Stress levels are rising if still not flashing red.

Today, a look back at another dicey day for risk sentiment as global bond yields continued to ratchet higher as we head into month-end and quarter-end with possible portfolio rebalancing in the mix after a remarkable period for fixed income. Elsewhere, our overall global risk indicator is under the most pressure since the Liberation Day episode in the spring of 2025, even if equity market sentiment remains relatively stable. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

Michael Every's latest global macro piece:  A great deal of concern.

Michael Kao makes a great point on the "rate sensitive narrative" not adding up.

Alexander Stahel claims Hormuz Strait flows are 94% of normal. So what is the oil price doing here still? To be fair, he still points out some concerns.

Izabella Kaminska on how AI assistants might contribute to a rise in funding costs for banks.

FTAlphaville covers US Treasury Secretary Bessent's hire of David Zervos, recycling the latter's own comments on markets.

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 music by AShamaluevMusic

DISCLAIMERThis 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.