Saxo Bank releases report “2024: The Wasted Year”

Rick Steves

Saxo Bank published its Quarterly Outlook for Q2 2024, offering an analysis from the bank’s Strategy team, focusing on the impact of elections in key market countries and their potential to divert attention from critical economic indicators.

The report, titled “2024: The Wasted Year,” critically examines the influence of election-driven optimism on financial markets and the broader economy, attributing these insights to Saxo’s Chief Investment Officer, Steen Jakobsen.

Jakobsen is quoted emphasizing the disparity between the rally in equities, fueled by election optimism, and the harsh economic reality of debt outpacing GDP growth.

The outlook elaborates on several key areas, with each section attributing insights and forecasts to Saxo’s experts:

Fixed Income

The report suggests a cautious stance towards extending portfolio durations, anticipating potential shifts in central banks’ monetary policies. It highlights a likely divergence in policies between the US Federal Reserve and the European Central Bank, a perspective provided by Althea Spinozzi, Saxo’s Head of Fixed Income Strategy. Spinozzi comments on the resilience of sovereign bonds as a hedge against fiscal concerns, emphasizing the attractiveness of the bond market amidst current economic conditions.


Saxo’s outlook on equities, influenced by the surge in Artificial Intelligence and obesity treatment sectors, reflects a speculative boom, as noted by Peter Garnry, Saxo’s Head of Equity Strategy. Garnry advises a nuanced approach towards US equities and discusses the impact of global elections, particularly the US election, on strategic investment preferences, especially highlighting the potential effects on European defence stocks.


The commodities market’s prospects are discussed, with Saxo indicating signs of recovery after a period of consolidation. Ole Hansen, Saxo’s Head of Commodity Strategy, is optimistic about metals, especially gold and copper, forecasting significant growth based on demand dynamics and potential supply disruptions.


Charu Chanana, Saxo’s Head of FX Strategy, offers insights into the currency market’s expected shifts, emphasizing the implications of anticipated policy adjustments by central banks, especially the US Federal Reserve. The report speculates on the impact of these adjustments on high-beta and emerging market currencies, as well as potential movements in GBP and JPY based on economic indicators.

Saxo Bank’s Q2 2024 Outlook stresses the importance of strategic diversification and risk management in a year marked by significant global elections and complex financial dynamics. The bank advises consulting the full report on their website for a detailed understanding of these insights.

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