Head of Research, Steno Research

Emil Moller

Head of Research

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>As always, we are here to take you through the relevant positioning data that we have gathered throughout the week.</li><li>This week marked the first brutal decline in markets after a prolonged period of continuous rally, triggered by the BoJ decision.</li><li>The sudden pullback in UST duration has had a spill-over effect on all markets.</li></ul>

As always, we are here to take you through the relevant positioning data that we have gathered throughout the week.This week marked the first brutal decline in markets after a prolonged period of continuous rally, triggered by the BoJ decision.The sudden pullback in UST duration has had a spill-over effect on all markets.

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul>
<li>A credit downgrade of the US sovereign debt amidst a steepening of global curves triggered by the Bank of Japan finally making mini-steps towards normalization of monetary policy.</li>
<li>Macro never fails to surprise and here is how we view the five most present topics in global macro.</li>
<li>This week we are watching the following 5 topics within global macro: you can find in depth research pieces on all topics on the links below or just read our brief summary in this article.</li>
</ul>


A credit downgrade of the US sovereign debt amidst a steepening of global curves triggered by the Bank of Japan finally making mini-steps towards normalization of monetary policy.
Macro never fails to surprise and here is how we view the five most present topics in global macro.
This week we are watching the following 5 topics within global macro: you can find in depth research pieces on all topics on the links below or just read our brief summary in this article.


5 Things We Watch: Downgrades, Cyclicals, Oil, JGBs and GDP/GDI

Commodities

<ul>
<li>Welcome to your weekly maverick energy newsletter with views from both sides of the pond! Steno Research and 3Fourteen models align – see how we view the risk/reward in various proxy trades below!</li>
<li>Apparently with the spikes in volatility over the last couple of weeks we need to talk about natural gas in Europe again.</li>
<li>Various people have been harping about the Natural Gas markets in Europe, so let’s once and for all lay it out. Nooo, we are not going to run out of gas this winter.</li>
</ul>


Welcome to your weekly maverick energy newsletter with views from both sides of the pond! Steno Research and 3Fourteen models align – see how we view the risk/reward in various proxy trades below!
Apparently with the spikes in volatility over the last couple of weeks we need to talk about natural gas in Europe again.
Various people have been harping about the Natural Gas markets in Europe, so let’s once and for all lay it out. Nooo, we are not going to run out of gas this winter.


The Energy Cable #31 – Crack Spreads and Positioning Support the Bull-Case!

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>The Chinese Communist Party’s Politburo, one of the country's top decision-making bodies, on Monday, released a statement outlining plans to boost the country's ailing property sector.</li><li>But it didn't give much detail or signal any major measures as some commodity traders had hoped.</li><li>This uncertainty was also perfectly displayed in the price action of copper.</li></ul>

The Chinese Communist Party’s Politburo, one of the country's top decision-making bodies, on Monday, released a statement outlining plans to boost the country's ailing property sector.But it didn't give much detail or signal any major measures as some commodity traders had hoped.This uncertainty was also perfectly displayed in the price action of copper.

Stocks Vs. Commodities Ratio // China Wants to Boost Its Property Sector (But How)

<ul>
<li>Welcome back to our weekly positioning article, where we as always take you through the positioning data that we have found relevant throughout the week.</li>
<li>The central bank week is over, and what a week it has been with the quite shocking decision from BoJ yesterday, moving the YCC upper band from 0.5% to 1%, increasing the flexibility of their monetary policy since they effectively now have more room to play with, and they don’t have to buy as many bonds as they do now to keep yields under control – unless yields rise to &gt;1%.</li>
<li>In the West, the Fed and ECB delivered right as expected with a 25 bps hike each, despite inflation coming down FAST both in the US and EZ – it sure looks like they want to be sure that inflation gets down to target.</li>
</ul>


Welcome back to our weekly positioning article, where we as always take you through the positioning data that we have found relevant throughout the week.
The central bank week is over, and what a week it has been with the quite shocking decision from BoJ yesterday, moving the YCC upper band from 0.5% to 1%, increasing the flexibility of their monetary policy since they effectively now have more room to play with, and they don’t have to buy as many bonds as they do now to keep yields under control – unless yields rise to &gt;1%.
In the West, the Fed and ECB delivered right as expected with a 25 bps hike each, despite inflation coming down FAST both in the US and EZ – it sure looks like they want to be sure that inflation gets down to target.


Positioning Watch – The Market’s Response to Another Fed Hike

United States

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

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

Crude Oil (CL1 COM COMDTY)

Positioning Watch: From Japan with Love

As always, we are here to take you through the relevant positioning data that we have gathered throughout the week. This week marked the first...

Steno Research

5 Things We Watch: Downgrades, Cyclicals, Oil, JGBs and GDP/GDI

A credit downgrade of the US sovereign debt amidst a steepening of global curves triggered by the Bank of Japan finally making mini-steps towards...

Steno Research

The Energy Cable #31 – Crack Spreads and Positioning Support the Bull-Case!

Welcome to your weekly maverick energy newsletter with views from both sides of the pond! Steno Research and 3Fourteen models align

Steno Research

Stocks Vs. Commodities Ratio // China Wants to Boost Its Property Sector (But How)

The Chinese Communist Party’s Politburo, one of the country's top decision-making bodies, on Monday, released a statement outlining plans to boost...

The Commodity Report

Positioning Watch – The Market’s Response to Another Fed Hike

Happy Saturday, and welcome back to our weekly positioning article, where we as always take you through the positioning data that we have found...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)