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>Morning from Europe.</li><li>Trump’s classical stop-and-go approach to negotiations is starting to get baked into markets, but we’re still surprised by the extent of market moves when these impulsive threats are announced on Truth Social — and markets remain poor at assessing the “realistic outcomes” of this approach.</li><li>On Friday, markets at one point priced in a 40–60% probability that 50% tariffs on the EU would actually take effect on June 1.</li></ul>

Morning from Europe.Trump’s classical stop-and-go approach to negotiations is starting to get baked into markets, but we’re still surprised by the extent of market moves when these impulsive threats are announced on Truth Social — and markets remain poor at assessing the “realistic outcomes” of this approach.On Friday, markets at one point priced in a 40–60% probability that 50% tariffs on the EU would actually take effect on June 1.

Steno Signals #198 – A 20–25% Weaker USD May Solve All Trump’s Problems

Commodities

<ul><li>Greetings from Copenhagen.</li><li>We’ve previously advocated a long tilt toward commodities, as both the U.S. and global growth outlooks are being repriced amid the reopening of trade and the sudden realization that the U.S., China, and even Europe have collectively slammed the deficit accelerator—rather than the brakes.</li><li>Everywhere you look, countries are ramping up fiscal spending to cushion the blow of tariffs.</li></ul>

Greetings from Copenhagen.We’ve previously advocated a long tilt toward commodities, as both the U.S. and global growth outlooks are being repriced amid the reopening of trade and the sudden realization that the U.S., China, and even Europe have collectively slammed the deficit accelerator—rather than the brakes.Everywhere you look, countries are ramping up fiscal spending to cushion the blow of tariffs.

The Drill – The Commodity “Super”cycle

HarmoniQ Insights

William Mann

Independent Insight Provider

At HarmoniQ Insights, we empower investors to enhance their investment strategies by integrating cutting-edge quantitative research processes and technologies. Our solutions provide access to leading quantitative data providers and services, tailored to align with each client’s unique goals. By bridging the gap between traditional investment approaches and advanced data-driven methods, we help clients gain a competitive edge through innovation in both process and technology.

Cross Asset Strategy

<ul><li>Market experiencing steepening yield curve, potentially indicating higher inflation and stronger growth</li><li>Stocks rallying, with significant moves in earnings yield and small caps</li><li>Asia and Europe markets up, Dow, S&amp;P, Nasdaq, and Russell all posting gains; Gold and Bitcoin down, Oil up, Vix down</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>

Market experiencing steepening yield curve, potentially indicating higher inflation and stronger growthStocks rallying, with significant moves in earnings yield and small capsAsia and Europe markets up, Dow, S&amp;P, Nasdaq, and Russell all posting gains; Gold and Bitcoin down, Oil up, Vix downThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Bitcoin, Buffett, and the Barbarians at the Gate | Ep. #020 - The New Barbarians Podcast

Dry Bulk Commodity Market Insights, DBX Commodities Limited

DBX Commodities

Dry Bulk Commodity Market Insights

DBX Commodities Limited

DBX provides the most accurate and comprehensive real-time data and insights for dry bulk commodities based on satellite imagery and intelligence.

Alex CLAUDE, an expert in commodity tech with 15 years experience in the commodity trading industry, teamed up with the Signal Group in 2020 and started DBX. 

Our product is the result of a unique combination of domain and technological expertise. We offer the most comprehensive, accurate and deepest research analytics of the dry bulk commodity market: coal, iron ore, alumina, bauxite, sugar, wheat, soybeans and soymeal.

<ul>
<li>Outperformers: Uranium, Coal &amp; Battery Materials. The strongest performers this month were uranium and thermal coal producers, which benefitted from renewed institutional interest and long-term structural tailwinds.</li>
<li>Underperformers: Gold Miners, Energy, and Select Coal. Despite a +5.2% increase in the gold price, key miners such as Barrick Gold (-7.6%) and Agnico Eagle (-0.9%) underperformed</li>
<li>Equities vs Commodities. There was a notable decoupling between equity and commodity performance this month.</li>
</ul>


Outperformers: Uranium, Coal &amp; Battery Materials. The strongest performers this month were uranium and thermal coal producers, which benefitted from renewed institutional interest and long-term structural tailwinds.
Underperformers: Gold Miners, Energy, and Select Coal. Despite a +5.2% increase in the gold price, key miners such as Barrick Gold (-7.6%) and Agnico Eagle (-0.9%) underperformed
Equities vs Commodities. There was a notable decoupling between equity and commodity performance this month.


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Crude oil prices have dropped sharply, with WTI and Brent falling 3-4% due to OPEC+'s decision to increase oil output to 960,000 bpd, representing a 44% unwinding .  </li>
<li>This decline in oil prices could benefit India’s Oil Marketing Companies, paint, tyre, and aviation sectors, while negatively impacting upstream oil explorers and refineries.</li>
<li>Despite OPEC+'s move to ramp up production, global demand remains uncertain due to trade tensions, and oil prices are forecasted to stay low, affecting various sectors.</li>
</ul>


Crude oil prices have dropped sharply, with WTI and Brent falling 3-4% due to OPEC+'s decision to increase oil output to 960,000 bpd, representing a 44% unwinding .  
This decline in oil prices could benefit India’s Oil Marketing Companies, paint, tyre, and aviation sectors, while negatively impacting upstream oil explorers and refineries.
Despite OPEC+'s move to ramp up production, global demand remains uncertain due to trade tensions, and oil prices are forecasted to stay low, affecting various sectors.


OPEC+ Pushes for Market Share, How India Can Benefit?

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.

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Crude Oil (CL1 COM COMDTY)

Steno Signals #198 – A 20–25% Weaker USD May Solve All Trump’s Problems

Morning from Europe. Trump’s classical stop-and-go approach to negotiations is starting to get baked into markets, but we’re still surprised by...

Steno Research

The Drill – The Commodity “Super”cycle

Greetings from Copenhagen. We’ve previously advocated a long tilt toward commodities, as both the U.S. and global growth outlooks are being...

Steno Research

Bitcoin, Buffett, and the Barbarians at the Gate | Ep. #020 - The New Barbarians Podcast

Alex Fleiss, CEO of Rebellion Research, discusses the current twist steepener regime in the market, with the yield curve steepening due to the...

William Mann

Commodity Equity Monitor: May 2025 Issue

Outperformers: Uranium, Coal & Battery Materials. The strongest performers this month were uranium and thermal coal producers which benefitted from...

DBX Commodities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Steno Signals #198 – A 20–25% Weaker USD May Solve All Trump’s Problems

Morning from Europe. Trump’s classical stop-and-go approach to negotiations is starting to get baked into markets, but we’re still surprised by...

Steno Research

The Drill – The Commodity “Super”cycle

Greetings from Copenhagen. We’ve previously advocated a long tilt toward commodities, as both the U.S. and global growth outlooks are being...

Steno Research

Bitcoin, Buffett, and the Barbarians at the Gate | Ep. #020 - The New Barbarians Podcast

Alex Fleiss, CEO of Rebellion Research, discusses the current twist steepener regime in the market, with the yield curve steepening due to the...

William Mann

Commodity Equity Monitor: May 2025 Issue

Outperformers: Uranium, Coal & Battery Materials. The strongest performers this month were uranium and thermal coal producers which benefitted from...

DBX Commodities

OPEC+ Pushes for Market Share, How India Can Benefit?

​OPEC+ decision to increase oil output leads to sharp drop in crude oil prices, benefiting some sectors in India but impacting others negatively,...

Nimish Maheshwari

OPEC+ decision to increase oil output leads to sharp drop in crude oil prices, benefiting some sectors in India but impacting others negatively,...