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>“I don’t have a hard-and-fast rule, but I would not like to see it drift above 2%.”— Janet Yellen on real interest costs, speaking to Bloomberg.</li><li>Nothing is more revealing than a bureaucrat unintentionally exposing the true objectives of fiscal and monetary policy in “officialese,” making it difficult for most to grasp the underlying ramifications.</li><li>Janet Yellen addressed the ballooning interest payments as a percentage of GDP in her interview with Bloomberg on Friday, referring to the “real net interest cost of debt” as her guiding metric for assessing the sustainability of U.S. debt levels.</li></ul>

“I don’t have a hard-and-fast rule, but I would not like to see it drift above 2%.”— Janet Yellen on real interest costs, speaking to Bloomberg.Nothing is more revealing than a bureaucrat unintentionally exposing the true objectives of fiscal and monetary policy in “officialese,” making it difficult for most to grasp the underlying ramifications.Janet Yellen addressed the ballooning interest payments as a percentage of GDP in her interview with Bloomberg on Friday, referring to the “real net interest cost of debt” as her guiding metric for assessing the sustainability of U.S. debt levels.

Bond Yield Watch: Yellen has decided to inflate the debt away. Position accordingly..

<ul><li>It’s been almost a month since sentiment around China showed signs of life, spurred by attempts from the PBoC and the Finance Ministry to revive domestic demand.</li><li>While many investors jumped into the China story, hoping that “this time would be different,” we held our position on the sidelines.</li><li>As it turns out, the much-hyped conference where the Finance Minister was expected to deliver large-scale stimulus—a “bazooka” spending package—proved to be mostly a “nothing burger.” We took that as the perfect opportunity to fade the move.</li></ul>

It’s been almost a month since sentiment around China showed signs of life, spurred by attempts from the PBoC and the Finance Ministry to revive domestic demand.While many investors jumped into the China story, hoping that “this time would be different,” we held our position on the sidelines.As it turns out, the much-hyped conference where the Finance Minister was expected to deliver large-scale stimulus—a “bazooka” spending package—proved to be mostly a “nothing burger.” We took that as the perfect opportunity to fade the move.

China Watch: No more stimulus until the USD allows for it

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>During the period under consideration, i.e. August 28th, 2024 to September 27th, 2024, the EUR/JPY exchange rate fluctuated between 155.97 and 162.63.</li><li>The MA-10 line was moving above the MA-20 line for the first week, and then it crossed below the MA-20, maintaining a steady downward movement until it crossed over it again on September 26th MA-20 line retained an immovable declining trend throughout the entire period.</li><li>Based on Graph 2, the CCI (red line) was moving in a descending trend at the beginning of the period under consideration but after September 6th the movement changed to the opposite direction, reaching the price of 100 and ending up slightly above the 50 level.</li></ul>

During the period under consideration, i.e. August 28th, 2024 to September 27th, 2024, the EUR/JPY exchange rate fluctuated between 155.97 and 162.63.The MA-10 line was moving above the MA-20 line for the first week, and then it crossed below the MA-20, maintaining a steady downward movement until it crossed over it again on September 26th MA-20 line retained an immovable declining trend throughout the entire period.Based on Graph 2, the CCI (red line) was moving in a descending trend at the beginning of the period under consideration but after September 6th the movement changed to the opposite direction, reaching the price of 100 and ending up slightly above the 50 level.

Comment on Exchange Rate EUR/JPY - September 27, 2024

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.</li><li>In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.</li><li>ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. </li></ul><p><em>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.</em></p>

Cabinet formation: coalition completed. The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and existing ministers under Pres. Jokowi, including MoF Mrs. Sri Mulyani.In our view, the latter should cement a positive outlook for Indonesia’s stability while the overall cabinet posture shall ensure the delivery of programs continuity.ACES (Buy, TP Rp1,100): strong SSSG continues at 8.8% in Sep24. ACES is our analyst’s top pick in the retail sector. 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.

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

<ul>
<li>Happy Monday from Copenhagen.</li>
<li>Our nowcasts of the US economy have proven useful in predicting the direction of incoming macro releases over the past couple of months, accurately capturing both the downtrend in July and the subsequent strength observed throughout September and October relative to expectations.</li>
<li>The US economy is performing much better than feared at the moment, resulting in stronger equities, higher rates, and a stronger USD.</li>
</ul>


Happy Monday from Copenhagen.
Our nowcasts of the US economy have proven useful in predicting the direction of incoming macro releases over the past couple of months, accurately capturing both the downtrend in July and the subsequent strength observed throughout September and October relative to expectations.
The US economy is performing much better than feared at the moment, resulting in stronger equities, higher rates, and a stronger USD.


The week at a Glance –   The cleanest shirt in the dirty laundry

United States

The euro is the official currency of the European Economic & Monetary Union.  The US dollar is the official currency of the United States of America.

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EURO/US DOLLAR (EURUSD CURNCY)

Bond Yield Watch: Yellen has decided to inflate the debt away. Position accordingly..

“I don’t have a hard-and-fast rule, but I would not like to see it drift above 2%.”— Janet Yellen on real interest costs, speaking to...

Steno Research

China Watch: No more stimulus until the USD allows for it

It’s been almost a month since sentiment around China showed signs of life, spurred by attempts from the PBoC and the Finance Ministry to revive...

Steno Research

Comment on Exchange Rate EUR/JPY - September 27, 2024

During the period under consideration, i.e. August 28th, 2024 to September 27th, 2024, the EUR/JPY exchange rate fluctuated between 155.97 and 162.63.

VRS (Valuation & Research Specialists)

BRIDS Market Pulse : Chart of the week – Foreign Equity Flow Returned to JCI

The names of Minister and Vice Minister announced in President Prabowo’s cabinet comprise representation of political parties (ex-PDIP) and...

BRI Danareksa Research

The week at a Glance – The cleanest shirt in the dirty laundry

Happy Monday from Copenhagen. Our nowcasts of the US economy have proven useful in predicting the direction of incoming macro releases over the...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)