Today, markets are happy to have dodged a US-Europe trade war this week, but we consider a few issues (besides the acceleration in high-impact earnings reports next week), or "grenades" that may or may not go off from here: first, whether this winter storm hitting the US could have an impact, among other things, on AI data centres - not in a storm sense, but in a storm of protest sense, second, the EU Mercosur trade deal and whether this opens up internal strife within key EU institutions, and third, a very delayed-fused situation for sterling and gilts linked to Labour party politics in the UK. Also, the BoJ, whether FX vol is finally heating up and much more on the pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy

Here's that link to that piece on the US and Europe not speaking the same structural language on the world order, indicative of the overall massive rift that remains despite not engaging in a trade showdown this week.

For our longer form podcasts, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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Little and not so little grenades rolling around...