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>Happy Sunday from Copenhagen! My apologies for the slightly later release of the Steno Signals Sunday editorial.</li>
<li>We are in the process of moving, making Sundays a work-at-home day instead of a woke-from-home day!It’s been a tricky few weeks for high-beta risk assets, and with high-level voices such as Bill Dudley calling for imminent rate cuts, we are at the stage of the cycle where many people are getting scared of the equity/high-beta momentum.</li>
<li>It is admittedly true that “cyclicals” have front-run a re-ignition of economic momentum to an extent that speaks in favor of a rotation in equity markets.</li>
</ul>


Happy Sunday from Copenhagen! My apologies for the slightly later release of the Steno Signals Sunday editorial.
We are in the process of moving, making Sundays a work-at-home day instead of a woke-from-home day!It’s been a tricky few weeks for high-beta risk assets, and with high-level voices such as Bill Dudley calling for imminent rate cuts, we are at the stage of the cycle where many people are getting scared of the equity/high-beta momentum.
It is admittedly true that “cyclicals” have front-run a re-ignition of economic momentum to an extent that speaks in favor of a rotation in equity markets.


Steno Signals #110: Run for the hills? Not so fast..

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?

Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Crypto

<ul><li>The U.S.-based Ethereum spot ETFs were launched on Tuesday, concluding their second trading session yesterday.</li><li>Since the launch, Ethereum has declined slightly both in dollar terms and relative to Bitcoin.</li><li>Despite this situation, there is nothing to fear – in fact, quite the opposite, as we will demonstrate in today’s Crypto Moves.</li></ul>

The U.S.-based Ethereum spot ETFs were launched on Tuesday, concluding their second trading session yesterday.Since the launch, Ethereum has declined slightly both in dollar terms and relative to Bitcoin.Despite this situation, there is nothing to fear – in fact, quite the opposite, as we will demonstrate in today’s Crypto Moves.

Crypto Moves #36 – Give the Ethereum ETFs a Week, Then It Is Up Only

<ul><li>First, the crypto market has seen substantial gains in the past week, particularly Bitcoin, which is now trading at $67,000 for the first time since mid-June, having previously traded as low as $53,500.</li><li>Please do not make the mistake of thinking that we cannot go higher in the near future.</li><li><span style="font-weight: 400;">Let us reiterate the bullish outlook we have put forward in what feels like forever.</span></li></ul>

First, the crypto market has seen substantial gains in the past week, particularly Bitcoin, which is now trading at $67,000 for the first time since mid-June, having previously traded as low as $53,500.Please do not make the mistake of thinking that we cannot go higher in the near future.Let us reiterate the bullish outlook we have put forward in what feels like forever.

<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?

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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Steno Signals #110: Run for the hills? Not so fast..

Happy Sunday from Copenhagen!My apologies for the slightly later release of the Steno Signals Sunday editorial. We are in the process of moving,...

Steno Research

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

Crypto Moves #36 – Give the Ethereum ETFs a Week, Then It Is Up Only

The U.S.-based Ethereum spot ETFs were launched on Tuesday, concluding their second trading session yesterday. Since the launch, Ethereum has...

Steno Research

Crypto Crisp: We Roll

We roll in more than one way. First, the crypto market has seen substantial gains in the past week, particularly Bitcoin, which is now trading at...

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

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