Saxo Market Call Markets are moving beyond denial stage as yields explode higher.
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Mar 23, 2026 
Ole Hansen, Head of Commodity Strategy at Saxo Bank, brings sharp market know‑how on energy, metals and agricultural trends. He discusses exploding global bond yields, gold's sharp selloff and liquidity-driven pressure. He also covers oil curve signals, fertilizer and diesel cost risks for farmers and the broader commodity market reactions to geopolitical tensions.
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Yields Forcing Market Repricing
- Markets moved from denial to recognition as global bond yields exploded, forcing equity re-ratings.
- John Hardy notes the U.S. two-year at 3.95% above the Fed rate and the entire yield curve lifting, increasing equity volatility and repricing risk.
Supermicro Shock Dragged AI Theme Down
- The AI trade suffered sharply because Supermicro's 33% plunge pulled the theme lower.
- John Hardy links Supermicro's alleged NVIDIA chip shipments to China as a specific catalyst behind the AI sell-off.
Gold Drop Driven By Liquidity Not Fundamentals
- Precious metals fell due to a liquidity shock and long liquidation despite fundamental drivers remaining strong.
- Ole Hansen says a dash for cash and stop-loss selling accelerated gold's decline even as drivers for higher prices persist.