Santa rally becomes the Santa rout

Today's slide deck: https://bit.ly/3UZqbGx Click here to open an account with Saxo   - Today we look at an ugly day for global equity markets, with a bloodbath in Europe yesterday on a suddenly over-ambitious ECB that surprised with maximum hawkishness and spiked European rates, even if this ECB will hardly be able to carry out significantly more tightening than its global central bank peers from here. The Bank of England, meanwhile, surprised on the dovish side, taking down sterling several notches. We also look at natural gas and commodity backwardation perspectives, an interesting signal from First Quantum Mineral's run-in with Panama's government, earnings for the week ahead and more. Today's pod features Peter Garnry on equities, Ole Hansen on commodities and John J. Hardy hosting and on FX. Read daily in-depth market updates from the Saxo Market Call and Saxo Strategy Team here. Intro and outro music by AShamaluevMusic