Saxo Market Call Risk off as market ponders new energy crisis from Iran conflict.
13 snips
Mar 3, 2026 Markets flip from a puzzling US late rally to a fresh wave of risk-off in Asia and Europe. They dig into flows behind the bounce like passive buying and hedge unwinds. The conversation focuses on a potential energy shock from Iran, shipping and insurance risks in the Strait of Hormuz, and how surging gas prices could hit Europe and currencies.
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Iran May Pace Attacks To Exhaust Defenses
- Actual on‑the‑ground intensity appears lower than weekend peak, but Iran may sustain staggered drone/missile attacks to exhaust defenses.
- Hardy cites Dubai sources and Bloomberg reporting on exhaustion risk of interceptors versus cheap drones.
Saudi Expert Interview Highlights Fertilizer And Gas Risks
- John Hardy references an interview with Saudi energy expert Anas Al‑Hajj discussing oil, gas, fertilizer and wider supply risks.
- He plans to link the interview on his substack for deeper regional energy perspective.
High Energy Costs Are A Hidden Risk For AI Stocks
- Rising energy costs could become a direct input cost for AI infrastructure, pressuring AI‑related stocks.
- Hardy notes energy is a base input for LLM compute and sustained power price rises would affect the sector.