Quarterly Outlook
Q3 Investor Outlook: Beyond American shores – why diversification is your strongest ally
Jacob Falkencrone
Global Head of Investment Strategy
0645 – France May (Preliminary) CPI
0900 – Eurozone May (Final) Consumer Confidence
1230 – US April (P) Durable Goods Orders
1300 – US Mar. S&P CoreLogic Home Price Index
1400 – US May Conference Board Consumer Confidence
1430 – Dallas Fed Manf Activity
1700 – US to sell USD 69 billion 2-year Notes
0130 – Australia April CPI
0200 – New Zealand RBNZ Official Cash Rate announcement
For all macro, earnings, and dividend events check Saxo’s calendar.
Volatility spiked into Friday’s close with VIX ending at 22.29 (+10% vs Thursday). VIX futures fell back to 20.80, leaving the curve in shallow contango. Options volumes were elevated, especially in mega-caps like Nvidia, but put-skew narrowed as some hedges were unwound. Vol remains high but not panicked, as traders await Nvidia earnings and Thursday’s PCE inflation data.
Bitcoin retreated to $109.1K (-0.3%), cooling from last week’s highs, while ETH held at $2,590 (+1%). Crypto market cap remains firm above $3.43T, as robust ETF inflows anchor sentiment: BlackRock’s IBIT pulled in $530M last week, though it slipped 2.2% to $61.83 on Friday. Crypto stocks (COIN -3.2%, MSTR -7.5%, MARA -5.9%) lagged broader tokens. ETF flows and upcoming macro events are keeping crypto volatility subdued relative to equities, despite macro jitters.
For a global look at markets – go to Inspiration.