Today, we look at a few things that unfolded late last week in reaction to some of the first big earnings reports of this quarter and preview the week ahead, which is the biggest one for this quarterly earnings cycle. It&#x27;s a big week ahead for macro as well, as the FOMC, Bank of England and Bank of Japan are all up later this week. This and more on today&#x27;s pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy. About twice per week (in normal times, hopefully soon to resume), you will 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 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.

FOMC, BoJ and Earnings Season peak this week

Saxo Market Call

[SPEAKER_A] Welcome to the Saxo Market Call. Before we get started, it's important we emphasize that the views and opinions expressed in this podcast are those of the host and guests and do not constitute investment advice or recommendations. All information provided is for educational and entertainment purposes only.

[SPEAKER_C] Hello everyone, it is Monday, July 27th, 2026. My 2-week holiday turned into a 3-week holiday. So back later than expected, but here we are. And this will be a Getting Things in Motion podcast.

[SPEAKER_B] We do have a very interesting week ahead for earnings and not least for central banks as well. So some preview action and maybe at the top, I'd apologize a bit for my voice. I was unfortunately at a football match. Well, fortunately it was a fun football match yesterday, but I lost part of my capacity to speak after that experience.

[SPEAKER_C] But yes, so where are we? We are in a bit of correction mode.

[SPEAKER_B] Obviously, some of this may be geopolitically driven with the goings-on in the US-Iran war, the latest heated exchanges and hostilities, and especially the risk that really mounted for crude oil with the Bab-el-Mandeb Strait potentially in the mix for being cut off by Houthi rebels. But then we have over the weekend a sudden cessation in the actual hostilities, and we had crude off as much as $7, even below $90 on Brent briefly. This morning to start the week. So, and you know, again, it's a bit tough to link things purely geopolitically because we also had some key earnings that were met or received with a very special flavor. And I think that was zero impact there from geopolitics.

FOMC, BoJ and Earnings Season peak this week

Read the full transcript

The candid version is on a podcast,
not the earnings call.

FOMC, BoJ and Earnings Season peak this week

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.