Quarterly Outlook
Equity outlook: The high cost of global fragmentation for US portfolios
Charu Chanana
Chief Investment Strategist
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From the Floor: Italy in focus on broad equities surge
Michael McKenna
Head of Editorial Content, Saxo Bank
Risk-on sentiment in equity markets is pushing indices higher with the benchmark US S&P 500 poised for a test of the 2,800 level that has reined in prices for some time now.
"The next week will be critical for US shares," says Saxo Bank Head of Equity Strategy Peter Garnry, with Saxo technical analyst Kim Cramer Larsson cautioning that yesterday's session saw sellers move in with some determination on a prelimary test of this level.
In Europe, Garnry reports that buyers are returning to Italy as the two-year yield retreats and on recent comments from new finance minister Giovanni Tria supporting both the euro and debt-reduction efforts.
"[Tria] sounded very German in his latest remarks – I could easily see Italian shares post a 5% gain from here," says Garnry.
Italian shares ranked according to Saxo's Equity radar model:
Today's key data release will be the US CPI print at 12:30 GMT with the Trump/Kim summit and the British customs union vote also in focus. We also have the latest monthly reports from Opec and the US Energy Information Administration up as oil continues to gyrate.
"We have seen Iraq join Iran and Venezuela in opposing the Russo-Saudi proposal to increase output," reports Saxo Bank Head of Commodity Strategy Ole Hansen, adding that the disagreements are growing more significant as Iraq's oil minister emphasised that oil prices are simply too low for further production rises.
Elsewhere in the commodities complex, Hansen says that gold remains tied to $1,300/oz ahead of the Federal Reserve session (and near-certain rate hike) tomorrow while silver is testing a six-month high against the yellow metal.
Finally, Saxo Bank Head of Forex Strategy John Hardy says that investors should keep an eye on USDJPY as it appears to be pushing for an upside break beyond the 200-day moving average while NOK has headed higher despite a disappointing CPI print.
Quarterly Outlook
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Quarterly Outlook
Commodity Outlook: Commodities rally despite global uncertainty
Ole Hansen
Head of Commodity Strategy
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Quarterly Outlook
Upending the global order at blinding speed
John J. Hardy
Global Head of Macro Strategy
We are witnessing a once-in-a-lifetime shredding of the global order. As the new order takes shape, ... -
Quarterly Outlook
Asset allocation outlook: From Magnificent 7 to Magnificent 2,645—diversification matters, now more than ever
Jacob Falkencrone
Global Head of Investment Strategy
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Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Macro Strategy
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Quarterly Outlook
Equity Outlook: The ride just got rougher
Charu Chanana
Chief Investment Strategist
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Quarterly Outlook
China Outlook: The choice between retaliation or de-escalation
Charu Chanana
Chief Investment Strategist
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Quarterly Outlook
Commodity Outlook: A bumpy road ahead calls for diversification
Ole Hansen
Head of Commodity Strategy
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Quarterly Outlook
FX outlook: Tariffs drive USD strength, until...?
John J. Hardy
Global Head of Macro Strategy
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Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy