Key Stories from the past week: Trump trades linger

The moves in some assets have continued their momentum move following Trumps election win last week. The Greenback has remained resilient, gold continues to pull back, but the fizz in equities failed to keep up as leading benchmarks take a breather. Crypto related assets are another area of market interest with various coins making extraordinary gains. China had a disappointing week as stimulus failed to provide an optimistic boost. Earnings continue to drip in. More below on this week’s key stories.

Greenback on a tear
The USD has climbed to multi-month highs in the last month with Trump’s win giving a further injection of strength. Trumps tariffs and fiscal policies are key drivers of the strength with added support from geopolitical tensions and US exceptionalism. On Thursday, Fed Chair Jerome Powell spoke with less dovish tones suggesting little need to hurry further rate cuts. Odds of a 25bps December cut dropped from ~80% to ~50%. USDJPY remains the most active FX pair Saxo clients use for Dollar exposure. The USD is starting to see some consolidatio on Friday as plenty of areas of uncertainty remain.
USD: How high can it go?

Some Disney magic
Shares in Disney rallied as much as 12% on Thursday (closed +6.22%) after the company reported Q4 earnings that beat market expectations. The results led to multiple analyst upgrades. Progress in the “streaming” division was a big positive. The stock is a widely held name among Saxo buy-and-hold investors. Up 27% from the August low, this week’s results are justification for its place in their portfolios, especially given the previous 2 disappointing quarters. 75% of this week’s trades look to be profit-taking sells.
Disney's Flywheel Picks Up Some Speed

Siemens Energy back on track
Siemens Energy shares jumped +20% after solid 2024 FY results and after raising mid-term targets which was clearly taken as a signal from the market the previous woes are behind them and that the renewable energy is now set for the continuing green energy transition. Demand for the company’s grid technologies is growing strongly and the troubled wind turbine unit Gamesa is now on track to break even in 2026.
Siemens Energy stock surges on Q4 order strength

Burberry fightback
Burberry shares gained more than +20% on Thursday after the British luxury-goods maker’s retail comparable sales for the first half surpassed expectations. Analysts were particularly positive on the new CEO’s strategy for the group which will focus on its outerwear division, improve store and online productivity and realign pricing in a push to reach £3bn annual sales over time. The share price is still only one third of its 2023 high making the company a possible takeover target within the sector.
Burberry launches turnaround plan

Next week brings quarterly earnings from Nvidia which is due to report after hours on Wednesday. Other earnings highlights include Walmart, Lowe’s, Xpeng (Tuesday). TJX, Palo Alto, Target, Snowflake, Nio (Wednesday). Intuit, PDD Holdings, Deere, Baidu (Thursday). Economic data includes CPI inflation from Eurozone, Canada (Tuesday), UK (Wednesday). German Q3 GDP and US PMIs are out on Friday.