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cover of episode Nvidia to determine whether US stocks can achieve new highs

Nvidia to determine whether US stocks can achieve new highs

2025/5/28
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Saxo Market Call
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J
John J. Hardy
O
Ole Hansen
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John J. Hardy: 日本国债市场出现了一些令人担忧的迹象。隔夜的40年期国债拍卖规模小于预期，但需求依然疲软，导致收益率上升。特别是，2021年发行的票面利率为0.7%的2061年到期国债，其价格已大幅下跌，给持有这些债券的养老基金和保险公司带来了巨大的账面损失。我认为这种长期收益率曲线的压力最终也会在美国国债市场重现。目前，美国市场秩序有所恢复，风险情绪得以继续增强。我希望特朗普的关税威胁能够消退，但参议院的法案可能需要一段时间才能达成协议。

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Concerns rise over the Japanese bond market's weakness, particularly the 40-year JGB auction, mirroring potential future issues in the US treasury market. Despite this, positive risk sentiment prevails due to easing pressure in the US treasury market and hopes of receding Trump tariff threats. The upcoming Senate's version of the big bill remains uncertain, influencing the market's direction.
  • Weak demand for 40-year JGB auction in Japan
  • Smaller auction size than usual
  • Yields backing up in Japanese 10-year bonds
  • Easing pressure in US treasury market
  • Uncertainty about the Senate's version of the big bill

Shownotes Transcript

Risk sentiment is positive ahead of the next critical event that will determine whether the US market can achieve new all-time highs: the Nvidia's earnings call after the close today. Elsewhere, still signs of trouble in Japan's bond market, even as the pressure on the US treasury market has continued to ease, helping fuel risk sentiment. Thoughts on gold, crude, uranium and more also on the pod, which features Saxo Head of Commodity Strategy Ole Hansen and Global Head of Macro Strategy John J. Hardy.

 

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