Steno Research

Elias Lisberg Glistrup

Macro and Geopolitical Research House

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 record-sized 25 bps cut to the Chinese 5-year prime lending rate signifies the importance of the nation’s property sector, and it goes to show the returning support from authorities.</li><li>Capital flows have been one-way traffic out of Chinese markets since early 2022, but returning FDIs, early cyclical momentum, still exponentially growing demand for chips and tech and rising global trade, does speak in favor of China as an investment case once again.</li><li>Despite the tumultuous circumstances, China is still the 2nd largest economy and a driving force in global macro.</li></ul>

The record-sized 25 bps cut to the Chinese 5-year prime lending rate signifies the importance of the nation’s property sector, and it goes to show the returning support from authorities.Capital flows have been one-way traffic out of Chinese markets since early 2022, but returning FDIs, early cyclical momentum, still exponentially growing demand for chips and tech and rising global trade, does speak in favor of China as an investment case once again.Despite the tumultuous circumstances, China is still the 2nd largest economy and a driving force in global macro.

China Watch: Trading the latest rate cut stimulus

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 Watch.</li><li>Markets were caught on the wrong side of expectations last week with PPI coming in substantially hotter than expected, but equity sentiment has remained decent outside of some profit taking in Tech, as the cocktail of better liquidity conditions and a brightening economic outlook is likely to prevail – and positioning provides very decent opportunities to trade the potential comeback for cyclical assets.</li><li>As this week’s chart of the week we present to you what looks to be the theme of Q1 2024, and the reason why right now is not a good time to be contrarian: momentum is king, and “go with the flow” currently performs WAY better than cherry-picking the good old value stocks.</li></ul>

Hello everyone, and welcome back to our weekly Positioning Watch.Markets were caught on the wrong side of expectations last week with PPI coming in substantially hotter than expected, but equity sentiment has remained decent outside of some profit taking in Tech, as the cocktail of better liquidity conditions and a brightening economic outlook is likely to prevail – and positioning provides very decent opportunities to trade the potential comeback for cyclical assets.As this week’s chart of the week we present to you what looks to be the theme of Q1 2024, and the reason why right now is not a good time to be contrarian: momentum is king, and “go with the flow” currently performs WAY better than cherry-picking the good old value stocks.

Positioning Watch – Low FX volatility provides cheap leverage for a rebound in manufacturing

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.

Commodities

<ul><li>In his presentation Thursday morning at the Agricultural Outlook Forum USDA Chief Economist Seth Meyer said input prices are not falling with commodity prices, squeezing margins.</li><li>"When commodity prices normalize and readjust, those input prices tend to be sticky, which shrinks producer margins," Meyer says. "...It was maybe easier to make a little bit of money in '22, '23.</li><li>It's going to be a little bit tougher in the next crop year."</li></ul>

In his presentation Thursday morning at the Agricultural Outlook Forum USDA Chief Economist Seth Meyer said input prices are not falling with commodity prices, squeezing margins."When commodity prices normalize and readjust, those input prices tend to be sticky, which shrinks producer margins," Meyer says. "...It was maybe easier to make a little bit of money in '22, '23.It's going to be a little bit tougher in the next crop year."

Which Commodity Trades "Big Money" currently favors // USDA Outlook 24-25 Highlights

Podcast by S&P analysing commodity market trends, Commodities Focus

Commodities Focus

Podcast by S&P analysing commodity market trends

S&P Global Commodity Insights analysis of key news and pricing issues from across the global shipping, natural gas, power, petrochemicals, agriculture, and coal markets.

<ul><li>The copper market has experienced significant changes in the past few months, with supply constraints and increased demand from smelters in China.</li><li>Major incidents, such as the suspension of production at First Quantum's Cobra Panama mine, have contributed to a deficit in the market.</li><li>Treatment and refining charges (TCRCs) have been on a downtrend, reflecting the tight supply and increasing demand, leading to more spot transactions in the market.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The copper market has experienced significant changes in the past few months, with supply constraints and increased demand from smelters in China.Major incidents, such as the suspension of production at First Quantum's Cobra Panama mine, have contributed to a deficit in the market.Treatment and refining charges (TCRCs) have been on a downtrend, reflecting the tight supply and increasing demand, leading to more spot transactions in the market.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Supply Disruptions Drive Copper TC to Three-Year Low; Smelters May Cut Production

Podcast from BlackRock, The Bid

The Bid

Podcast from BlackRock

The Bid breaks down what’s happening in the world of investing and explores the forces changing the economy and finance. From stock market outlooks and megatrends to geopolitics and technology, BlackRock speaks to thought leaders and industry experts from around the globe about the biggest trends moving markets.

<ul><li>The transition to a low carbon economy, also known as the brown to green transition, involves moving from an economy based on fossil fuels with high carbon emissions to one with lower emissions.</li><li>This transition will require a significant mobilization of capital, with estimates in the tens of trillions of dollars. Governments and the private sector are providing support and driving the change due to both funding and economic factors.</li><li>In addition to investing in wind and solar infrastructure, the low carbon transition will require a significant amount of metals and materials. This includes steel, cement, rare earth, aluminum, silver, polysilicon, copper cabling, and more. The transition will create a more materials-intensive global economy.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The transition to a low carbon economy, also known as the brown to green transition, involves moving from an economy based on fossil fuels with high carbon emissions to one with lower emissions.This transition will require a significant mobilization of capital, with estimates in the tens of trillions of dollars. Governments and the private sector are providing support and driving the change due to both funding and economic factors.In addition to investing in wind and solar infrastructure, the low carbon transition will require a significant amount of metals and materials. This includes steel, cement, rare earth, aluminum, silver, polysilicon, copper cabling, and more. The transition will create a more materials-intensive global economy.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Mining The Gap For Low Carbon Transition Materials

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)

China Watch: Trading the latest rate cut stimulus

The record-sized 25 bps cut to the Chinese 5-year prime lending rate signifies the importance of the nation’s property sector, and it goes to show...

Steno Research

Positioning Watch – Low FX volatility provides cheap leverage for a rebound in manufacturing

Hello everyone, and welcome back to our weekly Positioning Watch. Markets were caught on the wrong side of expectations last week with PPI coming...

Steno Research

Which Commodity Trades "Big Money" currently favors // USDA Outlook 24-25 Highlights

In his presentation Thursday morning at the Agricultural Outlook Forum USDA Chief Economist Seth Meyer said input prices are not falling with...

The Commodity Report

Supply Disruptions Drive Copper TC to Three-Year Low; Smelters May Cut Production

The suspension of First Quantum's Cobra Panama mine has caused a copper deficit, leading to a decrease in treatment and refining charges, increased...

Commodities Focus

Mining The Gap For Low Carbon Transition Materials

In summary, the low carbon transition involves shifting from a high carbon economy to a green economy, requiring time, capital, and a change in...

The Bid

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52-week Range

Market Cap (USDm)

P/E

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