Today, we look at the remarkable US equity market session yesterday, as the market fears that the Democratic mid-term sweep will slow the pace of data centre buildouts, sending data center infrastructure and chip companies into a tailspin even as the broader market rallied steeply. How durable is this trade? Also, further thoughts on the implications of the US mid-terms, macro and FX developments and much more. Today's pod is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

The FT looks at the slate of candidates most likely to jostle to the front for a 2028 US Presidential Election run.
Lee Hepner breaks down the historic mid-term election, arguing what it was and what it wasn't while pulling out some interesting subplots and specific developments.
Michael Every says beware of drawing too many conclusions on the direction the Iran conflict may take from here based on the post mid-term election vibe shift in energy markets.
Brent Johnson takes the view that this election won't change the march of history towards... What exactly? A great American empire not democratic republic? Is that what we are supposed to infer from the ancient Rome timeline.
By the way, speaking of ancient Rome's march to empire, the Marius and Sulla episode on the great The Rest is History podcast is riveting stuff.

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The AI trade is down even as most stocks are way up.

Saxo Market Call

The AI trade is down even as most stocks are way up.