation at minimum is imminent, and even if it isn't, would further destabilize the course of future returns. A discussion of Meta reporting today, Novo Nordisk's profit warning and whether the bottom is near for that company and much 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:
- Le Shrub on “Quant-Monkey-Geddon” - always entertaining and worth a follow on X / Substack etc. Has also been a podcast guest where I first came across him.
- Le Shrub also tipped me off with link to X post looking the Goldman Sachs Long/Short Index and how poorly the Long/Short outfits have been performing over last two months (a sign that “something wrong here”.
- Jesse Felder discussing how loose financial conditions really are with some great chart pulls at the most recent Felder Report:
- Jesse Felder again on the record low insider buying interest.
- Endgame Macro with a rundown of the US geopolitical strategic game plan. How will China respond to this
Today’s chart of the day: Meta
Meta earnings after the close will be an interesting one. A bit surprising that the IV rank only at 30%, with an “expected move” through Friday of about 5.4% as of Barchart’s snapshot. Yesterday saw an ugly sell-off bar to the round 700 level (options-linked?). As noted on the pod today, interesting to see how the market treats the stock if Zuckerberg continues further ups the capex plans on AI data centers and not least, salaries for top talent in the field. I have no insight here on what Meta will deliver - just asking questions.
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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