Quarterly Outlook
Q3 Investor Outlook: Beyond American shores – why diversification is your strongest ally
Jacob Falkencrone
Global Head of Investment Strategy
0800 – Eurozone May (Final) Composite, Services PMIs
0830 – UK May (final) Composite, Services PMIs
1215 – US May ADP Employment Change
1345 – Bank of Canada Rate Decision
1345 – US May (Final) Composite, Services PMIs
1400 – US May ISM Services Inde
1430 – EIA's Weekly Crude and Fuel Stock Report
1800 – Fed Releases Beige Book
Earnings events
For all macro, earnings, and dividend events check Saxo’s calendar.
The VIX fell 3.5% to 17.69 as equities rebounded, with option market activity showing traders unwinding ultra-short-term hedges ahead of Thursday’s ECB decision and Friday’s US jobs report. Realized volatility is trending lower, keeping option premiums subdued despite ongoing macro risks. The front end of the curve remains steep, but no panic signals—investors are cautious, not capitulating.
Bitcoin hovered near $105,600 (+0.16%), while Ether climbed to $2,630 (+1.37%). BlackRock’s IBIT ETF rose 1.75% on solid inflows, and the new ETHA ETF jumped 3.8%, reflecting strong allocator demand for ETH exposure. Altcoins were mixed, with SOL and XRP posting modest gains. On-chain data suggests continued institutional accumulation, with crypto volatility muted and carry trades attractive. Trump’s Truth Social filed for a Bitcoin ETF, highlighting the crypto-politics crossover.
For a global look at markets – go to Inspiration.