Saxo Market Call

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100

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Aug 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

August 13, 2026Episode 144620 min

Speedrunning dead internet theory - an SMC listener weighs in.

Today, a brief wrap of yesterday's equity market session in the US, which repeated some of the recent AI hardware vs. SaaS performance divergences. A couple of key AI-chip and hardware names reported with results that didn't satisfy the market. We also look at the US CPI release and the reaction across macro, noting a key US treasury auction up later today. Also, we read aloud a great email sent to us by a long-time SMC listener on the chaos that AI LLMs have unleashed on IT operations for companies and the internet. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Cory Doctorow again on AI model collapse, with a particularly interesting link to a Lauren's data Substack post wonderfully titled "Temperature Zero for Culture: Why Everything Is Starting to Look the Same." Which makes us proud to produce a very non-AI generated podcast every day that doesn't try to be like anyone else. There has been a lot of overage of Bill Ackman's latest position changes from his Pershing Square 13F filing. Here's a useful X post that usefully pastes in the coverage from his letter to shareholders. The link from the email read on today's pod on the Hugging Face hack incident: the YouTube video link works, while the summary link Mr. O sent me did not contain the summary. Michael Burry on Palantir being worth less than a dollar/share. 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.

August 12, 2026Episode 144521 min

Treasury market reaction to US CPI the next key

Today, an emphasis on the importance of this US July CPI hurdle today and different scenarios based on what the data shows, all while emphasizing that geopolitics and the crude oil price are a very important independent variable as well. Also, a look at more AI hardware companies reporting yesterday and the market reception of those earnings reports as well as the next batch of AI-adjacent companies reporting today. Some quality links discussed in today's podcast as well on everything from Fed communication policy to the risks from AI replacing search. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Aitken Advisors James Aitken ponders whether Jackson Hole is becoming a more significant event risk after Fed Chair Kevin Warsh flubbed his latest press conference. Mike Green is striking out on a new adventure, one that will eye opportunities in the inefficiencies created by increasingly dominant passive flows. Michael McNair responds to a Stephen Roach substack article on China's Deepening Japan Problem. Michael Every's latest Global Daily from Rabobank, with some great comments and sub-links Canada's The Walrus with a great piece discussed on today's pod, outlining the risks to the entire quality of the internet as AI results replace Google search. 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.

August 11, 2026Episode 144429 min

Pressures from macro backdrop building ahead of US CPI

Today, we delve into the ongoing development of the "super el Niño" weather phenomenon, running through the difficulty in assessing the scale of potential impacts. Elsewhere, oil markets and refined product markets are spiking on the latest escalation in supply uncertainties from the Middle East. This we discuss with Saxo Head of Commodity Strategy Ole Hansen, together with the factors driving the recent gold and silver resurgence. Elsewhere, markets look potentially pivotal on the reaction to Wednesday's US CPI release as US long treasury yields are pinned at cycle highs. Plenty of single stock stories and more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links FT covers Nvidia putting together a financing package for USD 500 billion in AI spending with some of the world's largest financil groups. FTAlphaville asks how much hidden leverage there is in the hyperscaler AI buildout. The answer seems to be "a lot". The St. Louis Fed offers a deep dive into what is driving the steep decline in the US labor force participation rate, most of which looks benign and relative to statistical adjustments and the aging US population, but there was still some cause for concern from the June and July data on prime age workers. 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.

August 7, 2026Episode 144319 min

Polysilicon supply chains may surprise you. US jobs data today!

Today, a look at how the market is positioned ahead of today's US jobs data and how a surprise - especially a negative surprise - might read across markets. Also, a brief discussion of polysilicon supply chains, which may surprise you, as China only dominates one of the key two production types. Also, a preview of the many interesting names reporting earnings next week. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Aakash Gupta points out the potential scale of impacts if this El Niño is as disruptive as the late 1990's one, which he argues compounded to a cost of US 5.7 trillion over the following 14 years. An FT exclusive delves into how Google puts in place the financing pipeline to drive USD 200B of spending on Anthropic, especially to sell its own chips to the company. And Ed Zitron suggests that 70% of Microsoft, Amazon and Google's AI-related revenue is derived from the black hole of OpenAI and Anthropic unprofitable spending. ChipTycoon, an info-animation, shows the complexity of semiconductor supply chains in the style of the Rollercoaster Tycoon game. About twice per week (in normal times, hopefully soon to resume), you will 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 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.

August 6, 2026Episode 144227 min

RIP Victor Niederhoffer

Today, we look at the latest market moves as we position the importance of Friday's US jobs report, noting the reaction to key incoming earnings from Western Digital and Sandisk in particular and the impressive rally move in gold and silver. Considerable coverage as well of Victor Niederhoffer, a larger than life Wall Street figure who died this Tuesday and whose life inspired and touched countless speculators and professionals over his career, including this podcast host, Saxo Global Head of Macro Strategy John J. Hardy. Links The all-time must read article for want-to-be speculators: The New Yorker article by Malcom Gladwell: Blowing Up, comparing and contrasting Victor Niederhoffer and Nassim Taleb. The Henry Clews book Fifty Years in Wall Street. This book inspired Niederhoffer's giving out canes to people who offered valuable inspiration while writing his column for MSN's MoneyCentral. Education of a Speculator - the legendary book. Recent (less recent than I said on podcast - actually latest I can find is from this February) Mark Spitznagel prediction on one final meltup followed by 80% crash in stocks. About twice per week (in normal times, hopefully soon to resume), you will 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 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.

August 5, 2026Episode 144120 min

SpaceX's Starmind to start on terra firma. Gold rally a signal?

Today, a look at the very strong day for US equity markets yesterday as the S&P 500 vaulted to a strong new all-time high amidst broad gains across sectors, with tech stocks roaring higher but the Nasdaq 100 not yet reaching a new peak. We look at the SpaceX earnings announcement and market reaction, including the announcement of a new Nvidia-chip based Starmind concept that is intended as the platform for the eventual SpaceX space-based AI data centers. Elsewhere, a look at the latest action in Macro and FX, especially whether the gold and silver surge yesterday suggests greater potential from here. Today's pod was hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links SpaceX's new Starmind AI1 concept - a compact data center unit based on the next generation Nvidia Vera Rubin chips that will start in earth-based data centers, but is intended for SpaceX's eventual space-based data centers. The legendary Barry Eichengreen on "The real message in the JPY intervention". About twice per week (in normal times, hopefully soon to resume), you will 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 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.

August 4, 2026Episode 144031 min

Palantir beats and entertains. What can SpaceX deliver?

Today, a look at the broad market in a positive mood as recent divergences between AI hardware and other names were nowhere in evidence. We zoom in on Palantir's incredible quarterly reports and the wild and entertaining earnings call with CEO Alex Karp, wonder how SpaceX can deliver anything notable today relative to the company's valuation, and preview AMD, Novo Nordisk and Eli Lilly, all with Saxo Equity Strategist Ruben Dalfovo. Macro and FX and more also on today's pod, which was hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links Yesterday's John J. Hardy substack post with many links, including on AI. John's The FX Trader piece from this morning, focusing especially on the recent coordinated JPY intervention and EURJPY. 69 Starship launches to get one decent payload to the moon? A Starship skeptic speaks out on concerns related to the idea of SpaceX using these space-based depots of fuel to extend the operating range of Starship. Arnaud Bertrand challenges Palantir's AI Sovereignty framework, although Palantir's results spoke quite loudly late yesterday, as did CEO Alex Karp himself. Tungsten as an indicator of war risk and once again, a mineral supply chain that China dominates. About twice per week (in normal times, hopefully soon to resume), you will 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 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.

August 3, 2026Episode 143920 min

Coordinated JPY intervention and a cleaner AI hardware slate

Today, a look at the implications for a stronger JPY from coordinated intervention as the US has joined forces with Japan to force yen appreciation. As well, we wonder what the implications are for equities now that we trade with a much cleaner slate after reaching the other side of blowups in leveraged single-stock ETFs and the liquidation of the Situational Awareness fund late last week. A busy week ahead for earnings and macro and more also previewed on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links discussed on today's podcast and our Chart of the Day can be found on the John J. Hardy substack (within two 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 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.

July 31, 2026Episode 143816 min

Momo trade roars back to life, but for how long?

Today, a look at the market returning to its past form as AI-related hardware stocks ripped higher even as the median stock on the S&P 500 posted a negative day. Also, a look at the many interesting earnings reports up next week, a rundown of the action in FX after massive USDJPY intervention and a Bank of Japan meeting and much more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy. John's The FX Trader piece from today. About twice per week (in normal times, hopefully soon to resume), you will 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 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.

July 30, 2026Episode 143722 min

Wishy washy Fed Chair Warsh vibe punches sentiment in the gut

Today, a look at the market's concern that this Fed isn't determined to get ahead of inflation and the impact on US treasury yields, which spooked market sentiment broadly in the US yesterday. Elsewhere, Microsoft's strong earnings report after the close is doing what it can to stabilize risk sentiment, even as the market soured further on Meta on its earnings call. Today and tomorrow feel high stakes with the negative shift in sentiment after the important FOMC pivot point, and Apple and Amazon are reporting after the close today. This and more on today's pod, which was hosted by Saxo Global Head of Macro Strategy John J. Hardy. Links WSJ Fed reporter (no longer whisperer?) Nick Timiraos with a good quick take on the contradictory messages and takeaways from this FOMC meeting. Are the memory prices just too darn high? FTAlphaville takes a look. ArsTechnica reports that Anthropic's Mythos is finding bugs faster than Microsoft can fix them. Mike Green with a forensic investigation of the pump in semiconductor stocks in Q2 and to what degree leveraged ETFs were to blame (Behind paywall, but can be read for free as a one-off). About twice per week (in normal times, hopefully soon to resume), you will 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 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.