Today, a look at global equity markets roiled by Meta's announcement that it will rent out use spare data center capacity for AI applications, raising concerns for AI-linked cap-ex and all stocks linked with the "AI picks and shovels" theme even as it was read as a boon for Meta's stock itself. Software as a service and consulting names also rallied on the news. Elsewhere, Japan is intervening against JPY weakness, sterling is breaking higher and we have a US June jobs report today ahead of a three-day weekend for US markets. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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Meta announcement just a warning shot or the actual pin prick?

Saxo Market Call

Meta announcement just a warning shot or the actual pin prick?