Macro chat with Saxo CIO Steen Jakobsen
Senior Editor, Saxo Bank
Summary: Join Saxo’s Chief Economist, Steen Jakobsen, and Head of FX Strategy John J Hardy, for the first edition of our new podcast series exploring the most important macroeconomic themes currently influencing the world’s financial markets and the likely trajectory of developments in the months ahead.
• How the Sino-US trade war may ultimately end with a “non-solution” outcome that would actually be beneficial to both Trump and Xi.
• Why the stable course of the CNY during this trade spat leaves markets dangerously complacent that low volatility will linger.
• Whether the Federal Reserve is now behind the curve or ahead of it with its monetary policy.
• Why the plight of the German car industry will finally force the EU into fiscal action and how the current political uncertainty in the bloc will change the conversation from a bigger Europe to a better Europe.
• Why the Brexit dilemma can’t be solved until UK prime minister May steps down and why there will have to be a second referendum.
• How the Brexit endgame will likely extend beyond the current Halloween deadline and why this is negative for sterling.
• How – and in which asset classes – investors should reposition their portfolios to reflect a period of relative stability over the summer months, followed by autumn volatility as governments start to panic.
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Productivity and innovation have never been more importantAs the world economy hits physical limits and central banks tighten their belts, could equities be facing a 10-15% downside?
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.