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>The FOMC meeting is upon us later today, and that calls for us to publish another short and concise chart-book of asset performances around the first Fed cuts in a historical context.</li><li>Consensus is more or less split evenly between 25 and 50 bps, but there are a few pockets in asset space that performs for (at least) the next couple of weeks regardless of the outcome today if you are to trust history.</li><li>The format is a BUNCH of charts, with short and concise text – so scroll through and enjoy!</li></ul>

The FOMC meeting is upon us later today, and that calls for us to publish another short and concise chart-book of asset performances around the first Fed cuts in a historical context.Consensus is more or less split evenly between 25 and 50 bps, but there are a few pockets in asset space that performs for (at least) the next couple of weeks regardless of the outcome today if you are to trust history.The format is a BUNCH of charts, with short and concise text – so scroll through and enjoy!

Central Bank Watch: Key Patterns from Previous Cycles

<ul><li>After a major dash for cash at the start of September, markets regained some optimism last week (much to my surprise, in all transparency).</li><li>A weak USD, soft USD rates, and soaring precious metals characterized the week, especially after Mr. Fed source #1, Nick Timiraos, wrote an article suggesting that a 50bp cut is in play.</li><li>USD weakness is something we often observe when the Fed begins cutting rates, as they are perceived to be much more reactive and aggressive than their peers.</li></ul>

After a major dash for cash at the start of September, markets regained some optimism last week (much to my surprise, in all transparency).A weak USD, soft USD rates, and soaring precious metals characterized the week, especially after Mr. Fed source #1, Nick Timiraos, wrote an article suggesting that a 50bp cut is in play.USD weakness is something we often observe when the Fed begins cutting rates, as they are perceived to be much more reactive and aggressive than their peers.

Steno Signals #117 – 25bp equals mayhem, while 50bp equals panic?

Hot Topics in Global Metals & Mining Each Week, BMO Equity Research Metal Matters

BMO Equity Research Metal Matters

Hot Topics in Global Metals & Mining Each Week

Featuring Colin Hamilton, Commodities analyst at BMO Capital Markets, Metal Matters discusses the hot topics in Global Metals & Mining each week.

Thematic (Sector/Industry)

<ul><li>Copper smelters are struggling for profitability but output is still rising, creating a relative concentrate imbalance in copper and zinc.</li><li>Zinc mine output has declined year on year, leading to a tightness in concentrate supply and challenges for smelters.</li><li>The electric vehicle market is facing challenges due to high costs and lack of policy support, especially in OECD markets, while China has a significant lead in the industry with lower costs and established supply chains.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Copper smelters are struggling for profitability but output is still rising, creating a relative concentrate imbalance in copper and zinc.Zinc mine output has declined year on year, leading to a tightness in concentrate supply and challenges for smelters.The electric vehicle market is facing challenges due to high costs and lack of policy support, especially in OECD markets, while China has a significant lead in the industry with lower costs and established supply chains.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

<ul><li>Welcome to our weekly EM Watch, where we examine Emerging Markets (with a particular focus on China) through the lens of Western investors.</li><li>It’s been a rough month for anything linked to China, including industrially sensitive commodities.</li><li>According to one of the most reliable live gauges of Chinese energy demand—the Singapore Gasoil-Dubai Crude Crack Swap—we are still on a slippery slope toward weaker demand from China.</li></ul>

Welcome to our weekly EM Watch, where we examine Emerging Markets (with a particular focus on China) through the lens of Western investors.It’s been a rough month for anything linked to China, including industrially sensitive commodities.According to one of the most reliable live gauges of Chinese energy demand—the Singapore Gasoil-Dubai Crude Crack Swap—we are still on a slippery slope toward weaker demand from China.

EM Watch: The Non-Feasible Return of the EM Carry Case Amidst a Global Slowdown

<ul><li>Happy Sunday, folks—if you can stay upbeat in the current market environment, that is.</li><li>We have had September 100% spot on, and the developments late on Friday support our notion that a dash for USD cash will arrive through the month.</li><li>The USD started rebounding alongside the sell-off in commodities and risk assets, following Waller’s appearance during the FOMC Q&amp;A.</li></ul>

Happy Sunday, folks—if you can stay upbeat in the current market environment, that is.We have had September 100% spot on, and the developments late on Friday support our notion that a dash for USD cash will arrive through the month.The USD started rebounding alongside the sell-off in commodities and risk assets, following Waller’s appearance during the FOMC Q&amp;A.

Steno Signals #116 – Here comes the dash for USD cash!

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.

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Copper (COPPER COMDTY)

Central Bank Watch: Key Patterns from Previous Cycles

The FOMC meeting is upon us later today, and that calls for us to publish another short and concise chart-book of asset performances around the...

Steno Research

Steno Signals #117 – 25bp equals mayhem, while 50bp equals panic?

After a major dash for cash at the start of September, markets regained some optimism last week (much to my surprise, in all transparency). A weak...

Steno Research

Adjusting the Battery Blinkers

Despite challenges in the metal industry, such as declining zinc mine output and low operating rates at galvanizing producers, the transition to...

BMO Equity Research Metal Matters

EM Watch: The Non-Feasible Return of the EM Carry Case Amidst a Global Slowdown

Welcome to our weekly EM Watch, where we examine Emerging Markets (with a particular focus on China) through the lens of Western investors. It’s...

Steno Research

Steno Signals #116 – Here comes the dash for USD cash!

Happy Sunday, folks—if you can stay upbeat in the current market environment, that is. We have had September 100% spot on, and the developments...

Steno Research

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