The Large Banks' Massive Unrealized Losses On Bond And Stock Market Situation

Positive Start Expected as Nvidia's Strong Performance Boosts Market Confidence

Summary:  Today we look at equity markets back at the cycle lows just ahead of earnings season as treasury yields and a strong US dollar continue to pressure. We also discuss unrealistic earnings expectations for the coming batch of earnings reports, the large banks' massive unrealized losses on bond portfolios that will hamper buyback programs and dividend generosity, the ongoing dicey situation for UK gilts and sterling as sentiment and policymaker credibility continue to struggle, crude oil & gas, FX focus, TSMC's ugly day and more. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting an on FX.

Listen to today’s podcast - slides are found via the link.

Follow Saxo Market Call on your favorite podcast app:

If you are not able to find the podcast on your favourite podcast app when searching for Saxo Market Call, please drop us an email at and we'll look into it.
Questions and comments, please!
We invite you to send any questions and comments you might have for the podcast team. Whether feedback on the show's content, questions about specific topics, or requests for more focus on a given market area in an upcoming podcast, please get in touch at


Positive Start Expected as Nvidia's Strong Performance Boosts Market Confidence

Saxo Bank

Saxo Bank is a global investment bank with a Danish banking license.
It is subject to strict regulation in 15 jurisdictions, including Denmark, the United Kingdom, and Singapore. We also hold banking licenses in Denmark and Switzerland.
When you invest with Saxo Bank, you have access to a state-of-the-art trading platform and over 40,000 financial instruments, including more than 22,000 stocks from 50 stock exchanges worldwide. It also provides access to global analyses prepared by a world-class analytical team.