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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider.
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products.
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Must reads from the past week: Rate policy, Earnings, Strength in commodities Must reads from the past week: Rate policy, Earnings, Strength in commodities Must reads from the past week: Rate policy, Earnings, Strength in commodities

Must reads from the past week: Rate policy, Earnings, Strength in commodities

Macro
Saxo

The US CPI that came in hotter than expected for the third consecutive month. In contrast to that, the ECB indicated a June rate cut as a possibility, therefore considerably widening the FED – ECB policy divergence. First quarter earnings season got underway with reports from some of the major US banks. Finally, metals continued to move higher while contending with USD dollar strength.

Must reads…

Why current circumstances show the Dollar remains the ultimate haven
- Riding the FED-ECB policy divergence

Strong performance points to a meaningful earnings growth for top banks
- Financials are attractive

Be aware of some of the big themes to watch for over the next few weeks
-Podcast talk on earnings season

Supportive conditions add momentum to strength in commodities
- Gold and Silver surge

The week ahead…

Geopolitical risks are back on the radar with Iran’s missile and drone attack on Israel. Commodity markets will be on edge with signs of worsening geopolitics and delay of Fed rate cut expectations after the inflation shock of last week.
The key events in equities, outside macro and geopolitics, are Q1 earnings with more than 70 companies reporting and key focus on ASML (Wed), Netflix (Thu), and Procter & Gamble (Fri).
Insights for monetary policy will follow a series of policymaker speeches in the U.S. and Europe, alongside key economic indicators such as US retail sales, UK average hourly earnings, and UK CPI figures.

Quarterly Outlook 2024 Q3

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  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

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  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

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  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, or any of our other products work, and whether you can afford to take the high risk of losing your money. The value of your investments can go down as well as up. Losses can exceed deposits on some margin products. Professional clients can lose more than they deposit. All trading carries risk.

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