Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

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>A soft CPI report was just what Commodities needed to take the next leg higher</li><li>Inflation expectations fat tailed. Commodities on the move, but we still need oil. China to export inflation to Europe?</li><li>Despite last week’s dovish inflation print, we are not sure that it is disinflation that we need to be worried about, both in the short- and long term.</li><li>Let’s discuss three reasons for that.</li></ul>

A soft CPI report was just what Commodities needed to take the next leg higherInflation expectations fat tailed. Commodities on the move, but we still need oil. China to export inflation to Europe?Despite last week’s dovish inflation print, we are not sure that it is disinflation that we need to be worried about, both in the short- and long term.Let’s discuss three reasons for that.

Energy Cable: Commodities, Freight Rates and Goods Imports Are Rising...

Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Crypto

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

<ul><li>It comes as no surprise that we have been bearish on the crypto market in recent weeks.</li><li>However, the market seems indifferent to our stance.</li><li>The softer-than-expected US Consumer Price Index (CPI) report last Wednesday boosted risk-on assets, particularly cryptocurrencies, while the prospect of improved liquidity conditions in the economy is also set to benefit the crypto market.</li></ul>

It comes as no surprise that we have been bearish on the crypto market in recent weeks.However, the market seems indifferent to our stance.The softer-than-expected US Consumer Price Index (CPI) report last Wednesday boosted risk-on assets, particularly cryptocurrencies, while the prospect of improved liquidity conditions in the economy is also set to benefit the crypto market.

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<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..

<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

<ul><li>The Chinese equity trends have really been eye-catching over the past weeks and despite US efforts to flare-up the trade war via new tariffs, the trend has just continued.</li><li>The new Chinese efforts to prop up the sentiment in the Real Estate space have so far been successful and it seems like an attempt that is a LOT more serious and sizy than what we have seen so far.</li><li>We are no longer talking about trial balloons or minor twists.</li></ul>

The Chinese equity trends have really been eye-catching over the past weeks and despite US efforts to flare-up the trade war via new tariffs, the trend has just continued.The new Chinese efforts to prop up the sentiment in the Real Estate space have so far been successful and it seems like an attempt that is a LOT more serious and sizy than what we have seen so far.We are no longer talking about trial balloons or minor twists.

Portfolio Watch: Are you paying attention to China?