Macro Dragon: The Media Front... Macro Dragon: The Media Front... Macro Dragon: The Media Front...

Macro Dragon: The Media Front...

Macro 2 minutes to read

Summary:  Macro Dragon = Cross-Asset Daily Views that could cover anything from tactical positioning, to long-term thematic investments, key events & inflection points in the markets, all with the objective of consistent wealth creation overtime.

(These are solely the views & opinions of KVP, & do not constitute any trade or investment recommendations. By the time you synthesize this, things may have changed.)

Macro Dragon: The Media Front... 



  • Once again, don’t forget we got JD.COM HK trading for the first time today, it opened up c. +6%, will be interesting to see how it fares on a generally light bearish skew across equities this morning in Asia. So far we got US futs. Down c. -1.1% & HSI -1.0%...  
  • One can trade the stock through the Saxo Spaceship platform under ticker 09618:xhkg, & for those inclined on the shorting / to wanting leverage side of things, we also have CFDs available & no doubt will be able to also source locates.  
  • As we said in yest: Macro Dragon: JD.COM Coming Home With HK Listing , this trend is set to continue & the FT (clearly a MD reader! :) has a piece today, flagging that fast food name Yum is also looking for a HK listing: Yum China seeks banks for potential Hong Kong secondary offering. KVP would keep the local brokers (ICBC, CITIC, etc) on the radar as huge beneficiaries of this US/CH rift as they win mandates for China Tech champions coming back to list at home. This should also be VERY bullish for the listed Hong Kong exchange whose price chart seems to be consolidating before a break upward.
  • Speaking of breakouts, pull out a Spotify chart when you get the chance… talk about breaking-out higher! These are the inverse of what you should be shorting… i.e. Jump-on long trades, stop below the previous close of the break-out & just ride that horsey into the sunset with some trailing stops.


  • Look out for Bank of England decision today, Dembik put out a piece earlier this wk, whereby we are in-line with the consensus expectation of more QE with an additionally 150bn in sterling, as a house we are also very open to negative rates being a higher delta & sooner than most people may think in the UK. Please check out his note:

BoE Call: Looking for QE increase of £150bn and overall ultra-accommodative message

  • Whilst still on Europe, he also does a preview on the pivotal EU meeting tmr that should be all about the feasibility of the 750bn euros of Covid-relief [most which literally comes years later] & ‘stealth’ step towards a fiscal union.

EUCO Preview: See you next month!

  • KVP has been on the media front today & may as well re-iterate the top of mind thoughts that he shared with them. Again, some things are worth re-flagging & singing the anthem over, time & time again…. A lot of people hear, but they don’t listen, a lot of people trade/invest, but they don't make money consistently over-time... 


Top of Mind…

  • Actually unlike most times in global markets & the world economy, there is a lot of certainty in the world that investors & traders are just ignoring - there is literally +100% certainty that we are going to see continued accommodation & loose policies from the FED, the ECB, as well as the US & EZ governments. This is literally something one can stake one's own life on, i.e. that is the level of conviction. 
  • Liquidity is driving this rally up… if you think its fundamentals… then we can agree to disagree.
  • Remember when Abenomics (really Kurodanomics) took flight in late 2012, the Nikkei went up 150% in c. 3yrs… point here is… monetary policy & especially fiscal policy tend to be very much underestimated & can run for a lot longer than can be expected. 
  • Forget inflation… you are focusing on the wrong thing… think from the perspective of the balance sheets of the central banks & governments (Fed + ECB, US + EZ), they NEED to keep structural real rates negative… due to not just the explosion of debt in the system, yet the continuing debt that is still to come... as the low vol global macro fund AVM's finest Ashvin Murthy (+10% in the first 5m of the year) says, "fiscal policy, likely does not stop until we finally get to infrastructure spending." 
  • Covid-19 numbers globally just not important anymore for the market imho, the probability for another coordinated global shutdown is almost 0 percent
  • In fact, two things that can insure that US equity markets (& general US asset class appreciation) continue to soar are:

    (A) 2nd wave breakouts &

    (B) Trump tearing up the phase one deal - layer cake of upside for him, as a potential re-election strategy
  • We are in a regime where bad news = bullish price actions, because bad news = accommodative MP & FP = asset prices going up…
  • And yes, in a global system of inequality… the Fed & other central bankers who practice the dark arts of QE infinity are only accelerating the divide between the classes in society… a lot of the social stability we are seeing in the US & globally (& will see for a while!) are products of this…


Start-End = Gratitude + Integrity + Vision. Create Luck. Process > Outcome. Sizing > Idea.




The Saxo Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (
- Full disclaimer (

None of the information contained here constitutes an offer to purchase or sell a financial instrument, or to make any investments. Saxo Markets does not take into account your personal investment objectives or financial situation and makes no representation and assumes no liability as to the accuracy or completeness of the information nor for any loss arising from any investment made in reliance of this presentation. Any opinions made are subject to change and may be personal to the author. These may not necessarily reflect the opinion of Saxo Capital Markets or its affiliates.

Saxo Markets
88 Market Street
CapitaSpring #31-01
Singapore 048948

Contact Saxo

Select region


Saxo Capital Markets Pte Ltd ('Saxo Markets') is a company authorised and regulated by the Monetary Authority of Singapore (MAS) [Co. Reg. No.: 200601141M ] and is a wholly owned subsidiary of Saxo Bank A/S, headquartered in Denmark. Please refer to our General Business Terms & Risk Warning to consider whether acquiring or continuing to hold financial products is suitable for you, prior to opening an account and investing in a financial product.

Trading in financial instruments carries various risks, and is not suitable for all investors. Please seek expert advice, and always ensure that you fully understand these risks before trading. Trading in leveraged products such as Margin FX products may result in your losses exceeding your initial deposits. Saxo Markets does not provide financial advice, any information available on this website is ‘general’ in nature and for informational purposes only. Saxo Markets does not take into account an individual’s needs, objectives or financial situation.

The Saxo trading platform has received numerous awards and recognition. For details of these awards and information on awards visit

The information or the products and services referred to on this website may be accessed worldwide, however is only intended for distribution to and use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. Products and Services offered on this website are not intended for residents of the United States, Malaysia and Japan. Please click here to view our full disclaimer.

This advertisement has not been reviewed by the Monetary Authority of Singapore.