Saxo Market Call

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.

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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 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.

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.

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.

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.