Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
You can access both of our platforms from a single Saxo account.
"The trade war headlines have come full circle," reports Saxo Bank Head of FX Strategy John Hardy. In this case, of course, 'full circle' means a return to President Trump's initial aggressive stance with the administration prepared to more than double the planned tariffs on $200 billion in Chinese imports in an attempt to get Beijing to the negotiation table.
In the forex space, Hardy notes the dollar's continued strength despite a slight June PCI inflation miss with the JPY as the largest mover in the wake of Monday's Bank of Japan meeting.
"The BoJ's ultra-loose policies are set to continue," says Saxo fixed income specialist Althea Spinozzi, who adds that governor Kuroda 'blinked' in the face of market pressure and let the 10-year Japanese government bond yield fluctuate 20 basis points around zero.
"The JPY weakness followed the initial plunge in JGB yields," says Hardy, who adds that the yield move – but not that of the currency – has since retraced.
In stocks, Apple shares gained 4% after hours following a strong earnings release while in the commodities space, Saxo Head of Commodity Strategy Ole Hansen says that trade war fears appear to be offsetting supply risks in crude oil while gold remains significantly correlated to CNY with key support at $1,210/oz.
Quarterly Outlook
-
-
Quarterly Outlook
Equity Outlook: Will lower rates lift all boats in equities?
Peter Garnry
Chief Investment Strategist
After a period of historically high equity index concentration driven by the 'Magnificent Seven' sto... -
Quarterly Outlook
FX Outlook: USD in limbo amid political and policy jitters
Charu Chanana
Chief Investment Strategist
As we enter the final quarter of 2024, currency markets are set for heightened turbulence due to US ... -
Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
The Fed started the US rate cut cycle in Q3 and in this macro outlook we will explore how the rate c... -
Quarterly Outlook
Commodity Outlook: Gold and silver continue to shine bright
Ole Hansen
Head of Commodity Strategy
-
Quarterly Outlook
FX: Risk-on currencies to surge against havens
Charu Chanana
Chief Investment Strategist
Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperfo... -
Quarterly Outlook
Equities: Are we blowing bubbles again
Peter Garnry
Chief Investment Strategist
Explore key trends and opportunities in European equities and electrification theme as market dynami... -
Quarterly Outlook
Macro: Sandcastle economics
Peter Garnry
Chief Investment Strategist
Explore the "two-lane economy," European equities, energy commodities, and the impact of US fiscal p... -
Quarterly Outlook
Bonds: What to do until inflation stabilises
Althea Spinozzi
Head of Fixed Income Strategy
Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain ... -
Quarterly Outlook
Commodities: Energy and grains in focus as metals pause
Ole Hansen
Head of Commodity Strategy
Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities i...