Global Outlook, Road To Nowhere?

6 November 2018 | World Views | Steen Jakobsen

Steen Jakobsen, Chief economist and CIO for SAXO Bank recently hosted a VIP event which we found very interesting. As always, his message is thought-provoking and we will be publishing more of his work from time to time.

The main takes from his presentation, which is attached at the end of this article, are:

  • Credit cake has collapsed... Credit Impulse / M2 to World growth
  • Two pools of capital: US On-shore vs. US off-shore...
  • Trade WAR is the new COLD WAR
  • US cyclically peaking / China cyclically expanding - Asynchronic = Weaker $
  • Italy - Italian government going for confrontation & new election
  • BREXIT - Will be delayed (70%) - new vote odds increasing (50%)
  • US Mid-term: Odds of sweep by Democrats rising fast (women & young people signing up to vote like crazy post Supreme Court week!

Click on the PDF icon to download the presentation



Steen Jakobsen
Chief economist and CIO for SAXO Bank

Steen Jakobsen first joined Saxo Bank in 2000 and has served as both Chief Economist and Chief Investment Officer since 2009. He focuses on delivering asset allocation strategies and analysis of the overall macroeconomic and political landscape as defined by fundamentals, market sentiment and technical developments in the charts. With more than 25 years of experience within the fields of trading and investment, Jakobsen is a highly renowned and respected Chief Economist, who regularly appears as a guest host on CNBC and Bloomberg News. Prior to joining Saxo Bank, he worked with Swiss Bank Corp, Citibank, Chase Manhattan and UBS. He also served as Global Head of Trading, FX and Options at Christiania (now Nordea).

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