Saxo Market Call

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100

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Oct 2026

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About the show

For the aspirational trader and financial markets professional. Coming at you most trading days, the Saxo Market Call is the high frequency podcast for real-time analysis of the financial markets across asset classes, from forex and rates to equities and commodities.

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60 recent

November 6, 2026Episode 150231 min

Suddenly almost nowhere to run and hide amidst historic meltdown.

Today, a look at yesterday's historic meltdown in US equities, which broadened out to the almost all sectors in addition to the ground zero of the AI trade. We look at new developments in intermarket dynamics on this move as well, especially in currencies as the US dollar finally came alive as a safe haven as in the days of yore. This and much more on post-election thoughts from the pod host, Global Head of Macro Strategy at Saxo Bank John J. Hardy. Links This is hilarious - all of the hyperbillionaires set to sing "We were always blue"? Warning - obvious deepfake, if only for entertainment purposes. John's The FX Trader from today. What might Trump be up to over the last two years of his presidency after the drubbing he got in the mid-terms? Let's hope he won't behave like this . Hedge fund manager Harris Kupperman on how to find outlier investment ideas . Could ChatGPT have been decisive in this election? An intriguing possibility with profound implications for the politics if so! Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro 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

November 5, 2026Episode 150132 min

The AI trade is down even as most stocks are way up.

Today, we look at the remarkable US equity market session yesterday, as the market fears that the Democratic mid-term sweep will slow the pace of data centre buildouts, sending data center infrastructure and chip companies into a tailspin even as the broader market rallied steeply. How durable is this trade? Also, further thoughts on the implications of the US mid-terms, macro and FX developments and much more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links The FT looks at the slate of candidates most likely to jostle to the front for a 2028 US Presidential Election run . Lee Hepner breaks down the historic mid-term election, arguing what it was and what it wasn't while pulling out some interesting subplots and specific developments. Michael Every says beware of drawing too many conclusions on the direction the Iran conflict may take from here based on the post mid-term election vibe shift in energy markets. Brent Johnson takes the view that this election won't change the march of history towards... What exactly? A great American empire not democratic republic? Is that what we are supposed to infer from the ancient Rome timeline. By the way, speaking of ancient Rome's march to empire, the Marius and Sulla episode on the great The Rest is History podcast is riveting stuff. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro 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

November 4, 2026Episode 150030 min

The wannabe emperor had no clothes after all.

Today we look at the massive rebuke of Trump and the Republicans across the US as the Senate, House and Governors' races across the nation tilted far more strongly to the Democrats than almost anyone was prognosticating. We note how the market is absorbing the news and look at what matters next for markets and how they will interact with the coming political cycle as well as the immediate aftermath of this historic election. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro 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.

November 3, 2026Episode 149910 min

Final thoughts: What if the Republicans hold the line?

A brief, last minute podcast in which we drastically lower our conviction level on the strong blue wave scenario for the US mid-term elections after listening to a very interesting podcast suggesting, based on plausible analysis, that the polls give us no idea of what may happen and that the Republicans could even retain the house. Link: The Grant Williams Podcast interviewing Marvin Barth on the midterm elections . Excellent questions from the host. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro 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.

November 3, 2026Episode 149825 min

Is the post mid-term period a good one for US stocks?

Today, a last minute look at the odds shift in the US mid-term elections and whether we are facing a blue wave or even a "blue tsunami" in favour of the Democrats. We also put the magnifying class to the notion that the US mid-term elections are a good time to put money to work in the US stock market. Elsewhere, we dive into yesterday's wild market internals, the somewhat less wild macro and FX backdrop and much more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Lawrence Lepard on the Thoughtful Money podcast lays out the basic playbook for the next great intervention and the bullish case for precious metals . Craig Tindale with his latest long form piece on a supposed US plan to revalue its gold holdings and pass the value bump on to the treasury, a first step in a profound transformation to revalue the Treasury's debt. The FT on Donald Trump's imperial presidency facing a popular uprising . The writer uses a wonderful metaphor of the embattled US President facing his "Captain Queeg moment" If you don't know the reference, it refers to the wonderful book (and great film with Humphrey Bogart) The Caine Mutiny , by Herman Wouk. Nate Silver suggests considerable odds of a Blue Tsunami scenario for the US mid-terms.. If you are wondering what is going on in Poland , here is a piece with a lot of educational background. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro 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.

November 2, 2026Episode 149729 min

October was a great month for most stocks.

Today, a look at a wild and woolly trading session on Friday, as the market was reluctant to hold risk over the weekend, perhaps, and on the carnage to many AI names after key earnings reports spooked much of the AI sector. It is worth noting that on balance, October was a strong to very strong month for almost all non-tech sectors, something many portfolios may not have felt. Also, we preview the week ahead in macro and day ahead in earnings reports and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Tucker Carlson X post on Trump supposedly planning a nuclear strike in Iran is making the rounds. Let's hope this remains very much in the crazy and unfounded rumours category - it's unimaginable. Reuters on Trump administration mapping a path to govern without Congress . Luke Gromen on Macrovoices worth a listen - though a bit sceptical on his specific claims that AI already feeding job losses. The comments on risks of fiscal belt-tightening post-election are important. The New York Times piece on Nvidia's Jensen Huang and whether a Singapore operative at an Nvidia customer in Singapore was passing along information and enabling transfer of high end Nvidia chips to China. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro 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.

October 30, 2026Episode 14961 hr 24 min

Market wrap and a big US mid-term preview.

Today - a market wrap after another big downdraft in AI names and even the broader market this time, as Amazon and Intel results sent chills and on the fear and loathing on the risks of the Iran War resuming in force. But most of all, a very long form take on the US mid-term elections next Tuesday, with thoughts on what could be at stake for both markets and US politics, not to mention the longer term outlook and important durable themes. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links The slide deck for the US mid-terms . Specific US mid-term elections where the issue of data centers is in play . The SCMP on US tipping culture gone out of control - also whether it is a part of the creeping cost of living problem in the US and whether it is getting picked up in official measures of inflation. I have noticed this on travels back to the US in recent years - very annoying. Shouldn't businesses pay their workers a living wage rather than harassing customers? Thoughtful Saxo Market Call podcast listener Mat Casey sent in his own vibe check of the American voter , especially on the issue of AI in his travels across America. Michael McNair ponders whether the Binance hack could have been due to an employee compromised by blackmail linked to AI hacking tools . In other words, nasty operators can gain access to the corporate and other systems by hacking individuals' lives to use their online activity to blackmail them into surrendering their credentials. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro 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.

October 29, 2026Episode 149528 min

FOMC semi dovish. Alphabet and ServiceNow crater on earnings.

Today, the market ended Wednesday on a positive move as the FOMC proved semi-dovish, at least according to market impressions, while the vibe changed sharply after the close on Alphabet's earnings miss relative to expectations, though most of the sentiment damage seems limited. ServiceNow got fewer headlines but was down 18.5% on its earnings report, triggering contagion across SaaS stocks. Elsewhere, we break down the FOMC event yesterday, today's ECB and the focus on a successor for President Lagarde as she announced today she will leave her post in February. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links John's The FX Trader from today . Aswath Damodaran takes a stab at assessing Anthropic's market value, wild assumptions and all , ahead of its IPO. Yes, the assumptions for his model inputs may prove way off, but once we know more in the quarters ahead, we can plug some of the new figures into Damodaran's still useful overall model. Other voices are certainly sceptical . The SCMP covers the EU weighing in on ditching Chinese suppliers , which European businesses are not happy about. Sovereign control of supply chains versus the hoping that China will remain a reliable supplier without imposing conditions - which side wins out? An Italian advisor to Italy's Ministry of Defence argues that critical mineral stockpiling would be a mistake and that countries need vertically integrated supply chains to secure critical materials supply chains. (use Grok translate if you don't read Italiano). WSJ covers wild demand to take a very difficult, very classics- and fiction reading intensive Humanities 10 course at Harvard - does this reflect a rebellion against what AI is doing to us all cognitively? Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro 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.

October 28, 2026Episode 149429 min

Entering a possibly pivotal key few days.

Today, covering the strong session yesterday and overnight in Asia for much of the AI hardware space, although Seagate Technology was a notable exception overnight and wondering how much of the story is linked to the incoming Anthropic IPO. Certainly an important test for the AI trade as three Mag7 hyperscalers are reporting today (Microsoft and Alphabet and tomorrow (Amazon.com). Lots going on in central bank landing as all G3 central banks are set to meet today through Friday, so it feels like a pivotal timeframe for nearly everything. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Saxo webinar covering the US mid-term election and possible market impact (hosted by John and Raphael Olsynza-Marzys of J. Safra Sarasin). Scroll to bottom of page to the Previous Webinars section. WSJ with a long form profile of Google's top AI guy Demis Hassabis and why he believes the world is set to change radically (not sure how much it delivered on the latter, but Hassabis is an excellent communicator worth listening to). A well-written review of the Nathan Fielder documentary of Elizabeth Holmes . Aren't self delusional sociopaths fascinating? And are there some other CEO's out there, amybe some atop AI companies, that share 10-20% or more of the Holmes profile, especially because self delusion can dovetail so temptingly with financial self interest? Schroder's asks whether the titanic US pension system is a hidden risk for global equity markets , both due to AI and passive investing. Certainly, passive investing is arguably what drives the "wealth pump" in Peter Turchin's framework and is the single most important thing to follow in how our market system will either continue to provide strong returns or suffer a profound reset. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro 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.

October 27, 2026Episode 149320 min

Anthropic IPO: A coming titanic test for the AI trade

Today, we look at the market's enthusiasm for the coming Anthropic IPO, which took an important step closer with the release of their S1 prospectus yesterday. The floating of the company will prove a massive test for the AI trade. Elsewhere, plenty more to discuss as the Euro is coming under pressure again despite a bid for French sovereign debt yesterday. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links The UK Autumn Budget is incoming tomorrow from Chancellor Healey. There is talk of a more pragmatic approach from Burnham's government. Here is a thorough look at UK finances and perspective on what might be needed in this budget to stabilize the outlook for the UK's finances from the National Institute of Economic and Social Research commentators. Michael McNair warns on how Anthropic's cost side may have been underestimated and warns very thoroughly with a rare, general bear market call, mostly based on concerns related to a cybersecurity event , for which an AI company could be found liable. Louis Gave of GaveKal comments on the French debt situation and how real solutions are not meaningfully being discussed in this MacroVoices podcast (starting about 49 minutes in) . Very interesting discussion of the three-way split in France's socioeconomic groups! A WSJ article links the US midterm elections with the prospect for data center buildouts proceeding in key states as political risk is an important part of the AI trade. Read daily in-depth market updates from the Saxo Market Call and the Saxo Strategy Team here . Please reach out to us at marketcall@saxobank.com for feedback and questions. Click here to open an account with Saxo . Intro 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.