Dovish ECB guidance deepens central bank pivot narrative

Today's slide deck:  https://bit.ly/3DibbNi   - Click here to open an account with Saxo  - Today we look at the novel development of a negative correlation in equities and bonds in recent days as rallying bonds are failing to support equity prices. Amazon was the latest to drop a bomb on sentiment yesterday with a very weak outlook after hours, even as a handful of other large companies reported solid earnings yesterday. Elsewhere, the ECB was the latest central bank to surprise on the dovish side with surprisingly cautious guidance. And USDJPY is up sharply again overnight despite lower US yields as the BoJ held the line and the Japanese government announced a new stimulus package. Elsewhere, we look at the latest on natural gas, coffee & cotton, upcoming earnings, the macro calendar for the week ahead and more. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting an on FX. Intro and outro music by AShamaluevMusic