A big day for equities, but a bigger one for bonds.

Today we break down the big sell-off in US equities, as ironically there were almost twice as many gainers as losers in the S&P 500 yesterday, with the selling chiefly focused on AI-related companies. Elsewhere, it was a much bigger day for bonds, which rallied steeply as US treasuries finally functioned as a proper and unambiguous safe haven, at least for a day. The impact on FX from that was also interesting, as the JPY stirred more forcefully. This and much more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links

• John's The FX Trader from today Will the real JPY please stand up?, talking especially USD and JPY and next week's five central bank meets.
• The Captain America program for dogs? Sounds creepy and hopefully without any super serums. Weren't we supposed to deploy robots instead?
• The Wired on the ice age that wasn't because we humans like to burn stuff.
• A heightened cyber-attack risk PSA - please be careful out there!

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