Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Chief Macro Strategist
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Equities: Is the mojo back? Novo Nordisk keeps surprising and Tesla earnings showdown
Saxo Market Call
Summary: A lot of action has come back in equities with the latest move lower in the US 10-year yield following geopolitical events in the Middle East pushing equities higher again. We also debate the 'higher for longer' narrative and whether the backdrop for equities is actually okay given the US economic strength. We also talk about Novo Nordisk that again has released another very positive trial data now related to kidney failure sending its shares higher while the world's largest dialysis provider Fresenius Medical Care has seen its share tumble as much as 24%. Finally, we go through the upcoming earnings on Friday from US banks such as JPMorgan Chase and next week's earnings from Tesla, ASML, Netflix, and American Express. Especially Tesla earnings will be important for sentiment in equities and the latest price cuts may be a warning of weakening demand for electric vehicles, with Peter Garnry and Oskar Bernhardtsen.
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