Market deflates with NVDA options premium. Beware new EU regulations!

Link to slide deck: https://bit.ly/3P9KAsU   - Today we look at the market turning tail badly yesterday and posting a bearish reversal after a gap opening higher. The action was sympathetic with the massive deflation in NVDA options premium as the gap higher in that company's stock on the company's results was entirely erased during yesterday's session. Elsewhere, we look at the USD resurgent ahead of a speech from Fed Chair Powell at Jackson Hole, with ECB President Lagarde also set to peak. In fixed income, we note the continued elevation at the short end of the US treasury yield curve suggesting the market has priced in a higher-for-longer policy stance from the Fed. We note as well that today is the first day for major internet companies to face the EU's new Digital Services Act, with possibly huge implications. This and more on today's pod, which features Peter Garnry on equities, Althea Spinozzi on fixed income and John J. Hardy hosting and on FX. Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here. Click here to open an account with Saxo   - Intro and outro music by AShamaluevMusic