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10:20
Morning Call: Softer dollar boosts commodities, stocks
#SaxoStrats
21 September 2018 at 7:40 GMT
10:35
Morning Call: Markets stabilise as trade tensions ease
#SaxoStrats
20 September 2018 at 8:28 GMT
10:03
Morning Call: Chinese shares surge as trade war rages on
#SaxoStrats
19 September 2018 at 8:36 GMT
8:51
Today’s FX chart analysis - video
John J Hardy
18 September 2018 at 10:28 GMT
9:42
Morning Call: Trump hits China with tariff plan
#SaxoStrats
18 September 2018 at 7:29 GMT
2:45
The week ahead in macro
Kay Van-Petersen
17 September 2018 at 8:11 GMT
27:58
Macro Monday week 38: Keep Global Macro and Carry On
Kay Van-Petersen
17 September 2018 at 8:02 GMT
10:00
Morning Call: US yield curve lifts, boosting dollar
#SaxoStrats
17 September 2018 at 7:23 GMT
43:30
Technical analysis webinar – A view of the market: Larsson
Kim Cramer Larsson
12 September 2018 at 14:44 GMT
11:15
Morning Call: Chinese shares fall further
#SaxoStrats
11 September 2018 at 8:36 GMT
11:34
Morning Call: USD, SEK in focus
#SaxoStrats
10 September 2018 at 7:49 GMT
2:47
The week ahead in macro
Kay Van-Petersen
10 September 2018 at 7:37 GMT
14:02
Morning Call: Is Japan next?
#SaxoStrats
07 September 2018 at 7:35 GMT
Video / 18 January 2018 at 11:25 GMT

Quarterly Outlook: The most important year since 2008

Peter Garnry
   • S&P 500 EBITDA estimates at 27-year high
   • MSCI World Index posts 15 months of gains
   • 'In absolute terms, things look choppy'

SaxoStrats
By Peter Garnry

This year began with the most buoyant environment since 2006 before the first signs of US housing weakness materialised. Economic surprise indices across many major economies are at their highest levels since their inception in 2000. Estimates for EBITDA growth among S&P 500 companies, meanwhile, are higher than any realised annual EBITDA growth rate in this index since 1991.

There are some indications of a price bubble in equities, but nothing like the periods leading up to the 1987 and dot-com crashes. Equities are not expensive relative to everything else, but in absolute terms, things look choppy. 

Saxo Bank's strategy team is out with their take on world markets for the first quarter of 2018. Download your copy now.

1y
JGT Rust JGT Rust
Hi Peter, so you believe a correction shortly after all Q4 earnings have been released?

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