Quarterly Outlook
Q3 Investor Outlook: Beyond American shores – why diversification is your strongest ally
Jacob Falkencrone
Global Head of Investment Strategy
0600 – UK April Retail Sales
1400 – US April New Home Sales
Fed speakers: Goolsbee (1230), Musalem & Schmid (1335), and Cook (1600)
Next Week
For all macro, earnings, and dividend events check Saxo’s calendar.
VIX fell 2.8% to 20.28, reflecting easing equity volatility as futures remained flat despite heavy macro news flow. Short-term measures like VIX1D and VIX9D retreated further. Options activity stayed robust—highlighted by a reported $3 billion in long-dated US equity call buying, mainly in tech megacaps, showing deep-pocketed investors seeking upside and volatility exposure. SKEW rose 1.3%, signaling elevated tail-risk hedging, but spot/futures calm suggests markets are pausing after recent swings. No major volatility events scheduled today.
Bitcoin hit a new all-time high above $111,000 before modest profit-taking saw it slip to $110,631 (-1%). Ether (+0.15%) and Solana (+0.6%) also advanced. BlackRock’s IBIT ETF surged 2.3%, pulling in $530mn net inflows, its largest in two weeks, with no outflows since April—supporting BTC’s spot-led rally. US banks reportedly discussed a joint stablecoin, boosting regulatory optimism. Whale transfers and Bitcoin Pizza Day saw increased on-chain activity, but price impact was muted. Altcoins mostly gained; COIN rallied 5% on positive crypto sentiment.
For a global look at markets – go to Inspiration.