Quarterly Outlook
Q3 Investor Outlook: Beyond American shores – why diversification is your strongest ally
Jacob Falkencrone
Global Head of Investment Strategy
0600 – UK May Retail Sales
0600 – Germany May PPI
0640 – Japan Bank of Japan Governor Ueda to speak
0645 – France June Manufacturing Confidence
1230 – US June Philadelphia Fed Business Outlook
1400 – Eurozone June (Prelimenary) Consumer Confidence
Next week
For all macro, earnings, and dividend events check Saxo’s calendar.
Volatility stayed elevated, with the VIX holding above 22 ahead of Friday’s triple witching expiry. US markets saw muted action during the Juneteenth holiday, but over $6 trillion in expiring options today could trigger sharp intraday swings. Despite higher headline volatility, the broader market remains less stressed than during April’s tariff panic. For long-term investors, triple witching volatility is usually short-lived and tends to fade once expiry-driven flows settle.
Crypto markets were steady despite the US equity holiday. Bitcoin held near $104,500, Ether at $2,515. IBIT saw $104 million in new inflows, extending its positive streak and lifting assets above $70 billion. ETHA led Ethereum ETFs with $15.1 million in one-day inflows, turning total Ethereum ETF flows positive for the week. Ongoing institutional demand is helping keep volatility subdued, providing a supportive backdrop for long-term holders, even as sentiment among retail traders remains cautious.
For a global look at markets – go to Inspiration.