Panic or No Panic?

**SPEAKER_1** (0:00)
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**Mikkel Rosenvold** (1:25)
Hello up there. Welcome to Real Vision. Welcome to Macro Mondays. My name is Mikkel Rosenvold. I'm your host as usual. And as usual, I'm joined by you, Andreas. Welcome to the show.

**Andreas Steno Larsen** (1:36)
Thanks, Mikkel. You know, Mikkel, I'm in a very good mood today, despite what happened on Friday, because yesterday we had the most important election of the year. Sorry to the Americans tuning in here. But Florentino Perez was re-elected as the president in Real Madrid, which basically means that we'll have José Mourinho back in charge of Real Madrid from the next season and onwards. And it will be absolute theater.
I'm, you know, awaiting this as a kid just ahead of Christmas Eve. So, I mean, as a martellista, I'm very, very up-beat today. I have to say that.

**Mikkel Rosenvold** (2:11)
Yeah, I have a very soft spot for José. I'm a bit more skeptical about this, this endeavor. But let's see, let's see how it happens.
They have the material and we haven't talked too much about the World Cup. It's unlike us, but it doesn't get the hype it deserves, maybe in our neck of the woods, both first of all, because we're not in it. Second of all, because it's going to be happening during the night. So we're spoiled as Europeans that most of these events in soccer anyway take place during our evenings, not this time around. But are you stoked for the World Cup, Andreas, more than I am maybe?

**Andreas Steno Larsen** (2:43)
No, no. But we actually do get a chance to talk about the World Cup today because of the labor market report on Friday.
We'll come back to that.

**Mikkel Rosenvold** (2:52)
That's a good plug. That is what I had in mind. So absolutely Andreas, we have a great show for you out there today. We're looking forward to this. We had obviously a bloody, bloody Friday. So we're going to try and cover, do we panic yet or don't we panic? What's the reaction in markets warned it?
Try and dive a little bit into the job market report. And then Andreas, we have to talk a little bit about Iran and Israel again as things are heating up or have been heating up over the weekend. Things moving very, very fast down there. So lots of stuff to talk about and digest.
Before we get started, just a few reminders.
If you're subscribed to Real Vision's Alpha tier or above, you can tune in to Raoul and Julien covering what they see in markets. It's their live show. It's at 11 a.m. Eastern, so in 55 minutes, essentially. You can join that. And if you're not a subscriber, you can get, you have time to subscribe after our show and before theirs begins. So it's just a matter of hopping into realvision.com and joining that to see Raoul and Julien pick apart markets and listen to what they have to say. Of course, to complement that, we have our usual publications, Andreas. We're a little bit light the coming two weeks because I'm headed on vacation. I'm still going to be doing Micro Mondays, but I'm going to be taking a bit of a vacation from the drill unless something major happens, which you probably will in geopolitics. But fear not, we still have the usual Steno Signals flagship report every Monday and then our Friday portfolio update every Friday. So lots of good stuff to look out for if you are a Real Vision subscriber. And then remember, as we also saw in the intro video, we're trying to find the soft spot between five seconds of the intro song and the full version. So let us know what you think about that. Our producers are working very, very hard to find the soft spot there. But as the song always goes, remember that our trade recommendation and ideas might be good, and sometimes might be shit. Yeah, Gatoons are not going to the World Cup either, Andreas. Sadly, I have to say. Okay, Andreas, let's get on with it. Red Friday, I've labeled it here. What on earth happened?