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>Happy Monday from Copenhagen! We have a six-month stopgap funding deal in place in the U.S. until September, but no new debt ceiling legislation.</li><li>So, despite a shutdown being avoided, we are not yet talking about a new mountain of debt.</li><li>This is why I think the late-Friday reaction in bond yields was somewhat overdone.</li></ul>

Happy Monday from Copenhagen! We have a six-month stopgap funding deal in place in the U.S. until September, but no new debt ceiling legislation.So, despite a shutdown being avoided, we are not yet talking about a new mountain of debt.This is why I think the late-Friday reaction in bond yields was somewhat overdone.

Steno Signals #189 – The Perception Vs. Reality of Inflation: A Growing Divide

Podcast Exploring Themes Driving Global Markets, Nomura - The Week Ahead

Nomura – The Week Ahead

Podcast Exploring Themes Driving Global Markets

Nomura - The Week Ahead

We explore the main themes that will drive global markets over the coming week, discussing the key market moving events and risks to keep on your radar.

<ul><li>Expectations for on-hold decision at upcoming FOMC meeting, with continued emphasis on patience from the Fed</li><li>BoE likely to pause cutting cycle with similar forward guidance, while Bank of Japan expected to skip hiking cycle</li><li>Fed focused on potential inflationary impact of tariffs, balancing risks of growth and price increases in uncertain environment.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Expectations for on-hold decision at upcoming FOMC meeting, with continued emphasis on patience from the FedBoE likely to pause cutting cycle with similar forward guidance, while Bank of Japan expected to skip hiking cycleFed focused on potential inflationary impact of tariffs, balancing risks of growth and price increases in uncertain environment.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The Week Ahead – Grappling With Uncertainty

External broker reports(aggregated public sources), Scotiabank

Scotiabank

External broker reports(aggregated public sources)

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>Broader USD bullish sentiment continues to fade, according to CFTC data for the week through Tuesday March 4th.</li><li>IMM data shows speculative USD-bullish sentiment retreating for a seventh, successive week, with aggregate USD net longs down by two thirds to just under USD10bn over the past month alone.</li><li>This is the lowest bull bet on the USD among Non-Commercial accounts since late October.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Broader USD bullish sentiment continues to fade, according to CFTC data for the week through Tuesday March 4th.IMM data shows speculative USD-bullish sentiment retreating for a seventh, successive week, with aggregate USD net longs down by two thirds to just under USD10bn over the past month alone.This is the lowest bull bet on the USD among Non-Commercial accounts since late October.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weekly CFTC Sentiment Report - USD Sentiment Fades, Traders Increasingly Bullish on JPY

<ul><li>Happy Monday, and welcome to our editorial on everything macro! This is the place where we challenge the consensus narrative to uncover the best risk/reward trades and views in the world of macro.</li><li>The tariffs, despite all the bizarre flip-flopping, are going live to some extent this month.</li><li>We know that China has been hit with two rounds of 10%-point tariffs, while Mexico and Canada are facing 25% tariffs (with numerous exemptions).</li></ul>

Happy Monday, and welcome to our editorial on everything macro! This is the place where we challenge the consensus narrative to uncover the best risk/reward trades and views in the world of macro.The tariffs, despite all the bizarre flip-flopping, are going live to some extent this month.We know that China has been hit with two rounds of 10%-point tariffs, while Mexico and Canada are facing 25% tariffs (with numerous exemptions).

Steno Signals #188 – The Inflation Cry Wolf or a Big Wave in the Making!?

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>Episode 10 of New Barbarians podcast covers recent events and discusses Gene Hackman's passing</li><li>Mark Connors shares insights on investors seeking certainty and compares them to characters in Gene Hackman's movies</li><li>Trump's statements on Truth social and implications for the crypto market are analyzed, drawing parallels to themes of integrity and leadership in Hoosiers.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 10 of New Barbarians podcast covers recent events and discusses Gene Hackman's passingMark Connors shares insights on investors seeking certainty and compares them to characters in Gene Hackman's moviesTrump's statements on Truth social and implications for the crypto market are analyzed, drawing parallels to themes of integrity and leadership in Hoosiers.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

From Gene Hackman to Bitcoin: Signals, Sell-Offs, and Discipline | The New Barbarians #010

United States

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Steno Signals #189 – The Perception Vs. Reality of Inflation: A Growing Divide

Happy Monday from Copenhagen! We have a six-month stopgap funding deal in place in the U.S. until September, but no new debt ceiling...

Steno Research

The Week Ahead – Grappling With Uncertainty

strategy involves monitoring economic data closely and adjusting policy as needed to achieve their dual mandate of stable prices and maximum...

Nomura – The Week Ahead

Weekly CFTC Sentiment Report - USD Sentiment Fades, Traders Increasingly Bullish on JPY

IMM data shows speculative USD-bullish sentiment retreating for a seventh, successive week, with aggregate USD net longs down by two thirds to just...

Scotiabank

Steno Signals #188 – The Inflation Cry Wolf or a Big Wave in the Making!?

Happy Monday, and welcome to our editorial on everything macro! This is the place where we challenge the consensus narrative to uncover the best...

Steno Research

From Gene Hackman to Bitcoin: Signals, Sell-Offs, and Discipline | The New Barbarians #010

The New Barbarians podcast episode 10 on March 3, 2025 pays tribute to Gene Hackman, discusses investors compared to Jimmy Chitwood, analyzes...

William Mann

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