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.

Cross Asset Strategy

<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

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

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<ul>
<li>The surprisingly dovish tone of Federal Reserve Chairman Powell and ECB President Lagarde suggests the end of the tightening cycle is in, boding well for Equities and Treasuries.</li>
<li>After quarters of declining or negative earnings and revenue growth, Big Tech companies are finally showing improvement. </li>
<li>After being in Frenzy for three weeks, our Fear &amp; Frenzy Sentiment Index has slipped back to Neutral. </li>
</ul>


The surprisingly dovish tone of Federal Reserve Chairman Powell and ECB President Lagarde suggests the end of the tightening cycle is in, boding well for Equities and Treasuries.
After quarters of declining or negative earnings and revenue growth, Big Tech companies are finally showing improvement. 
After being in Frenzy for three weeks, our Fear &amp; Frenzy Sentiment Index has slipped back to Neutral. 


The Weekly Market Monitor (30) – Behold the Dovish Shift!

<ul>
<li>I have finally had a few moments to digest the ECB meeting amidst stories that the Bank of Japan will tweak its YCC policy tomorrow.</li>
<li>The macro environment never fails to entertain.</li>
<li>Here is why the ECB will likely pause from here, while European inflation could reach target already by September/October.</li>
</ul>


I have finally had a few moments to digest the ECB meeting amidst stories that the Bank of Japan will tweak its YCC policy tomorrow.
The macro environment never fails to entertain.
Here is why the ECB will likely pause from here, while European inflation could reach target already by September/October.


Euro Area Watch: 7 Charts on the ECB and EUR-Inflation

Macroeconomics

<ul><li>It’s central bank week again! Always a busy week when the biggest central banks publish their monthly interest rate decisions, but as always we are on our toes to provide you with actionable and timely coverage of all the rate decisions, meeting takeaways and more from Fed, ECB, BoJ &amp; the rest.</li><li>Our main thesis is that the overall message across the board will be slightly dovish given recent CPI numbers which suggest that the central banks’ job is done and that inflation will come down fast.</li><li>But maybe central banks keep looking in the rearview mirror, afraid to make a mistake that will ignite inflation again.</li></ul>

It’s central bank week again! Always a busy week when the biggest central banks publish their monthly interest rate decisions, but as always we are on our toes to provide you with actionable and timely coverage of all the rate decisions, meeting takeaways and more from Fed, ECB, BoJ &amp; the rest.Our main thesis is that the overall message across the board will be slightly dovish given recent CPI numbers which suggest that the central banks’ job is done and that inflation will come down fast.But maybe central banks keep looking in the rearview mirror, afraid to make a mistake that will ignite inflation again.

5 Things We Watch – Fed, ECB, BoJ, RBA & Credit

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

<ul><li>In the blistering heat of summer, Spanish voters went to the polls on Sunday.</li><li>It was expected to be a tough race for incumbent centre-left Prime Minister Pedro Sánchez, but the result wasn’t as clear-cut as many expected.</li><li>Many analysts have pointed to a potential lengthy government formation process and painted this as really bad news for the Spanish economy – but is that really the case?</li></ul>

In the blistering heat of summer, Spanish voters went to the polls on Sunday.It was expected to be a tough race for incumbent centre-left Prime Minister Pedro Sánchez, but the result wasn’t as clear-cut as many expected.Many analysts have pointed to a potential lengthy government formation process and painted this as really bad news for the Spanish economy – but is that really the case?

Great Game: Is a Hung Parliament bad news for markets?

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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

The Weekly Market Monitor (30) – Behold the Dovish Shift!

A surprisingly hawkish tone of central bankers suggests the end of the tightening cycle is near, with positive implications for Equities and...

Jeroen Blokland

Euro Area Watch: 7 Charts on the ECB and EUR-Inflation

I have finally had a few moments to digest the ECB meeting amidst stories that the Bank of Japan will tweak its YCC policy tomorrow. The macro...

Steno Research

5 Things We Watch – Fed, ECB, BoJ, RBA & Credit

It’s central bank week again! Always a busy week when the biggest central banks publish their monthly interest rate decisions, but as always we...

Steno Research

Great Game: Is a Hung Parliament bad news for markets?

In the blistering heat of summer, Spanish voters went to the polls on Sunday. It was expected to be a tough race for incumbent centre-left Prime...

Steno Research

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