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Saxo Bank released its Q1 outlook on February 7th, 2023, with the tagline "The models are broken." The authors focused on China and the Asian continent as they discussed deglobalization, interest rates, and inflation.
Details of "The models are broken;" Saxo 2023 Q1 Outlook
The authors explored the impact of outdated macroeconomic and political models on international equities. They also gauged the roles of cryptocurrency and FX in emerging global architecture.
Steen Jakobsen, chief information officer, claims that market cycle economic models are flawed. He noted that a new set of demands had emerged from the post-epidemic and the invasion of Ukraine. He suggested that more significant inflation would result in "a refreshing return of constructive investment."
Equity strategist Peter Garnry discussed the long history of underperformance for stocks with physical assets. He predicts that intangibles and financials would perform poorly after decades of excessive financialization.
The effect of the EU cutting off its energy supply from Russia is evident, according to macro expert Christopher Dembik. He foresees that Europe will have both risk and opportunity, especially in its partnership with China.
Redmond Wong, a market analyst in Greater China, examined the potential in Chinese stocks following the country's zero-covid tolerance. The market strategist in Singapore, Charu Chanana, also evaluated the relative worth of several Asian markets. She made the case that increased demand from China will benefit traditional exporters like India.
Saxo's Speculations on Commodities
Ole Hansen considered the possibility of extending the industrial metals bull market. He talked about the prospects of lifting China's travel restrictions on increased demand for crude oil.
Jessica Amir, a strategist in Australia, analyzed Australia's potential as a powerful exporter. She lists the iron ore and gold supply chains as Australian resources. Peter Siks addressed the anticipated return of a conventionally balanced portfolio.
John Hardy, an FX expert, looked at the possibility of a decline in USD this year and the likelihood of a higher Yen value. Lastly, Mads Eberhardt, a cryptocurrency strategist, talks about the difficulties the industry will face as retail adoption continues to decline.
About Saxo Bank Group
Saxo Bank is a Danish investment bank focused on Internet trading and investment. It was established in 1992 as a brokerage business named Midas Fondsmaeglerselskab. Upon receiving a banking license in 2001, the company's name was changed to Saxo.
Saxo provides trading in Forex, equities, CFDs, futures, funds, bonds, and futures spreads through its online platforms. Without providing conventional banking products, the firm operates as an internet broker with positive client reviews. The broker is licensed by the ASIC, FCA, FSMA, DFSA, CONSOB, and other regulatory bodies.
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