That’s according to Steen Jakobsen, Saxo Bank’s chief economist, in the investor bank’s Q3 Outlook, which was published this week. In addition to operating in 170 countries, Saxo Bank has also been the parent company of BinckBank since last year.

According to Jakobsen, tackling the corona crisis risks being more damaging to the economy than the virus itself. “The crisis has led to mistrust, selfishness and protectionism plus an aversion to globalisation, where international supply chains are suddenly under pressure and – more expensive – local production is back in place.”

But even more worried, Saxo Bank’s economist is concerned about the way central banks and governments have come to the rescue of weak parts of their economy. “The bail-out policy, which currently supports everyone and everything, increases the economic risks and can lead to the end of the free market as a driver of our growth.”

Jakobsen is therefore significantly less optimistic than many other investors. The impact on economic growth and unemployment will be enormous in the coming years. Tackling the coronavirus through a system of mine-nation-first and state capitalism is narrow-minded and a one-way street. Only a global approach, of both the virus and the economic crisis, will eventually work.”

Saxo Bank expects financial markets to remain unsettled in the coming months - and despite the recent recovery - with the announcement of the half-year results of large companies just after the summer.

The strong rise in US stock markets in particular raises questions for the bank, with valuations there at around 65 percent above those in Europe. Despite the quarrels within the EU, the bank does not think it is unwise for investors to look more closely at Europe.

The bank sees opportunities for small caps operating locally in areas such as consumer products, health care and utilities. Well-funded quality companies also remain attractive, while green and sustainable can also be of interest to investors in the near future.

Kaspar Huijsman, Director of Binck Bank Spain and Portugal, explains that “every investor needs help, whether they are new to investing or have years of experience. BinckBank, offers clients a free service where they can learn to understand their investments and develop a solid strategy.”

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