All trading carries risk. The value of your investments can go down as well as up. Losses can exceed deposits on some margin products.

Q3 2019 Outlook:
The global fiscal panic

Q3 2019 Outlook:
The global fiscal panic

With economic growth faltering and global supply lines under threat, Modern Monetary Theory is gaining support. But can ambitious fiscal expansion prove a remedy, or is it merely a short-sighted stimulant?

The looming economic slowdown and ongoing trade war has seen central banks panic cutting interest rates and signal new extremes of easing. 

Politicians are also warming to the idea of Modern Monetary Theory, which can provide an intellectual backdrop to the fiscal expansion they will initiate as global growth falters further.

Our model indicates that the low point in the economic cycles lies in the third quarter for China, and in the first to second quarter for the US, UK and Europe. A massive repeat of the 1970s global supply shock is also a distinct possibility.

Can expansionist fiscal policy breathe life back into an ailing economy? Download our Quarterly Outlook now to get the SaxoStrats' expert insights.

Q3 Outlook: The global fiscal panic

Steen Jakobsen

Chief Economist & CIO



Q3 Outlook: It’s finally time for the USD to weaken

John Hardy

Head of FX Strategy, Saxo Bank Group


Q3 Outlook: Commodities are set to benefit

Ole Hansen

Head of Commodity Strategy, Saxo Bank Group


Q3 Outlook: Fiscal policy to the rescue in the Eurozone

Christopher Dembik

Head of Macro Analysis, Saxo Bank Group


Q3 Outlook: Global policy panic to boost bonds

Althea Spinozzi

Fixed Income Specialist, Saxo Bank Group


Q3 Outlook: Monetary madness in the ‘miracle’ economy

Eleanor Creagh

Australian Market Strategist, Saxo Bank Group


Download the Quarterly Outlook now to read our #SaxoStrats’ analysis in full and discover what this quarter holds in store for macro, equities, forex, fixed income, commodities and more.

Previous Quarterly Outlooks

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)