Saxo Market Call

Today we break down the big sell-off in US equities, as ironically there were almost twice as many gainers as losers in the S&P 500 yesterday, with the selling chiefly focused on AI-related companies. Elsewhere, it was...

Today, we look at the violent vibe shift in the US equity market, which crumbled overnight after a quite positive session, led by the very high momentum sectors that posted a solid result yesterday. It doesn't feel like...

Today, a look at yet another day of US equity market divergences, as the major indices and semiconductors posted an indifferent to slightly negative day while most stocks were up solidly on the day. This rhymes with...

Today, we look at the markets trying to get back in a positive mood yesterday in the US, but with the broader market and the rest of the world not having any of it as oil prices surged once again and as the situation in...

Today, a look at a massive comeback from further steep selling in US equities, establishing a critical line in the sand for the major indices and especially AI-adjacent names from here, effectively a bull-bear line...

Today, a look at a wild day for US treasuries as a hot US CPI print first pumps US treasury yields, only to see longer-dated yields end the day at the lowest level in weeks. The US dollar followed yields lower and the...

Today a look at signs of extreme tightening in credit concerns for a few key names even as stock and bond markets saw a quiet day and the general drift in credit conditions was only mildly negative. Also, a look at the...

Today we look at yesterday's ugly session for tech and AI-related stocks, noting the follow on action once again in Asia overnight as well, all while the median stock was almost unchanged on the day. Elsewhere, we note...

Today we look at the Russia diesel deal that will, spoiler alert, fail to meaningfully impact the supply situation for any length of time, but also consider the risk of a Ukraine-US rift. Elsewhere, macro traders are...

Today, a look at the sudden contagion across markets Thursday on the FT reporting that OpenAI's revenue run rate is supposedly lower than OpenAI has claimed, with subsequent analysis inconclusive because of the opacity...

Today, we note the rather ugly risk off tone across markets, with strong Samsung and TSMC earnings reports received somewhat poorly by the market overnight in Asia. Europe is suffering another weak session even as the...

Today, a look at Europe and the euro looking suddenly troubled again today as France continues to draw negative attention and Eurozone sovereign yield spreads have widened again today after France's Le Pen presented a...

Today, we note the confounding combination of very rough seas in macro and FX as EU sovereign debt stress, yield volatility and a strong US dollar weigh, and yet equities seem to be sailing along as if nothing malicious...

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...

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...