Reassuring rally or mentally unstable market?
Résumé: Today, a look at yesterday's strong and stunning US equity market comeback as we try to determine whether we should take this as a positive signal for the remainder of the year or retain a bit of caution at the two-way tantrums that have just been unleashed over the last three trading days. With Saxo Head of Commodity Strategy Ole Hansen we cover the outlook and drivers for the oil market, precious metals, copper and grains. Also, we look into the risks linked to the Nvidia scandal, the latest on macro and FX and much more. Today's host is Saxo Global Head of Macro Strategy John J. Hardy.
Listen to the full episode now or follow the Saxo Market Call on your favourite podcast app.
Links
- An exchange on X between Arnaud Bertrand and others on the spygate scandal with Nvidia CEO Jensen Huang. It's important to ask the "why did this happen?" question in the Jensen Huang case if it the story wasn't leaked from US intelligence from mere ineptitude.
- Some people are wildly bullish on the space economy and AI, even predicting self assembly of tech in orbit from space debris.
- CNBC on the odd uptick in the long-term unemployed in the US - this deserves tracking and we need a deeper explanation.
- WSJ on Elizabeth Warren's coming power as the head of the powerful US Senate Banking Committee - the power to initiate hearings and issue subpoenas, for example.
- A long-form interview with Louis Vincent Gave, which includes the argument that Europe should embrace the deflation coming from China. Somehow I don't think that is how this is going to play out.