Quarterly Outlook
Investor Outlook: Beyond American shores – why diversification is your strongest ally
Jacob Falkencrone
Global Head of Investment Strategy
0600 – UK April Industrial and Manufacturing Production
1230 – US May PPI
1230 – Initial Jobless Claims
1430 – EIA's Natural Gas Storage Change
1600 – World Agriculture Supply and Demand Estimates (WASDE)
1700 – US to sell USD 22 billion 30-year bonds
Next week:
For all macro, earnings, and dividend events check Saxo’s calendar.
Volatility nudged higher but remains subdued. The VIX rose to 17.26 (+1.8%), with one-month VIX futures near 18.25, reflecting light hedging ahead of next week’s Fed meeting. Skew and VVIX are flat, indicating few signs of deep concern, and volumes in VIX options spiked as investors positioned for macro risk rather than stock-specific events. With the index still below its long-term average, market caution persists, but stress is absent.
Digital assets held steady despite mild price pullbacks. Bitcoin hovered near $108.6k (-0.8%), Ethereum just below $2.8k, and altcoins were broadly weaker. Institutional interest is solid: BlackRock’s IBIT ETF absorbed another 3,000+ BTC, pushing assets near $72bn, while ETHA saw $163m of net inflows to $4.4bn AUM. Steady ETF flows and resilient prices signal deepening adoption even as short-term volatility cools. Social sentiment remains bullish, but “greed” is rising, with analysts watching for new highs.
For a global look at markets – go to Inspiration.
Q3 Macro Outlook: Less chaos, and hopefully a bit more clarity