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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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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Commodities

WCU: Commodity correction may have exhausted itself

Ole Hansen
The correction that for some commodities already started back in March has since the end of July increasingly been showing signs of reversing, driven by recent economic data strength, dollar weakness and signs inflation may have peaked. With the broad position adjustments having run their course, the focus has returned to supply which in many cases remains tight, thereby providing renewed support, especially across the sectors of energy and key agriculture commodities.
Bonds

Technical Update - US 10-year Treasury yields reversing trend. 3% is in the cards. Euro Bunds testing rising trendline

Kim Cramer Larsson
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Equities

The soft-landing and inflation easing narrative is thriving

Peter Garnry
The momentum in equities has extended on Wednesday's US CPI release breathing fresh optimism into the soft-landing and easing inflation narrative. We highlight a few factors that could ruin this bet.
USD in the crosshairs
Forex

FX Update: US yield jump brings USD resilience if not a reversal.

John Hardy
US treasury yields at the long end of the yield curve jumped higher yesterday to multi-week highs, a challenge to widespread complacency across global markets. The USD found a modicum of support on the development, though this was insufficient to reverse the recent weakening trend. It will likely take a more determined rise in US yields and a tightening of financial conditions, possibly on further Fed pushback against market policy expectations, to spark a more significant USD comeback.
Macro

Singapore Market Pulse: Weaker macro conditions, but safe-haven reputation supports

Charu Chanana
While the growth outlook for Singapore is deteriorating on the back of weaker external demand, we believe exposure to the Singapore market remains a key portfolio diversifier given its safe-haven status. Rising interest rates continue to position banking stocks favourably, while the reopening of the regional and global economies brings likely benefits to retail and hospitality REITs as well as other travel related stocks and sectors. There are also some stocks to consider in-line with our preferred global equity themes of commodities and defence.
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Podcast

Podcast: US yields jump, capping complacency

Saxo Market Call
Today we note that the big surge in yields at the long end of the US yield curve were likely the critical factor in capping and reversing the extension of the rally in equities yesterday. The US dollar found a bit of resilience on the development as well, if only half-hearted. Elsewhere, we zoom in on global natural gas supply concerns after the latest weekly US storage yesterday, discuss the grains outlook with a key report up late today and look ahead at the fairly busy macro calendar next week, while wondering how the Fed deals with re-establishing its hawkish credibility.
Macro

Financial Markets Today: Quick Take – August 12, 2022

Saxo Strategy Team
US treasury yields at the long end of the curve surged over 15 basis points at one point yesterday in the wake of heavy treasury futures selling and a somewhat soft T-bond auction, which helped to turn sentiment lower in the equity market after the major averages had advanced to new local highs. The jump in US yields checked the US dollar’s descent as traders mull whether a break higher in US treasury yields will offer the currency fresh support after its break lower this week in many USD pairs.
Equity

Technical Update - Nasdaq 100 rejected at key resistance, was that the peak? S&P 500 looks toppish but trend is still intact - for now

Kim Cramer Larsson
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