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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider.
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money.
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SaxoStrats

Market Call Podcast

John Hardy
Head of FX Strategy
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XAUUSD
Commodities

Gold and silver consolidate after surge

Ole Hansen
Gold and silver both correcting lower following a phenomenal three-week surge
Macro

Gold & everything is correlated to one

Steen Jakobsen
We see small signs of top being established: the two driving forces - lower real rates and the expansion of Fed's balance sheet - are both having engine failures.
220519 SemiconM
Equities

Q2 earnings were worse than expected but investors are pricing a ‘new world’

Peter Garnry
Earnings were bad in Q2 and worse than expected six weeks ago although the provided outlooks have improved and bolstered forward earnings expectations. It is clear from dividend futures that the market expect companies to rebound in terms of earnings but lower the payout ratio to either repay debt or invest in growth. Either way, our view is that investors have overlooked bad macro and earnings as they are pricing in a 'new world' of lower yields for longer but still high growth in certain areas of the economy which will drive bond proxy pricing in equities and accelerate equity concentration.
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Macro

A mixed German August ZEW Survey

Christopher Dembik
Due to the holiday break, there are few important economic data releases this week with the exception of some EM central bank meetings and a bunch of European statistics. Fortunately, this morning, the German August ZEW Survey is here to provide something a bit meatier. But the news is both good and bad…
Macro

Market Quick Take - August 11, 2020

Ole Hansen
Equity futures advanced in Asia overnight, extending a rally that has taken the S&P 500 within striking distance of its all-time high set in February. Technology stocks meanwhile are playing catch up after ending lower on Monday in response to simmering U.S. China tensions that may impact the sector. The dollar trades a tad softer while the risk-on sentiment and higher real yields have pushed gold back below the psychological important $2000 level.
Strats_Blue-I
Podcast

Podcast: New S&P 500 all-time high in sight while gold tumbles

Saxo Market Call
Equities are grinding higher today with a new all-time high in the S&P 500 in sight. The real action continues in gold which dipped below 2,000 earlier as real yields continue to climb a bit and traders book profits following the three-week surge. Oil continues to be range bound ahead of monthly oil market reports. Vestas' Q2 earnings this morning showing strong revenue generation and FY20 revenue guidance significantly above market expectations.
Macro

Macro Dragon: Biden's VP Pick is likely to be POTUS

Kay Van-Petersen
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.
Equities

How do changes in US real yields impact asset classes?

Peter Garnry
Falling US real yields have historically been coincident with rising gold, ringing EURUSD and falling USDJPY. These relationships are not that confusing but over time equities do have a positive relationship with real yields and as such equities should not behave as it does right now under rapidly falling real yields as they reflect falling expectations for growth. When we analyse the entire spectrum over change in US real yields we observe that equities rise rapidly under both significantly falling and rising real yields.
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