Quarterly Outlook
Q3 Investor Outlook: Beyond American shores – why diversification is your strongest ally
Jacob Falkencrone
Global Head of Investment Strategy
The Saxo Quick Take is a short, distilled opinion on financial markets with references to key news and events.
1920 – Fed's Williams Speaks
0145 – China Feb. Caixin Services PMI
0200 – US President Trump to speak before joint session of the US Congress
For all macro, earnings, and dividend events check Saxo’s calendar.
Markets reacted strongly to tariff news, with the VIX jumping 16% to 22.78, its highest level since December. VIX futures remain stable at 20.70, indicating some cooling. SPX options trading surged 4.6%, with a put-call ratio of 1.3. Despite the selloff, futures indicate stabilization, with S&P 500 and Nasdaq 100 futures in the green. No major economic releases are expected today, meaning volatility will hinge on tariff developments and global reactions.
Crypto markets plunged as risk appetite crumbled following Trump’s tariff confirmation. Bitcoin fell 10.1% to $83,950, while Ethereum slumped 14%. Solana (-18.9%) and Cardano (-22.7%) erased all gains from Trump's prior crypto reserve comments. The global crypto market cap fell 10%, with trading volume up 10% to $178.2 billion. Crypto-exposed stocks like Coinbase (-4.6%), MicroStrategy (-1.8%), and Riot Platforms (-4.5%) also tumbled. Investors now await Trump’s White House Crypto Summit on Friday for further regulatory clarity.
Q3 Macro Outlook: Less chaos, and hopefully a bit more clarity