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>Take aways: Risk premium in crude oil compressing due to Israel calling Iran’s game of chicken. Fade the strength in assets connected to the real economy.</li>
<li>Supply is still the biggest risk in crude oil. Strike risk in the US means Mexico is an opportunity.</li>
<li>Israel launched ground operations in southern Lebanon overnight, aiming to push Hezbollah away from areas near the border.</li>
</ul>


Take aways: Risk premium in crude oil compressing due to Israel calling Iran’s game of chicken. Fade the strength in assets connected to the real economy.
Supply is still the biggest risk in crude oil. Strike risk in the US means Mexico is an opportunity.
Israel launched ground operations in southern Lebanon overnight, aiming to push Hezbollah away from areas near the border.


The Drill: This Chinese stimulus is aimed at the financial economy and NOT commodities

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

Commodities

<ul><li>Recent policy changes in China have sparked a surge in commodity prices and stock markets</li><li>China's focus on stimulating the real economy over asset prices sets them apart from Western policies</li><li>Chinese government has implemented measures such as interest rate cuts and lower bank reserve requirements to boost liquidity and investment</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Recent policy changes in China have sparked a surge in commodity prices and stock marketsChina's focus on stimulating the real economy over asset prices sets them apart from Western policiesChinese government has implemented measures such as interest rate cuts and lower bank reserve requirements to boost liquidity and investmentThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

<ul><li>Did China Just Trigger Commodity Markets?</li><li>China’s central bank last week announced a new stimulus package to the economy to curb the growth decline that is still going on.</li><li>Chinese stocks jumped and also “Chinese-linked commodity prices” like soy, copper and steel gained momentum as Governor Pan Gongsheng announced plans to lower borrowing costs and inject more funds into the economy, as well as to ease households' mortgage repayment burden.</li></ul>

Did China Just Trigger Commodity Markets?China’s central bank last week announced a new stimulus package to the economy to curb the growth decline that is still going on.Chinese stocks jumped and also “Chinese-linked commodity prices” like soy, copper and steel gained momentum as Governor Pan Gongsheng announced plans to lower borrowing costs and inject more funds into the economy, as well as to ease households' mortgage repayment burden.

Did China Just Trigger Commodity Markets?

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul><li>Commodity markets are down despite stimulatory measures from China, with oil prices falling due to increased supply from Libya and OPEC plus alliance</li><li>China's demand outlook for oil remains steady, with forecasts for oil demand growth unchanged despite stimulus measures</li><li>Base metals, particularly copper, have seen a price increase due to stronger demand impulses from China, with bullish outlook and potential upside risks for the first half of 2025</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Commodity markets are down despite stimulatory measures from China, with oil prices falling due to increased supply from Libya and OPEC plus allianceChina's demand outlook for oil remains steady, with forecasts for oil demand growth unchanged despite stimulus measuresBase metals, particularly copper, have seen a price increase due to stronger demand impulses from China, with bullish outlook and potential upside risks for the first half of 2025This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX and Commodities: Everything Everywhere All at once

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul><li>Hello everyone, and welcome back to our weekly positioning update!</li><li>Everything is about China these days, with both the PBoC and the Politburo preparing stimulus packages to save the Chinese economy from its nasty downturn.</li><li>While the stimulus initiatives are not very large, relatively speaking (roughly a percentage of GDP on average across stimulus packages), markets clearly see the heavy amounts of proposed stimulus as a “whatever it takes” signal, sparking a strong momentum trend in the Hang Seng and China proxies.</li></ul>

Hello everyone, and welcome back to our weekly positioning update!Everything is about China these days, with both the PBoC and the Politburo preparing stimulus packages to save the Chinese economy from its nasty downturn.While the stimulus initiatives are not very large, relatively speaking (roughly a percentage of GDP on average across stimulus packages), markets clearly see the heavy amounts of proposed stimulus as a “whatever it takes” signal, sparking a strong momentum trend in the Hang Seng and China proxies.

Positioning Watch – Markets Are Moving Away from the US (in FI)

United States

Copper is a chemical element with symbol Cu (from Latin: cuprum) and atomic number 29. It is a soft, malleable and ductile metal with very high thermal and electrical conductivity. A freshly exposed surface of pure copper has a reddish-orange color. It is used as a conductor of heat and electricity, as a building material and as a constituent of various metal alloys, such as Sterling silver used in jewelry, cupronickel used to make marine hardware and coins and constantan used in strain gauges and thermocouples for temperature measurement.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Copper (COPPER COMDTY)

The Drill: This Chinese stimulus is aimed at the financial economy and NOT commodities

Take aways: Risk premium in crude oil compressing due to Israel calling Iran’s game of chicken Fade the strength in assets connected to the real...

Steno Research

Commodities Rip Higher on China Stimulus

China has implemented major measures to stimulate its struggling economy, which has led to strong performances in the Shanghai and Hong Kong stock...

Money of Mine

Did China Just Trigger Commodity Markets?

Did China Just Trigger Commodity Markets? China’s central bank last week announced a new stimulus package to the economy to curb the growth decline...

The Commodity Report

Global FX and Commodities: Everything Everywhere All at once

The bazooka stimulus in China has impacted oil, ag, and gas markets, with crude oil prices dropping due to expectations of increased supply, while...

At Any Rate

Positioning Watch – Markets Are Moving Away from the US (in FI)

Hello everyone, and welcome back to our weekly positioning update!Everything is about China these days, with both the PBoC and the Politburo...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)