OutlOOk 2010

Y f f

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OutlOOk 2010

Y f f –– 2 –

Saxo Bank is an online trading and investment specialist, enabling clients to trade forex, CfDs, Stocks, futures, ptions and otherderivatives, as well as providing portolio management via its award-winning platorms. he Bank’s analysts tend to be somewhatmore pessimistic than the average nancial analyst and were quite pessimistic on the whole recovery since 2003. Saxo Bank be-lieved there never was a thorough clean up o the nancial system back then and assumed that the low-rate environment wouldlead to speculative excesses worse than that o the dot-com bubble. vents during 2008, unortunately, proved the thesis right.lthough the Bank might have been too bearish during 2009, the notion that central banks would continue to lower ratesthroughout 2009, as economic activity and consumer prices reached new lows, seems to have ollowed the thesis. he Bank be-lieves that 2010 will be a year o reation just as the latter hal o 2009 has been and the positive trends rom 2009 will continuewell into 2010. However, structural headwinds lie ahead o us and could turn 2010 into a rollercoaster ride.

Welcome to Saxo Bank’s yearly outlook or the global economy

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OutlOOk 2010

Y f f –– 3 –

DaviD karsbøl

DC, CHf CS

David Karsbøl has a master’s degree in economics rom the University o Copen-hagen, where he specialised in nance, statistics and monetary economics. Hismaster’s thesis was about the pricing o gold since 1971. n 2009, David waspromoted Director and took over the C oce in the role o Chie conomist.He started his career as an insurance analyst in ryg /S and joined Saxo Bank in2003 as a macro strategist. n 2005, David joined the Strategy eam which he hasheaded rom 2007. oday, he is responsible or the overall macroeconomic viewso Saxo Bank. David concentrates on Business Cycle nalysis and subscribes to thereasoning o the so-called ustrian School o conomics (enger, Schumpeter,von ises, von Hayek etc.). He believes that understanding debt cycles is integralto understanding the general business cycle.

Christian tegllunD blaabjerg

CHf UY SS

Christian egllund Blaabjerg has a broad educational background ranging rom amaster in Political Science rom University o arhus to a degree in nance romSB, arhus School o Business. Prior to joining Saxo Bank in 2007, Christian wasa quantitative analyst in Danish company ovozymes /S within sales and mar-keting. oday, Christian works with equity market and single stock analysis usinga top-down approach by identiying the macro orces that will aect the invest-ment environment beore they become obvious and then shit the ocus towardsindividual issues within the sectors and single stocks. his approach determinesthe extent to which stocks are subject to the critical variables, are positioned tocapitalize on them, and are attractively priced.

MaDs kOefOeD

K SS

ads Koeoed has a master’s degree in economics rom the University o Copen-hagen, where his primary ocus was nance and econometrics. Prior to joiningSaxo Bank, ads worked or Danske Capital or two years. ads has been parto the Strategy team since ay 2009 and his role is to concentrate on macr-oeconomic topics and develop and maintain Saxo Bank’s macroeconomic modelsbased on econometrics. ads publishes comments and analysis on macroeco-nomic topics and is responsible or the Bank’s macroeconomic models.