Today we shake up the podcast format a bit, something we plan to do from here on out by offering shorter, sub-10 minute episodes for quicker turnaround, while keeping the longer format for perhaps once or twice a week. Today, a look at Friday's very interesting session that was chock full of remarkable divergences as small caps massively outperformed big tech. Also, some thoughts on European defense, crypto, macro and FX. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on the podcast and our Chart of the Day can be found on the John J. Hardy substack (within one to three hours from the time of the podcast release).

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

Please reach out to us at marketcall@saxobank.com for feedback and questions.

Click here to open an account with Saxo.

Intro and outro music by AShamaluevMusic

DISCLAIMER This content is marketing material. Trading financial instruments carries risks. Always ensure that you understand these risks before trading. This material does not contain investment advice or an encouragement to invest in a particular manner. Historic performance is not a guarantee of future results. The instrument(s) referenced in this content may be issued by a partner, from whom Saxo Bank A/S receives promotional fees, payment or retrocessions. While Saxo may receive compensation from these partnerships, all content is created with the aim of providing clients with valuable information and options.

Welcome to the 9-minute.

Saxo Market Call