Saxo Market Call

Today, we take a humble stab at forecasting the coming year, from the economy and global equity markets to outcomes for rates and FX, as well as touching on key policy and geopolitical topics with uncertain outcomes that could make a mockery of any forecast. We even assemble a sample portfolio for 2026 that we'll return to throughout the year. (Important: this is not a recommendation, it's presented in order to have as a point of departure for discussions). You can find the sample portfolio instruments listed in a coming post on the John J. Hardy substack (within a few hours of this 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.

Today, we look at equity markets trying to ramp up for a strong close to a strong year. On Tesla's recent share price ramp, we have finally gotten the memo, as there is clearly a SpaceX angle for the company's stock of late that could send it higher still depending on market conditions for an eventual SpaceX IPO and whether Tesla shareholders get special access. Elsewhere, the JPY tries to make a stand after Friday's ugly downdraft and as JGB yields spike again. This and more on today's pod, which is 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 four 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.

Today, a look at AI stocks trying to get back their stride, Trump's DJT stock now becoming a nuclear fusion play and thoughts on what exactly can stop the yen from weakening when the market continues to play the currency as an emerging market currency after today's BoJ hike, with weakness in the currency coinciding with new 26-year highs in the 10-year JGB yield, which has ripped higher through 2.00%. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. 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.

Today, a look at a weak session for US equities, led by fresh selling in nearly everything AI-related, though Micron did all it could to right sentiment after the close with stunning forward projections. We also talk Oracle's latest stumbles, Nike earnings incoming and the European fashion space, macro and FX, especially the incoming Bank of Japan meeting Friday as yen traders are likely set to pounce. Today's pod features Saxo Equity Strategist Ruben Dalfovo and was hosted by Saxo Global Head of Macro Strategy John J. Hardy. Today's links:  Ruben's look at European fashion stocks The epic Craig Tindale X post with a strategic analysis of critical materials supply chains - super stuff. Arnaud Bertrand breaks down the recent shocking US National Security Strategy document as a historic moment for Europe, finding parallels in Khrushchev's shocking the Soviet relationship with China. For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. 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.

On a meh day for US equities, retail traders take Tesla to a new all time highs on robo-taxi hopes. Elsewhere, we break down some critical news for owners of US defense stocks as Trump weighs moving against their buybacks and dividend payments. Elsewhere, we run through the latest on the crude oil and natural gas outlook, the wild price action in metals, a key US dollar reversal and the massive stakes going into the Bank of Japan meeting this Friday for the yen. This and more in today's pod, which features Saxo Head of Commodity Strategy Ole Hansen and 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 four 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.

Today we look at another weak session for the US equity market, especially for many AI-related names, although Tesla had a banner day on hopes that its Robo-taxis are set to go driverless. We do some of the maths on robo-taxis to show why market hopes are so high - but also why the company must deliver them on a staggering scale to justify Tesla's share price. Thoughts on macro and FX ahead of key central bank meetings later this week and much more also on today's pod, which is 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.

Today, a look at Friday's ugly session, where internals suggest a market where some of the pros may be in profit-taking mode ahead of year-end as some of the most recent high-profile gainers suffered an ugly setback while many weak companies posted strong gains. Also, a look at the busy calendar for the week ahead for macro traders, as we await key US data and central bank meetings, especially the Bank of England on Thursday and the Bank of Japan on Friday. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. Today's link: Mike Green has made a huge splash on middle class financial insecurities and cost of living affordability challenges at surprisingly high income levels and was recently a guest on a very long form podcast discussing this very topic. Really critical to get at the root of why someone like Donald Trump has become president - because the system isn't working for most people anymore.   For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack. 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.

Today, we note the extension of the recent boom in the broader market and small caps relative to tech, as the relative rotation away from AI continues and Broadcom is the latest AI/tech megacap to be punished despite reporting strong results for last quarter after the close yesterday. We also profile an intriguing and wildly successful name for the last thirty years that reports next week, assessing Micron and its massive advance. Lots more on today's pod as well, especially on macro and FX and ongoing concern about the US treasury market and its potential to drive market volatility. Today's pod features Saxo Equity Strategist Ruben Dalfovo and is 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.

Today, a look at the S&P 500 attempting a new all-time high and the broader market bulling up strongly on the nominally dovish FOMC meeting, only to be spoiled by the Oracle earnings after the close as investors worry about the company's rate of spending and cloud revenue miss. Can Broadcom earnings today save the day? Also, Carvana is about to be added to the S&P 500, but is it an out-and-out fraud and an eventual zero as many short sellers would maintain? This and more on today's pod, which is 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.

Today, we look at the equity and treasury markets holding their collective breath ahead of the FOMC tonight and what to watch for in the market's reaction today, noting that key incoming US macro data is in the mix as well. We also talk gold, the surge in silver and the crude outlook with Saxo Head of Commodity Strategy Ole Hansen. Also, one key listen for today asks the question of what would the market trajectory look like if AI causes unemployment rates to rise to 20%? 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.

Markets are a bit nervous here ahead of the FOMC meeting tomorrow and the delayed key US data, with the key question afoot of whether the US treasury yields are set for a break higher, which could drive higher volatility across all other asset classes. Elsewhere, rising yields driving fresh woes for the JPY, with USD traders holding their breath trying to sort through the reaction function to different scenarios for US data. This and more on today's pod, which is 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.

Today, a quick look around global markets, where the JPY can't find a bid as long as global bond markets are under pressure, the US stock market continues its odd, micro-volatile march higher and we have Netflix trying to acquire Warner Brothers-Discovery if the deal is approved, with the FT noting that some prior Warner Brothers takeovers have come at interesting market inflection points - see link below. Also, the big move in CAD on Friday and much more. Today's pod hosted by Saxo Global Head of Macro Strategy John J. Hardy. The FT notes a couple of prior Warner Brothers takeovers that came just before ugly bear markets. The longer versions of the Saxo Market Call usually feature a John J. Hardy substack post to accompany the show, with links and the chart-of-the-day. 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.

Today - US small caps posting all-time highs while the action in the major indices remains positive, but moribund. Elsewhere, the JPY is knocking on key support levels in USDJPY and EURJPY is faltering within its very restricted range - is something finally afoot for JPY bulls. A look at the week ahead in macro and company earnings and more also on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. Our link of the day is to the White House's recent National Security Strategy for the USA, which spells out the US stance to the rest of the world, which in rough terms will likely outlive the Trump administration. There is no John J. Hardy substack to accompany today's podcast due to time constraints. 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.

Today, we note that the recent divergences we have highlighted have almost begun to hyperextend, as small caps, transports and other sectors had a banner day even as Mag7 and Tech were decidedly meh. Elsewhere, FX is heating up as the US dollar is breaking down and sterling is breaking up, among other developments. This, a bit of throwing shade on the concept of "dry powder" and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. One interesting link discussed on today's pod was on Japan's new Tagei submarine class - and its revolutionary battery-driven tech. There is no John J. Hardy substack to accompany today's podcast due to time constraints. 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.

Today, a look at the many crosscurrents in this market as some beaten down names and formerly beaten down sectors have surged higher, while the attempt to get the AI and tech rally back on track has only been half-hearted. Also, macro and FX as the USD looks pivotal ahead of today's US data, some must reads and much more. 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.

Today - a look at another day of powerful rotation moves across themes in the equity market and even within AI, why we shouldn't care that much about who replaces Powell at the Fed, the UK budget countdown today and the likely fallout, more across FX and macro and more. 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.  

Today, the stonx are back after a ripping session on Wall Street, as are AI stocks, led by Google and Broadcom as Nvidia suffers from the competition heating up. Also, a look at Novo's latest woes and what it may have lost when it didn't succeed in its bid for Metsera. Macro and FX and more on the call. Today's reading link from Robin Brooks: The End of the Road for Japan on how Japan needs to change its ways as Takaichi's lil stimulus won't work. No new John J. Hardy substack post for today, but have a look at past posts there for more inspiration from the chart-of-the-day and must read links, etc. 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.  

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.

Today, we break down a truly remarkable session yesterday, with new local highs on the sentiment boost from Nvidia's strong earnings and guidance completely wiped out as the market was stung for a loss on the day and a massive tumble from the opening highs. This looks like a "tell" indicating profoundly weak sentiment. We question whether one of the angles is that the entire AI ecosystem faces both technical disruption and financial fragility based on faulty assumptions. We also look at the latest on macro and FX and note the horrible breakdown in crypto has been leading everything risk-related lower of late. Today's podcast is 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.

The market is trying to get back on the rally train on a strong Nvidia earnings report, although returning to trend will require some heavy lifting into options expiry this Friday - a failure here would be ugly. We discuss Nvidia earnings and what we're looking for from the company in coming quarters with Saxo Equity Strategist Ruben Dalfovo. Elsewhere, we note the fresh profound JPY weakness ahead of the fiscal package announcement tomorrow in Japan as the market breaks out the EM playbook for the currency. This and much more on today's pod, which is 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.