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cover of episode Did Liberation Day not happen or are we missing something?

Did Liberation Day not happen or are we missing something?

2025/4/30
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Saxo Market Call

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John J. Hardy
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我观察到,所谓的"解放日"并没有带来预期的市场变化,市场回到了"解放日"声明之前的水平。关税谈判仍在持续,虽然出现了一些例外和调整,但高关税的影响依然存在。美国政府的措施旨在避免在某些关键领域造成短期内的自我损害。尽管风险情绪有所反弹,但高关税的影响依然巨大,市场可能会再次关注这一威胁。除非关税威胁完全消除,并且出现美联储降息等重大事件,否则市场叙事不会改变。许多公司由于关税的不确定性而拒绝提供业绩指引,但实际支出数据目前并未显示出明显的下降。亚马逊计划公开显示商品价格中关税占比的举动被白宫斥为"敌对和政治行为",亚马逊随后否认了这一计划。

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Today's slide deck: https://bit.ly/42V3jy8)   - 

Today we look at the remarkable degree to which the market has continued to climb the wall of worry, the risk to gold prices over the next several trading days, what the market is looking for next from earnings and Trump administration policy as volatility has dropped across most assets and much more, including some links to great content for further reading in the slide deck. Hosting today's pod is Saxo Global Head of Macro Strategy John J. Hardy.

Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here).

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