Christopher Dembik is Head of Macroeconomic Research at Saxo Bank.

He is a graduate of Sciences-Po Paris and of the Institute of Economics of the Polish Academy of Sciences.

He spent five years abroad, in Poland and Israel, where he worked for the French Directorate General Treasury as well as for a financial start-up. Christopher joined Saxo Bank in 2014 as an economist for its French subsidiary, Saxo Banque.

He is the author of two books: "The Great Contemporary Economic Debates" and "The Future of Money", where he focuses on the emergence of virtual currencies.

Christopher is also a member of the French Society of Political Economy and he collaborates with the think thank CASE based in Warsaw.
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#SaxoStrats is our team of in-house strategists, covering insights and expert views across markets, asset classes and tradable instruments.

Write a Squawk to Dembik Christopher
  • Squawk / 12 January 2018 at 11:35 GMT
    Head of Macro Analysis / Saxo Bank
    Saxo Bank's Credit Impulse in contraction in our top 3 countries: USA, China (leading the contraction) and India #SaxoStrats.

    Strong macro and market signal.

    It will be key to monitor economic targets that will be unveiled by the Chinese government on the occasion of the annual parliament meeting in March 2018. More stimulus or deleveraging? Huge impact to expect on growth as China is about 1/3 of global growth impulse (IMF).
    Read the Squawk
    12 January
    ContraTrades ContraTrades
    Somewhat little trust in these charts anyway.
  • 28 November
    m7010306 m7010306
    One must like this environment.
    28 November
    m7010306 m7010306
    Anytime a mention of bubbles, +1pct follows.
    29 November
    Bluesboy2 Bluesboy2
    Well thought out and articulated writing, Christopher. It is important to put things in perspective when everyone is overly bullish on all asset classes, citing a...
  • 07 November
    Stefan Vegh Stefan Vegh
    Very good summary Christopher. Actually in my opinion the current situation will help to price higher the Aramco IPO at the end which support reforms and help...
    07 November
    Dembik Christopher Dembik Christopher
    Thank you Stefan. I do agree with you. Should be positive for Aramco IPO. I am not worried about that at all.
  • Squawk / 31 October 2017 at 15:42 GMT
    Head of Macro Analysis / Saxo Bank
    Quick update on France's reforms:
    The French PM has recently outlined phase 2 of labor market reform (focusing on training/unemployment system). Talks will last from November to January and legislation should be passed by spring 2018.
    Little opposition to Macron: a recent poll confirmed that more than half of supporters of France's Republican Party(right-wing) approve of Macron's policies. The left-wing is too weak and unable to propose any serious alternative.
    Key figures: training/unemployment system spending represent about 1.5% of total GDP (=32 billion EUR per year). The main contributors are the private sector (43%), the administrative regions (14%), the state (13%)...

    The two main issues of the current system:
    - It does not target the groups most exposed to unemployment. Currently, the main beneficiaries are the most educated, employees under 50 and those from large companies.
    - It does not give access to training adapted to the evolution of the labor market.
    Read the Squawk
  • Squawk / 31 October 2017 at 13:08 GMT
    Head of Macro Analysis / Saxo Bank
    Short update about France:
    As you know, France's GDP data for Q3 has been published (+0.5%), thus our credit impulse, which tracks the flow of new credit issued by the private sector as % of GDP, can be updated.
    The momentum is still very positive: +1,6% year-on-year in the third quarter.

    Over the past few weeks, we have noticed positive trend for credit impulse in many countries: Canada, South Africa, Australia, France, USA...The main exception is China (-25% year-on-year in the second quarter).

    Graph below about France's Credit Impulse.
    Read the Squawk
    31 October
    Ole Hansen Ole Hansen
    Christopher's latest update on China Credit Impulse
    31 October
    Dembik Christopher Dembik Christopher
    Thanks Ole :)
    31 October
    Daniel CN Daniel CN
    Thanks a lot for the CN/global view.
  • Article / 27 October 2017 at 16:18 GMT

    La Generalitat parece no tener un plan económico para Cataluña

    Head of Macro Analysis / Saxo Bank
    Creo firmemente que la Generalitat no está preparada para enfrentar la independencia, al menos en términos económicos. Mientras tanto, los inversores consideran que Cataluña no representa un riesgo geopolítico clave para la recuperación económica en la zona del euro, ni para las bolsas, por lo que la agitación política en Cataluña no está teniendo impacto en los mercados internacionales.
    Read the article
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