Playlist: Wal-Mart Stores Inc.

Show less
Berger: Why I’m buying Walmart
Serge Berger
11 January 2016 at 7:14 GMT
Berger: Walmart set to bounce back
Serge Berger
15 June 2015 at 6:06 GMT
Berger: Why Wal-Mart is hoping to be in holiday mood
Serge Berger
01 December 2014 at 8:21 GMT
Are Costco's shares going cheap too?
Owen Thomas
12 August 2014 at 8:20 GMT
Norway's USD 870 Billion oil fund shows who's boss
Alex Forrest Whiting
11 August 2014 at 11:02 GMT
How to trade Tesla and Walmart
Lea Jakobiak
19 February 2014 at 16:37 GMT
Berger: How to trade the holiday season
Serge Berger
28 November 2013 at 11:53 GMT
Avoid these mistakes this earnings season
Lea Jakobiak
10 October 2013 at 12:07 GMT
How to trade a US shutdown
Steen Jakobsen
30 September 2013 at 13:45 GMT
Video / 11 October 2017 at 7:33 GMT

From the Floor: Barcelona blinks, Spanish bonds tumble — #SaxoStrats

   • Catalan leader calls for 'period of dialogue' with Spain
   • Move sees investors return to Spanish bonds
   • Asian stocks extend rally, Wal-Mart surges on buyback
   • Oil market recovering, funds remain long Brent crude

By Michael McKenna

Last night's address by Catalan regional president Carles Puigdemont had viewers wondering whether the breakaway region had or hadn't actually declared independence from Spain, but in the end the Catalonians blinked, calling for Madrid to respect the vote for secession but offering a "period of dialogue"in favour of an actual declaration.

"The market is not taking the prospect of Catalan independence particularly seriously," notes Saxo sales trader Althea Spinozzi, who adds that Spanish 10-year yields fell 10 basis points in the wake of Puigdemont's speech.

"This was the Catalans showing a weak hand," says Saxo Bank head of equity strategy Peter Garnry; "I think this ultimately increases uncertainty and we could see more large companies plotting their departure from Catalonia over the coming weeks."

Beyond Spain, Garnry reports that Asian shares continued to rally Wednesday, as have shares of US retail giant Wal-Mart on news of a $20 billion share buyback and projections of 40% growth next year in its online sales division (currently responsible for $11.5bn annually).

"I think Wal-Mart is doing all the right things to compete with Amazon," says Garnry. 

Wal-Mart shares rose 4% Tuesday:
Source: Saxo Bank 

Also on the recovery track is crude oil where Saxo Bank head of commodity strategy Ole Hansen sees the rebalancing process continuing apace ahead of Thursday's inventories report (delayed one day due to Monday's Columbus Day holiday).

Among the supportive factors for crude are Opec's continued confidence in its production cut deal with Hansen reporting that the cartel has even suggested that US shale producers may join in the cap agreement, an extremely unlikely development but one whose mention signals the group's bullish forecast for crude.

Finally, we have Federal Open Market Committee minutes out at 1800 GMT, with Saxo FX strategy head John Hardy saying that expectations are muted; the USD's present softness, likely driven by fading tax reform hopes and a stronger CNY, is boosting gold prices along with geo-risks.

For more on the dollar, as well as Greek bonds, the earnings season, and EURUSD, listen to the Morning Call in its entirety via the video link above.

Madrid appears to have the upper hand in the Catalonian independence crisis. 
Photo: Shutterstock

Michael McKenna is senior editor at Saxo Bank


The Saxo Bank Group entities each provide execution-only service and access to permitting a person to view and/or use content available on or via the website is not intended to and does not change or expand on this. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on or as a result of the use of the Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. When trading through your contracting Saxo Bank Group entity will be the counterparty to any trading entered into by you. does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of ourtrading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws. Please read our disclaimers:
- Notification on Non-Independent Invetment Research
- Full disclaimer

Check your inbox for a mail from us to fully activate your profile. No mail? Have us re-send your verification mail