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>After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.</li><li>Risk assets seem to be stabilizing, with crypto leading a new bull wave, while metals are selling off right, left, and center alongside a turning tide in the USD versus Asian FX and Lat-Am FX overall.</li><li>Over the week, our biggest concern, given our current tilt in industrial metals, is that manufacturing rebounds faster than anticipated by many.</li></ul>

After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.Risk assets seem to be stabilizing, with crypto leading a new bull wave, while metals are selling off right, left, and center alongside a turning tide in the USD versus Asian FX and Lat-Am FX overall.Over the week, our biggest concern, given our current tilt in industrial metals, is that manufacturing rebounds faster than anticipated by many.

Portfolio Watch: Here Comes the Metals Meltdown...

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

<ul>
<li>Hello and welcome to this week’s Great Game.</li>
<li>The First Round of the French Legislative Election was held on Sunday and the initial results suggested a clear win for Marine Le Pen’s far-right coalition around her National Rally party</li>
<li>Biden is starting to drop rapidly in polls after the US presidential debate.</li>
</ul>


Hello and welcome to this week’s Great Game.
The First Round of the French Legislative Election was held on Sunday and the initial results suggested a clear win for Marine Le Pen’s far-right coalition around her National Rally party
Biden is starting to drop rapidly in polls after the US presidential debate.


Great Game – Biden in Free-Fall and a French Ménage À Trois

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

FX & Rates

<ul><li>Recent washout in EMFX carry trades</li><li>Currency volume may increase as global growth remains firm and interest rates change</li><li>US elections event risk pricing may see heightened sensitivity and volatility as election day approaches</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Recent washout in EMFX carry tradesCurrency volume may increase as global growth remains firm and interest rates changeUS elections event risk pricing may see heightened sensitivity and volatility as election day approachesThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX: FX Volatility Bumpy, but Capped in H2

<ul><li>Swap spreads narrowed late last week by three basis points across the curve, likely influenced by developments in European markets</li><li>French President Macron's decision to dissolve parliament and call for snap elections has caused uncertainty in the fiscal outlook, leading to de-risking of European sovereign bond holdings</li><li>While last week's moves in US markets were significant, it is unlikely to continue as US treasuries are expected to remain stable and demand is expected to stay strong, supported by the rate cycle turning and potential easing from the Fed</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Swap spreads narrowed late last week by three basis points across the curve, likely influenced by developments in European marketsFrench President Macron's decision to dissolve parliament and call for snap elections has caused uncertainty in the fiscal outlook, leading to de-risking of European sovereign bond holdingsWhile last week's moves in US markets were significant, it is unlikely to continue as US treasuries are expected to remain stable and demand is expected to stay strong, supported by the rate cycle turning and potential easing from the FedThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

<ul><li>Hello everyone, and welcome back to our weekly positioning watch.</li><li>The divergence between market-cap weighted and and non market-cap weighted indices is slowly normalizing, but the impact that NVIDIA (and some of the other big tech firms) has on both broad equity returns is notable with the 5 largest companies in the S&amp;P 500 accounting for roughly 30% of the index by now.</li><li>This does not only have implications for the distribution of returns between bigger indices (Nasdaq vs Dow Jones for instance), but also on indices option volatility, with the VIX ex NVIDIA hitting lows of around 9 in May (2017/2018 lows).</li></ul>

Hello everyone, and welcome back to our weekly positioning watch.The divergence between market-cap weighted and and non market-cap weighted indices is slowly normalizing, but the impact that NVIDIA (and some of the other big tech firms) has on both broad equity returns is notable with the 5 largest companies in the S&amp;P 500 accounting for roughly 30% of the index by now.This does not only have implications for the distribution of returns between bigger indices (Nasdaq vs Dow Jones for instance), but also on indices option volatility, with the VIX ex NVIDIA hitting lows of around 9 in May (2017/2018 lows).

Positioning Watch – Turmoil in Markets Is Returning

Germany

The euro is the official currency of the European Economic & Monetary Union. 

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Portfolio Watch: Here Comes the Metals Meltdown...

After a tricky few days, we have started gaining substantial traction in our portfolio again over the past 1-2 trading days.

Steno Research

Great Game – Biden in Free-Fall and a French Ménage À Trois

Biden is starting to drop rapidly in polls after the US presidential debate. Many polls show Trump to have opened a 2-4 point lead nationally,...

Steno Research

Global FX: FX Volatility Bumpy, but Capped in H2

The recent washout in EMFX carry trades, low FX volume compared to other indicators, firm global growth and broad PMI strength, the world being...

At Any Rate

Global Rates: Pardon my French

In summary, swap spreads narrowed due to European market effects, French elections caused uncertainty, US treasury cheapened versus swaps, but...

At Any Rate

Positioning Watch – Turmoil in Markets Is Returning

Hello everyone, and welcome back to our weekly positioning watch. The divergence between market-cap weighted and and non market-cap weighted...

Steno Research

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