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.

Cross Asset Strategy

<ul><li>Hello everyone, and welcome back to our weekly positioning watch.</li><li>The debates about whether the US is heading for a recession are still touring the charts, as the labor market and other economic data soften back towards pre-pandemic levels.</li><li>However, while some might be uncomfortable watching the US economy slow more than anticipated, the lack of ringing alarm bells and Powell’s recent victory lap on inflation have greenlighted markets to price in a soft landing as a 95-99% probability event by now when looking across positioning data.</li></ul>

Hello everyone, and welcome back to our weekly positioning watch.The debates about whether the US is heading for a recession are still touring the charts, as the labor market and other economic data soften back towards pre-pandemic levels.However, while some might be uncomfortable watching the US economy slow more than anticipated, the lack of ringing alarm bells and Powell’s recent victory lap on inflation have greenlighted markets to price in a soft landing as a 95-99% probability event by now when looking across positioning data.

Positioning Watch – The Soft Landing Is Moving Towards a Recovery Trade

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

<ul><li>We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.</li><li>As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.</li><li>We are updating the baskets regularly based on the political proposals of the two candidates.</li></ul>

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket.As a result, we will provide a detailed breakdown of both baskets and explain the rationale behind each.We are updating the baskets regularly based on the political proposals of the two candidates.

Equity Watch: The Trump versus Biden Basket

<ul><li>Takeaways: Copper diverging from its fundamentals - <span style="font-weight: 400;">we continue to hold a bearish outlook as prices and positioning appear disconnected from macro variables</span></li><li>Inventories in the US are building</li><li>Shipping lanes are easing, and o<span style="font-weight: 400;">ur Trump basket gives you the green light to continue in crude et. al. </span></li></ul>

Takeaways: Copper diverging from its fundamentals - we continue to hold a bearish outlook as prices and positioning appear disconnected from macro variablesInventories in the US are buildingShipping lanes are easing, and our Trump basket gives you the green light to continue in crude et. al. 

Energy Cable: Copper Prices Are Too High!

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>US oil and gas rig count fell by 1 to 584 for the week ending 12/Jul, after rising by 4 the previous week. </li>
<li>US oil rig count fell by 1 to 478, indicating 59 fewer oil rigs as compared to the same week last year. It is at its lowest since December 2021.</li>
<li>Despite a decline in the US oil rig count, US crude oil production matched the all-time high production of 13.3m bpd for the week ending 5/Jul, according to the EIA.</li>
</ul>


US oil and gas rig count fell by 1 to 584 for the week ending 12/Jul, after rising by 4 the previous week. 
US oil rig count fell by 1 to 478, indicating 59 fewer oil rigs as compared to the same week last year. It is at its lowest since December 2021.
Despite a decline in the US oil rig count, US crude oil production matched the all-time high production of 13.3m bpd for the week ending 5/Jul, according to the EIA.


U.S. Oil and Gas Rig Count Continues on Downward Trend

Global Commodities, Mint Finance

Srinidhi Raghavendra

Global Commodities

<ul>
<li>Trump secures Republican nomination. Trump v/s Biden again. Volatility will the biggest winner. Gold will thrive on rising geopolitical tensions.</li>
<li>Equities will face headwinds during Trump 2.0. European stocks and EM equities will underperform with anticipated trade restrictions and protectionism.</li>
<li>USD will weaken. Oil prices will fall. Defense sector will benefit from rising tensions and reduced US role in NATO and the world at large.</li>
</ul>


Trump secures Republican nomination. Trump v/s Biden again. Volatility will the biggest winner. Gold will thrive on rising geopolitical tensions.
Equities will face headwinds during Trump 2.0. European stocks and EM equities will underperform with anticipated trade restrictions and protectionism.
USD will weaken. Oil prices will fall. Defense sector will benefit from rising tensions and reduced US role in NATO and the world at large.


Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0

United States

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

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Crude Oil (CL1 COM COMDTY)

Positioning Watch – The Soft Landing Is Moving Towards a Recovery Trade

Overall positioning and sentiment indicators are starting to diverge, though. Most indicators show continued support for risk assets in H2.

Steno Research

Equity Watch: The Trump versus Biden Basket

We’ve received loads of feedback from our clients regarding our Trump versus Biden basket. As a result, we will provide a detailed breakdown of...

Steno Research

Energy Cable: Copper Prices Are Too High!

This week, we will take a look at copper, which has rebounded in July, and also discuss freight rates, where calmer weather at the Cape of Good...

Steno Research

U.S. Oil and Gas Rig Count Continues on Downward Trend

US oil & gas rig count continued its downward trend following a brief pause last week. US crude production matched its all-time high of 13.3 mbpd....

Mint Finance

Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0

Former President Donald Trump was shot at a rally. Initial assessment suggests that shooting will boost Trump’s chances of winning the...

Mint Finance

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