Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Welcome to the weekly “The week at a glance” publication where we look at the key figures during the week ahead and how to trade them.</li><li>The Fed will release their meeting minutes Wednesday, and it will be interesting to see whether they address the unfolding re-inflationary commodity bull run.</li><li>The Fed is seemingly too honed in on arguments to cut rates, and have so-far more or less ignored the reflation-story.</li></ul>

Welcome to the weekly “The week at a glance” publication where we look at the key figures during the week ahead and how to trade them.The Fed will release their meeting minutes Wednesday, and it will be interesting to see whether they address the unfolding re-inflationary commodity bull run.The Fed is seemingly too honed in on arguments to cut rates, and have so-far more or less ignored the reflation-story.

MPC Members Better Prepare a Bailey for the Coffee, While Ueda Better Pray for a Weaker JPY..

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>Q124 silicon wafer area shipments amounted to 2,834 MSI, down 5% QoQ and down 13.2% YoY. </li>
<li>In revenue terms, the top 4 global manufacturers reported revenues of $2.2 billion, down 10.4% QoQ and down 20.8% YoY.</li>
<li>Taiwan's recent earthquake did not impact Globalwafers shipments due to high inventory levels. However, tools were damaged, highlighting the risk of having so much wafer production in earthquake prone countries</li>
</ul>


Q124 silicon wafer area shipments amounted to 2,834 MSI, down 5% QoQ and down 13.2% YoY. 
In revenue terms, the top 4 global manufacturers reported revenues of $2.2 billion, down 10.4% QoQ and down 20.8% YoY.
Taiwan's recent earthquake did not impact Globalwafers shipments due to high inventory levels. However, tools were damaged, highlighting the risk of having so much wafer production in earthquake prone countries


Silicon Wafer Q124 Review, CY24 Outlook & Earthquake Risk

<ul><li>Let me start by dwelling on the fact that Macro generalists such as myself and Thorsten Slok of Apollo suddenly spend countless hours watching Copper trends.</li><li>It is probably a red flag in itself, but it just seems like these developments are so INCREDIBLY important for global macro- and geopolitics these months.</li><li>We have been all over the Chinese copper story in recent months and also traded it with good luck, but we have admittedly been wrong in our call for a weaker CNY (so far).</li></ul>

Let me start by dwelling on the fact that Macro generalists such as myself and Thorsten Slok of Apollo suddenly spend countless hours watching Copper trends.It is probably a red flag in itself, but it just seems like these developments are so INCREDIBLY important for global macro- and geopolitics these months.We have been all over the Chinese copper story in recent months and also traded it with good luck, but we have admittedly been wrong in our call for a weaker CNY (so far).

Steno Signals #100 – China’s MAJOR power grab on Copper supply chains

Blue Lotus Research Institute

Andy Fu

China growth and global non-US Internet equities

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>Today, multiple cities in China introduced property stimulus measures to encourage buying new over existing homes. These policies also discourages people from selling their homes.</li>
<li>Past measures encouraged home purchases by lowering mortgage rates and down payments, resulting in an increase in existing home transactions, because new home has developer default risks.</li>
<li>This time, we saw for the first time, local Chinese governments introduced supplemental policies to guide new home purchases. We believe more of such measures can be on its way.</li>
</ul>


Today, multiple cities in China introduced property stimulus measures to encourage buying new over existing homes. These policies also discourages people from selling their homes.
Past measures encouraged home purchases by lowering mortgage rates and down payments, resulting in an increase in existing home transactions, because new home has developer default risks.
This time, we saw for the first time, local Chinese governments introduced supplemental policies to guide new home purchases. We believe more of such measures can be on its way.


Beike (BEKE US): New Government Measures Aimed at Promoting New Home Sales Warrants Attention

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Gold price is a reflection of underlying global stress in currency markets</li>
<li>Gold price is a reflection of actual not reported real rates of interest</li>
<li>Gold price is a reflection of global increased demand from central banks and consumers</li>
</ul>


Gold price is a reflection of underlying global stress in currency markets
Gold price is a reflection of actual not reported real rates of interest
Gold price is a reflection of global increased demand from central banks and consumers


New Zealand
Insights on New Zealand

MPC Members Better Prepare a Bailey for the Coffee, While Ueda Better Pray for a Weaker JPY..

Welcome to the weekly “The week at a glance” publication where we look at the key figures during the week ahead and how to trade them. The Fed...

Steno Research

Silicon Wafer Q124 Review, CY24 Outlook & Earthquake Risk

Q124 wafer shipments 2,834 MSI, -5% QoQ & -13.2% YoY. Revenues of top 4 were $2.2 billion, -10.4% QoQ & -20.8% YoY. Siltronic makes a good hedge...

William Keating

Steno Signals #100 – China’s MAJOR power grab on Copper supply chains

Happy Sunday from sunny Greece and welcome to a very special jubilee edition of Steno Signals. Let me start by dwelling on the fact that Macro...

Steno Research

Beike (BEKE US): New Government Measures Aimed at Promoting New Home Sales Warrants Attention

Chinese cities are implementing property stimulus to boost new home purchases over existing ones and penalize those who sell homes.

Blue Lotus Research Institute

Gold's Next Leg Up And Why It Matters

China continues to buy gold while it sells US treasuries at a record pace. In the first quarter, China sold $ 53B or US treasuries and agency...

David Mudd

MPC Members Better Prepare a Bailey for the Coffee, While Ueda Better Pray for a Weaker JPY..

Welcome to the weekly “The week at a glance” publication where we look at the key figures during the week ahead and how to trade them. The Fed...

Steno Research

Silicon Wafer Q124 Review, CY24 Outlook & Earthquake Risk

Q124 wafer shipments 2,834 MSI, -5% QoQ & -13.2% YoY. Revenues of top 4 were $2.2 billion, -10.4% QoQ & -20.8% YoY. Siltronic makes a good hedge...

William Keating

Steno Signals #100 – China’s MAJOR power grab on Copper supply chains

Happy Sunday from sunny Greece and welcome to a very special jubilee edition of Steno Signals. Let me start by dwelling on the fact that Macro...

Steno Research

Beike (BEKE US): New Government Measures Aimed at Promoting New Home Sales Warrants Attention

​Chinese cities are implementing property stimulus to boost new home purchases over existing ones and penalize those who sell homes.

Blue Lotus Research Institute

Gold's Next Leg Up And Why It Matters

China continues to buy gold while it sells US treasuries at a record pace. In the first quarter, China sold $ 53B or US treasuries and agency...

David Mudd

Chinese cities are implementing property stimulus to boost new home purchases over existing ones and penalize those who sell homes.