Podcast: German bond indigestion and big oil activist coup
Saxo Market Call
Summary: Financial markets have calmed down significantly this week with the news flow fizzling and investors in a wait-and-see mode on inflation. Germany saw a terrible bid-to-cover ratio yesterday suggesting the latest decline in the Bund yield could quickly reverse and potentially reignite momentum in European banks. Are we heading for a new 70s-style energy shock? A revolt against big oil and their (lack) of focus on renewables swept across the market yesterday impacting three of the biggest led by ExxonMobil - We also cover rally in the Chinese Yuan and its implications for inflation, and earnings from Nvidia yesterday suggesting the semiconductor troubles will stay with the industry for at least 2-3 quarters. On today's pod were Peter Garnry on equities, Ole Hansen on commodities and Althea Spinozzi on fixed income.
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