Destruction unfolds beneath the surface in equities
Saxo Market Call
Summary: Equities were looking to skid further yesterday but mustered a comeback erasing the prior day's decline, but underneath the rebound overall in equities we observe outright destruction across many key bubble stock names. Evidence of this destruction was well on display in DocuSign plunging 30% in extended trading on a minor miss on revenue for Q4. We also discuss the market's pricing on interest rate hikes next year before cuts showing that the market has difficulties believing in higher interest rates over a longer period. On commodities we highlight the recent rebound in oil despite OPEC+ intentions to lift production and the recent slump in natural gas prices in the US on mild weather. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX.
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