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 Positioning Watch, where we assess the past week’s performance of our portfolio.</li><li>We have generally navigated a tricky week well, thanks to material gains from our metals shorts.</li><li>However, we are admittedly a bit surprised by the lack of response in the rates space to what appears to be a still-resilient US economy.</li></ul>

Welcome to the weekly Positioning Watch, where we assess the past week’s performance of our portfolio.We have generally navigated a tricky week well, thanks to material gains from our metals shorts.However, we are admittedly a bit surprised by the lack of response in the rates space to what appears to be a still-resilient US economy.

Portfolio Watch: Markets discarding Q2 data due to Dudley?

Cross Asset Strategy

<ul><li>Today, I am going to address three main topics of concern for investors given the current conflicting signals from the US economy.</li><li>These are the key questions I will address, and I will summarize both the pros and cons of each viewpoint, including my own bottom line: Is liquidity no longer improving, but rather at risk of weakening in the coming months? Is the economy accelerating rather than slowing? Is the commodity complex heavily undervalued or overvalued?</li><li>The equity rotation paired with the sharp sell-off in Tech has had me thinking, and we therefore need to litmus-test every corner of our current thesis. Follow along below.</li></ul>

Today, I am going to address three main topics of concern for investors given the current conflicting signals from the US economy.These are the key questions I will address, and I will summarize both the pros and cons of each viewpoint, including my own bottom line: Is liquidity no longer improving, but rather at risk of weakening in the coming months? Is the economy accelerating rather than slowing? Is the commodity complex heavily undervalued or overvalued?The equity rotation paired with the sharp sell-off in Tech has had me thinking, and we therefore need to litmus-test every corner of our current thesis. Follow along below.

Steno Signals #109 – What if We Are All Wrong on Liquidity, Rates and Commodities?

<ul><li>After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.</li><li>Risk assets seem to be stabilizing, with crypto leading a new bull wave, while metals are selling off right, left, and center alongside a turning tide in the USD versus Asian FX and Lat-Am FX overall.</li><li>Over the week, our biggest concern, given our current tilt in industrial metals, is that manufacturing rebounds faster than anticipated by many.</li></ul>

After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.Risk assets seem to be stabilizing, with crypto leading a new bull wave, while metals are selling off right, left, and center alongside a turning tide in the USD versus Asian FX and Lat-Am FX overall.Over the week, our biggest concern, given our current tilt in industrial metals, is that manufacturing rebounds faster than anticipated by many.

Portfolio Watch: Here Comes the Metals Meltdown...

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

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

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.

<ul>
<li>Bitcoin's 11% drop was influenced by the German government's BTC liquidations, large long position liquidations, and the start of Mt. Gox repayments, increasing market supply.</li>
<li>Bitcoin's downturn is countered by significant ETF inflows, indicating investor optimism. Concurrently, the fear and greed index's low levels point to potential buying opportunities.</li>
<li>Ethereum is poised for growth with upcoming ETF approvals likely to drive substantial spot buying, positioning ETH for relative outperformance against Bitcoin.</li>
</ul>


Bitcoin's 11% drop was influenced by the German government's BTC liquidations, large long position liquidations, and the start of Mt. Gox repayments, increasing market supply.
Bitcoin's downturn is countered by significant ETF inflows, indicating investor optimism. Concurrently, the fear and greed index's low levels point to potential buying opportunities.
Ethereum is poised for growth with upcoming ETF approvals likely to drive substantial spot buying, positioning ETH for relative outperformance against Bitcoin.


BTC Is Down >10%; Is This a Buy-The-Dip Moment?

United States

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.

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Bitcoin (XBTUSD CURNCY)

Portfolio Watch: Markets discarding Q2 data due to Dudley?

Welcome to the weekly Positioning Watch, where we assess the past week’s performance of our portfolio. We have generally navigated a tricky week...

Steno Research

Steno Signals #109 – What if We Are All Wrong on Liquidity, Rates and Commodities?

I am going to address three main topics of concern for investors given the current conflicting signals from the US economy.

Steno Research

Portfolio Watch: Here Comes the Metals Meltdown...

After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.

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

BTC Is Down >10%; Is This a Buy-The-Dip Moment?

Analyzing factors driving BTC's sharp correction including large government sales, Mt. Gox repayments, and large liquidations. Read more to...

Mint Finance

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