Steen Jackobsen Kaspar Huijsman Marbella 24 Oktober 2019

Steen Jackobsen & Kaspar Huijsman Marbella, 24 Oktober 2019

Steen Jakobsen & Kaspar Huijsman Marbella, 24 th of October 2019

WHAT IS BINCKBANK? • Binck. Bank is part of the Saxo Bank group • Combined we are one of Europe´s leading banks for investors • Founded in 1999 & 1992 • Bank & Fintech company • Award-winning service (Binck. Bank) and award winning platform (Saxo Bank) • 46 years of combined online experience with traders and investors • 12 years experience in Spain • Local Investment Academy

Binck. Bank & Saxo Bank Combined forces

WHY CLIENTS CHOOSE BINCKBANK? • Bank AND Broker…. • Clients cash deposits guaranteed up to EUR 100. 000 per client • Securities are at all times protected! • Platforms for Investors & Traders • Specialist • 28 language settings • Access to 40. 000 instruments on 45 exchanges (direct access China, Japan etc. ) • Invest in bonds, stocks, options, futures, ETF´s, FX, CFD´s • Ability to go long and short in multiple stocks, markets, etc. • 3 realtime news providers • Transparant & competitive pricing! • Managed Portfolio´s • Unique local support • And much more………………

BINCK INVESTMENT ACADEMY ON & OFFLINE

BINCK INVESTMENT ACADEMY ON & OFFLINE TODAY:

Is there a new recession coming? . Steen Jakobsen, Chief Investment Officer, Saxo Bank Group Binck. Bank, Spain, October 2019 Saxo Group FREE TO SHARE

Recession Alert The main macro themes indicate major changes in structure and markets German panic End of Monetary Policy Weaker US$ Recession Globalisation is dead (for now) End of negative yield in Europe US election dictates market not fundamentals Saxo Bank FREE TO SHARE Social Riot/Inequality

Recession Alert World is short of growth, productivity & ideas – Monetary policy is dead, what’s next? Saxo Bank FREE TO SHARE

Recession Alert Central banks is in full panic mode – number of central banks CUTTING interest rates… Saxo Bank FREE TO SHARE

Recession Alert The trade war is real not an illusion……Big losers and few winners Saxo Bank FREE TO SHARE

The Four Horsemen: The magic four ingredients to the global economy…. . and the near future. . 1. 2. 3. 4. Quantity of money Price of energy Globalisation/Productivity Saxo Bank FREE TO SHARE

Recession Alert Global Credit Impulse – Looking 9 -12 month ahead…. Saxo Bank FREE TO SHARE

Recession Alert China’s credit impulse leads global activity by 9 months – Economic low in Q 1 -2020? (Answer: Maybe. ) Saxo Bank FREE TO SHARE

Recession Alert Macro trends impacting markets Killer Dollar – strong US$ getting stronger…. Germany is in recession and in denial… Negative Yield in Europe has reached limits Brexit – the never ending story. . What is a ”divorce? ” US vs. China – A waiting game which China is winning Saxo Bank FREE TO SHARE

Recession Alert The Killer Dollar – only one policy tool left to “save” the world – A cheaper US$ Saxo Bank FREE TO SHARE

Recession Alert Global $ liquidity is tight and will get worse into year-end…. . Saxo Bank FREE TO SHARE

Recession Alert Negative Yield in Europe reached its limit – sign of low in interest rates or top in equity? Saxo Bank FREE TO SHARE

Recession Alert There are many problems in UK, but the biggest is not Brexit per se…. Saxo Bank FREE TO SHARE

Recession Alert Central banks is in full panic mode – recession (why is it such an important point? ) Saxo Bank FREE TO SHARE

Recession Alert 1970 s revisit – end of 50 years cycle…. . now Breitner hair and social riots? Energy: Green is not the new black Stagflation favors value Emerging Market true value here…. . Weaker $ driver Social tension is rising. . globally ECB will hike in 2020 Saxo Bank FREE TO SHARE