Saxo Market Call

Today, a look at a remarkable downdraft in nearly all AI-adjacent stocks, with no category escaping the selling, even as much of the rest of the market posted a positive and even strong day, the latest in wildly gyrating internals. We try to piece together a takeaway and wonder as well whether the European equity market performance has gotten overcooked. Perspectives on the Bitcoin sell-off, FX and macro and much more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release).

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 and outro music by AShamaluevMusic

DISCLAIMER
This 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.

Today, while the software-as-a-service disruption concern has been roiling for quite some time for many companies, yesterday's market action saw a massive new acceleration in the negative focus on companies that face a risk from AI disruption as new agentic AI applications come on board - some of them names that had escaped negative attention before. We look at a number of these names, other key moves in equities, the latest pressure on crypto and whether it can be stopped and macro and FX and more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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 and outro music by AShamaluevMusic

DISCLAIMER
This 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.

Today, a look at global risk appetite in a happy mood as precious metals markets have stabilized and the US manufacturing sector shows its first interesting sign of revival in years. Palantir shareholders were also able to celebrate their "cosmic reward" for sticking with the company as the company reported strong earnings after the close. Disney shareholders had less to celebrate. Elsewhere, the USD is back at a tipping point as bears need to make a stand or else. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to four hours from the time of the podcast release).

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 and outro music by AShamaluevMusic

DISCLAIMER
This 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.

Today, we unpack the Friday crash in silver, and to a lesser extent gold, noting that the Kevin Warsh as Fed Chair nominee news was a mere excuse for a market that was already showing signs of total dysfunction, as covered in our Thursday January 29 podcast. Elsewhere, we look at the general contagion of the metals volatility into other markets, including in rates, FX and equities, where we continue to monitor some strange behaviors that my suggest considerable market fragility. Today's pod features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

The two links mentioned on today's pod:

Izabella Kaminska on X, one of the greatest observers of narrative versus reality and measurer of the Zeitgeist. Especially this post caught my eye today.

Russell Napier's most recent appearance on a podcast - one of the most important thinkers about the new market regime we are in and the need to ask the right questions appropriate to that regime.

Two or three times per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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 and outro music by AShamaluevMusic

DISCLAIMER
This 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.

Today, a thorough rundown of big incoming earnings reports, especially Microsoft (which likely drove much of the volatility in the broader US indices yesterday), but also Meta, Tesla, Apple and others. We also look forward to a busy earnings week next week with two more Mag7 names reporting. Also on today's call, a look at the market reaction to stories that Trump is set to announce today that Kevin Warsh will be nominated as the next Fed Chair and how to position this choice. Today features Saxo Equity Strategists Ruben Dalfovo and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Two links discussed on today's pod: one is an appearance by Russell Napier with the Hudson Institute on "Understanding the AI oppportunity" and another is a WSJ exclusive (paywall) on the status of the US Clarity Act, which is a deepening of the regulatory approach to crypto in the US.

For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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 and outro music by AShamaluevMusic

DISCLAIMER
This 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.