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.

FX & Rates

<ul>
<li>Our new “Nugget” concept is designed to deliver the very best charts and visualizations of key macro topics in a very palatable way.</li>
<li>One nugget, one chart – and only very few words!</li>
<li>Nugget 1: USDCNY decides risk assets from here. The USDCNY is the most critical global bellwether at this juncture and the path ahead for risk assets is dependent on the PBoC now.</li>
</ul>


Our new “Nugget” concept is designed to deliver the very best charts and visualizations of key macro topics in a very palatable way.
One nugget, one chart – and only very few words!
Nugget 1: USDCNY decides risk assets from here. The USDCNY is the most critical global bellwether at this juncture and the path ahead for risk assets is dependent on the PBoC now.


FX Nugget: Can the PBoC defy gravity? 7.30 watch

Macroeconomics

<ul><li>Welcome to our weekly ‘5 Things We Watch’, where we as always zoom in on 5 of the things we look out for in global macro.</li><li>The battleground in macro for Q2/Q3 looks to be found in Asian FX, where the USD wrecking ball has increased risk of policy action in both China and Japan, which would have significant implications for global assets.</li><li>This week we are watching out for the following 5 topics within global macro</li></ul>

Welcome to our weekly ‘5 Things We Watch’, where we as always zoom in on 5 of the things we look out for in global macro.The battleground in macro for Q2/Q3 looks to be found in Asian FX, where the USD wrecking ball has increased risk of policy action in both China and Japan, which would have significant implications for global assets.This week we are watching out for the following 5 topics within global macro

5 Things We Watch – SOFR Probabilities, USDJPY, CNY Devaluation, IFO & Eurozone electricity

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>Qingming holiday sending surpasses  2019 levels on an absolute and per capita basis</li>
<li>A further relaxation of housing measures spurs increased mortgage demand</li>
<li>Two steps forward, one step back -typical signs of a bottoming-out economy.</li>
</ul>


Qingming holiday sending surpasses  2019 levels on an absolute and per capita basis
A further relaxation of housing measures spurs increased mortgage demand
Two steps forward, one step back -typical signs of a bottoming-out economy.


Chinese Data Continues to Improve Incrementally

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

<ul><li>The industrial sector is exhibiting signs of a prolonged slowdown, similar to Real Estate and Household trends.</li><li>This Note is the third in a series on China's econChina'scovery; we update key charts and add charts relevant to the Industrial sector.</li><li>Qingdao City on Friday reduced the deposit requirement for purchasing homes, following a trend set by several other cities.</li></ul>

The industrial sector is exhibiting signs of a prolonged slowdown, similar to Real Estate and Household trends.This Note is the third in a series on China's econChina'scovery; we update key charts and add charts relevant to the Industrial sector.Qingdao City on Friday reduced the deposit requirement for purchasing homes, following a trend set by several other cities.

Cross-Asset Liquidity Strategist, CrossBorder Capital

Michael J. Howell

Cross-Asset Liquidity Strategist

Implementing Research Using Alt Data & AI

CrossBorder Capital

CrossBorder Capital is a London-based independent investment advisory firm. Founded in 1996, it exploits a gap in the investment arena by focusing on Central bank liquidity. 

It specialises in the monitoring and analysis of global liquidity flows - an important determinant of asset prices, from currencies through to bonds, equities and real estate.

CrossBorder Capital implements its investment strategy and currently manages over US$ 350m.


Cross Asset Strategy

<ul>
<li>
 China’s economy is not anything like as ‘bad’ as being reported by the popular media. Yet, there are deep structural challenges which will hinder future economic growth</li>
<li>Monetary policy makers have recently been constrained by the weak Yuan (CNY)
</li>
<li>
 Liquidity is now being re-injected aggressively. More liquidity boosts economic activity. The cost could be a CNY of RMB8/ US$</li>
</ul>



 China’s economy is not anything like as ‘bad’ as being reported by the popular media. Yet, there are deep structural challenges which will hinder future economic growth
Monetary policy makers have recently been constrained by the weak Yuan (CNY)


 Liquidity is now being re-injected aggressively. More liquidity boosts economic activity. The cost could be a CNY of RMB8/ US$


China Is Adding to World Liquidity, But At A Cost…

China

The Chinese renminbi (yuan) is the official currency of The People's Republic of China. 

CNY (USDCNY CURNCY)

FX Nugget: Can the PBoC defy gravity? 7.30 watch

Our new “Nugget” concept is designed to deliver the very best charts and visualizations of key macro topics in a very palatable way. One nugget,...

Steno Research

5 Things We Watch – SOFR Probabilities, USDJPY, CNY Devaluation, IFO & Eurozone electricity

Welcome to our weekly ‘5 Things We Watch’, where we as always zoom in on 5 of the things we look out for in global macro. The battleground in...

Steno Research

Chinese Data Continues to Improve Incrementally

Chinese consumer confidence rising as Qingming holiday spending surpasses 2019 levels, and increased mortgage demand seen due to housing measures...

Rikki Malik

China Recovery - Industrial

This Note is the third in a series on China's econChina'scovery; we update key charts and add charts relevant to the Industrial sector.

Untying The Gordian Knot

China Is Adding to World Liquidity, But At A Cost…

Chinese policy makers have recently been constrained by the weak Yuan. Liquidity is now being re-injected aggressively. More liquidity boosts...

Michael J. Howell

FX Nugget: Can the PBoC defy gravity? 7.30 watch

Our new “Nugget” concept is designed to deliver the very best charts and visualizations of key macro topics in a very palatable way. One nugget,...

Steno Research

5 Things We Watch – SOFR Probabilities, USDJPY, CNY Devaluation, IFO & Eurozone electricity

Welcome to our weekly ‘5 Things We Watch’, where we as always zoom in on 5 of the things we look out for in global macro. The battleground in...

Steno Research

Chinese Data Continues to Improve Incrementally

Chinese consumer confidence rising as ​Qingming holiday spending surpasses 2019 levels, and increased mortgage demand seen due to housing measures...

Rikki Malik

China Recovery - Industrial

This Note is the third in a series on China's econChina'scovery; we update key charts and add charts relevant to the Industrial sector.

Untying The Gordian Knot

China Is Adding to World Liquidity, But At A Cost…

Chinese policy makers have recently been constrained by the weak Yuan. Liquidity is now being re-injected aggressively. More liquidity boosts...

Michael J. Howell

Chinese consumer confidence rising as Qingming holiday spending surpasses 2019 levels, and increased mortgage demand seen due to housing measures...