Today, a look at the US dollar and risk sentiment now having come full circle and even then some in individual cases from the levels trading prior to the outbreak of the Iran war as the market prefers to continue to ignore the dire near-term energy supply situation and residual uncertainties, hoping that flows resume in coming days. China's stance is a critical known unknown. Also, a breakdown of the US equity market internals and themes, the status of private equity stocks, key stories and much more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

About twice 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 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.

Today we look at the further strong resurgence in risk assets, noting in particular the first signs of a comeback in some of the most beaten down names in software of late. Elsewhere, Oracle, the most beaten down name in our AI basket was the strongest performer on the S&P 500 Monday. Also, a look at what looks like a fresh bear trend developing in the US dollar, thoughts on the importance of the incoming Trump-Xi summit 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, covering the USD sell-off, latest reads on FX trends, USDJPY technicals and more.

A very long form interview with the great Craig Tindale on China's "gaming the system", the rest of the world's physical supply chain challenges and much more.

Shanaka Anslem Perera discusses Iran's short fuse on dealing with any disruption to its oil output flows if the US is indeed going after a blockade on Iranian exports as a pressure tactic. Also, did a US-sanctioned ship bound for China just slip through the blockade?

Macrovoices interviewed Adam Rozencwajg on what comes next after the Iran war crisis. (Sustained higher oil prices, he believes.)

About twice 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 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.

Today, we look at the fresh pain for global markets on the collapse of US-Iran talks this weekend and the new US intent to blockade the Hormuz Strait, at least for any ships that are paying tolls to Iran (and presumably any Iranian ship?). We also wonder how China may eventually weigh in, a key question ahead of a supposed Trump-Xi summit set for next month. Elsewhere, we look at the latest winners and losers in the US equity market as Anthropic continues to make enormous waves for software and other companies. This and much more on today's pod, which features Saxo Head of Commodity Strategy Ole Hansen and 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.