If a cat has nine lives, how many lives does a bear have?

Today's slide deck: https://bit.ly/3GvSye7   - Today we cover the latest challenge to the bearish case in the wake of Microsoft's huge recovery as AI spending commitments from that company and Meta helped lift broader market sentiment. We look at the next existential levels for badly wounded stock market bears after yesterday's price ramp, discuss gold, the latest on tariffs and trad talk prospects, the US jobs report today and Fed outlook and much more. On today's pod were Global Head of Investment Strategy Jacob Falkencrone, Head of Commodity Strategy Ole Hansen and Global Head of Macro Strategy John J. Hardy.   Read daily in-depth market updates from the Saxo Market Call and SaxoStrats Market Strategy Team here. Please reach out to us at [email protected] for feedback and questions. Click here to open an account with Saxo.