Saxo Market Call Market complacency challenged by latest blitz of Trump administration moves
12 snips
Jan 12, 2026 Market tensions rise as the Trump administration targets Fed independence, stirring unease among investors. Merck's potential $32 billion acquisition of Revolution Medicines hints at strategic corporate moves. A wave of earnings reports approaches, with key tech players like TSMC set to reveal insights critical for AI hardware. Meanwhile, yen weakness and Japan's political landscape raise eyebrows, alongside concerns over complacency in market sentiment ahead of earnings season. Discussions on nuclear energy and solid-state batteries spark intriguing future possibilities.
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Political Moves Test Dollar And Risk Sentiment
- The market reacted risk-off to the Powell subpoena and saw some dollar selling.
- Hardy highlights this move as testing whether markets will brush off political interference or reprice dollar and risk assets.
AI Basket Divergence Example
- John Hardy describes an AI-capex bifurcation: some firms capture spending while others supply it.
- He notes his AI basket shows mixed performance with strong gains in certain hardware names since Sept 11.
Nuclear Power Back In Focus
- Power and nuclear are reentering investor conversations after Meta sought nuclear deals for data centers.
- Hardy highlights extreme volatility in small names like Oklo as sentiment ebbs and flows.