Quarterly Outlook
Q3 Investor Outlook: Beyond American shores – why diversification is your strongest ally
Jacob Falkencrone
Global Head of Investment Strategy
0800 – Germany June IFO Survey
1230 – Canada May CPI
1400 – Fed's Powell Delivers Semi-annual Policy Testimony before House committee
Fed speakers: Hammock, Williams
ECB speakers: Greene, Guindos, Kazimir, Lagarde, Lane
For all macro, earnings, and dividend events check Saxo’s calendar.
Volatility eased Monday as geopolitical fears subsided and markets regained confidence. The VIX dropped to 19.83 (-3.8%), down from last week’s highs, while short-term indicators like VIX1D also retreated sharply. Demand for near-term index option hedges has fallen, reflecting a more stable outlook ahead of Thursday’s PCE inflation release and quarter-end portfolio moves. Hedging costs are now lower for long-term investors, though implied volatility remains above last year’s lows.
Crypto assets surged with risk markets as ceasefire news spurred renewed buying. Bitcoin jumped over 4% to $105,500, fully recovering from last week’s dip. Ethereum rallied sharply, up 8.8% to $2,420, though it still lags BTC year-to-date. Flows highlight the difference in institutional demand: BlackRock’s IBIT held at $58.67 after over $1 billion in inflows last week, while ETHA slipped 4% after posting its first net outflow. Altcoins also rebounded, with XRP, Solana, and Cardano all rising more than 8% on the day.
For a global look at markets – go to Inspiration.