Today, we note the confounding combination of very rough seas in macro and FX as EU sovereign debt stress, yield volatility and a strong US dollar weigh, and yet equities seem to be sailing along as if nothing malicious is afoot. Some coverage of why Tesla and especially SpaceX rallied hard on Friday as the latter moves closer to its plans to launch space-based AI data centers, with Google test units already along for the ride. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

Anthropic takes a stab at estimating how quickly (or slowly, actually) the robot overlords will take over human labor.
Ukraine is already deploying robots on the battlefield, with some success.
The Half Macro Half Climate substack points to the tensions that will continue to aggravate the risks for French debt and France's status within the EU on the exodus of assets from the financially troubled republic.

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Rough seas, but calm sailing for equities?

Saxo Market Call

Rough seas, but calm sailing for equities?