Today a look at equity market divergences in evidence on Friday as many stocks were lower, perhaps on the fresh rise in bond yields, while many large cap and momentum stocks did well on the day and are off to a strong start this week. Elsewhere, USDJPY is the critical focus in FX, there is plenty to discuss on the geopolitical front, both in terms of oil supply risks and the Trump-Xi summit set for Thursday and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

As we look at high petrol and record diesel prices in recent days, the WSJ covered the risk of a US refined product export embargo, how it would work and the potential price impacts.
WSJ does a more than 30-minute deep dive on North Korea's secret US work force. Remarkable stuff.
On the headlines trumpeting Saudi Arabia's quitting mBridge, China's cross-border currency platform, apparently there may far less of geopolitical import. Consider coverage on X from Endgame Macro and Luke Gromen as well as the most thorough take from Izabella Kaminska.

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MOVE more important than VIX

Saxo Market Call

MOVE more important than VIX