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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products.
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Quarterly Outlook
Q4 Outlook 2022: Winter is coming

Our Q4 Outlook - Winter is coming - is out now. 

The Quarterly Outlook looks towards a dark winter, how the energy crisis especially in Europe and Asia will affect the financial markets and which assets may suffer and gain. It also zeros in on the US currency status. Finally, the Q4 Outlook looks at asset classes such as commodities and cryptocurrencies, and discusses how the cold financial winter may affect them.

Get our in-house analysts' views on the investment landscape in a tough macroeconomic world and plan your investment strategy for Q4 2022 and beyond. 

Read the articles Get the summary

In this edition

The financial markets face a tough winter as macroeconomic turbulence creates a volatile, unaccommodating environment for economic and financial growth. The winter will be cold, but how cold and what kind of spring we will wake up to on the other side are still open questions.

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Previous Quarterly Outlooks

  • Q3 2022: The Runaway Train

    This quarter's topic is coined "The Runaway Train". It looks at the high inflation rates, which central banks are struggling to get under control.
    Read the report

  • Q2 2022: The End Game has arrived

    Bring yourself up to speed on the next quarter's financial themes with Saxo's Q2 Outlook. Learn how different asset classes fare in the turbulent financial landscape and get inspiration from our team of in-house analysts.
    Read the report

  • Q1 2022: Fuelling the Energy Crisis

    Discover the key theme that will shape the financial markets, find out how different asset classes will react, and get strategic investment plays from our team of in-house analysts.
    Read the report

  • Q4 2021: This Time is Different

    Plan your investment strategy for Q4 2021 with expert commentary from our team of in-house analysts.
    Read the report

  • Q3 2021: A European revolution

    As a younger generation of voters prepare to flex their muscles, Germany – and Europe – may never be the same again
    Read the report

  • Q2 2021: The world is short of everything

    The law of unintended consequences: the world is now short of everything it needs.
    Read the report

  • Q1 2021: Commodity bull cycle

    Is 2021 the year that marks the beginning of the seventh commodity bull markets of the past 227 years?
    Read the report

  • Q4 2020: The US election

    The end of the economic cycle meets inequality, social unrest and a market feeding frenzy driven by the policy response to this deep crisis.
    Read the report

  • Q3 2020: Localisation - the new macro paradigm

    Massive headwinds ahead for growth, employment, the social fabric and the markets as states and companies focus inwards.
    Read the report

  • Q2 2020: A world out of balance

    The virus outbreak set three major macro impulses in motion: a global demand shock, a global supply shock and an oil war that has forced prices to multi-year lows. 
    Read the report

  • Q1 2020: The great climate shift

    For the first time since WWII we sense a shift in which climate and the environment – not growth – will become the priority of governments and their citizens.
    Read the report

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    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, or any of our other products work, and whether you can afford to take the high risk of losing your money. The value of your investments can go down as well as up. Losses can exceed deposits on some margin products. Professional clients can lose more than they deposit. All trading carries risk.

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