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>Welcome to our weekly “the week at a glance” publication where we dissect the most important central bank meetings and key figure releases in a short and sweet format.</li><li>This week we focus on PCE prices, European PMIs and the Bank of Japan.</li><li>Event 1: European PMIs (Tues): A lukewarm, but positive, surprise.</li></ul>

Welcome to our weekly “the week at a glance” publication where we dissect the most important central bank meetings and key figure releases in a short and sweet format.This week we focus on PCE prices, European PMIs and the Bank of Japan.Event 1: European PMIs (Tues): A lukewarm, but positive, surprise.

The week at a glance: Time for the BoJ to step up, while soft PCE numbers may fool some..

<ul><li>Welcome to our monthly UK CPI watch.</li><li>March has been out of the ordinary in 2023 and 2022, which makes for extremely benign base effects in YoY terms for UK CPI inflation this year.</li><li>We typically see 0.1-0.2% MoM service inflation in March, which is seasonally soft, while also food prices typically soften during the early spring.</li></ul>

Welcome to our monthly UK CPI watch.March has been out of the ordinary in 2023 and 2022, which makes for extremely benign base effects in YoY terms for UK CPI inflation this year.We typically see 0.1-0.2% MoM service inflation in March, which is seasonally soft, while also food prices typically soften during the early spring.

UK Inflation Watch: A dovish surprise upcoming

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Cross Asset Strategy

<ul>
<li>March CPI print came in above expectations at 3.5% YoY. CPI has come in above expectations for the past four months.</li>
<li>Gasoline, shelter, and transportation services were the major inflation drivers.</li>
<li>Dollar was the winner following the release as other currencies weakened. Euro declined the most while JPY weakened the least.</li>
</ul>


March CPI print came in above expectations at 3.5% YoY. CPI has come in above expectations for the past four months.
Gasoline, shelter, and transportation services were the major inflation drivers.
Dollar was the winner following the release as other currencies weakened. Euro declined the most while JPY weakened the least.


[US CPI Review] Energy, Housing, And Services Keep Inflation Hotter Than Expected

<ul>
<li>US CPI remains well above Fed’s 2% target range. Rising gasoline and shelter costs will push March CPI number upwards.</li>
<li>Consensus is for March CPI to print at 3.4% YoY in March from 3.2% in Feb. Core CPI is expected to clock 3.7% YoY. </li>
<li>Rising CPI will dent the likelihood of rate cut in the near term. Fed has reiterated its data dependence. Hot CPI data will vindicate Fed’s hawkish stance.</li>
</ul>


US CPI remains well above Fed’s 2% target range. Rising gasoline and shelter costs will push March CPI number upwards.
Consensus is for March CPI to print at 3.4% YoY in March from 3.2% in Feb. Core CPI is expected to clock 3.7% YoY. 
Rising CPI will dent the likelihood of rate cut in the near term. Fed has reiterated its data dependence. Hot CPI data will vindicate Fed’s hawkish stance.


[US CPI Preview] Rising Gasoline Prices & Shelter Costs to Result in Hot US Inflation

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>The USD is trading little changed against the major currencies overall.</li><li>Markets appear to have an eye on month-end and the long weekend already and movement in the core majors is very limited on the session so far.</li><li>Only a few pairs are trading more than +/- 0.1% on day at this point. Stocks are mixed to slightly firmer while Treasurys are flat. </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>

The USD is trading little changed against the major currencies overall.Markets appear to have an eye on month-end and the long weekend already and movement in the core majors is very limited on the session so far.Only a few pairs are trading more than +/- 0.1% on day at this point. Stocks are mixed to slightly firmer while Treasurys are flat. 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.

FX Daily - JPY Nudges Higher After Officials Meet

United Kingdom

The British Pound Sterling is the official currency of The United Kingdom. 

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GBP (GBPUSD CURNCY)

The week at a glance: Time for the BoJ to step up, while soft PCE numbers may fool some..

Welcome to our weekly “the week at a glance” publication where we dissect the most important central bank meetings and key figure releases in a...

Steno Research

UK Inflation Watch: A dovish surprise upcoming

Welcome to our monthly UK CPI watch. March has been out of the ordinary in 2023 and 2022, which makes for extremely benign base effects in YoY...

Steno Research

[US CPI Review] Energy, Housing, And Services Keep Inflation Hotter Than Expected

March CPI exceeded expectations at 3.5% YoY, driven by gasoline, shelter, and transportation services. Dollar strengthened against other...

Mint Finance

[US CPI Preview] Rising Gasoline Prices & Shelter Costs to Result in Hot US Inflation

Rising gasoline and shelter costs expected to push March CPI numbers higher, reducing the likelihood of a rate cut in the near term and supporting...

Mint Finance

FX Daily - JPY Nudges Higher After Officials Meet

Markets appear to have an eye on month-end and the long weekend already and movement in the core majors is very limited on the session so far.

Scotiabank

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The week at a glance: Time for the BoJ to step up, while soft PCE numbers may fool some..

Welcome to our weekly “the week at a glance” publication where we dissect the most important central bank meetings and key figure releases in a...

Steno Research

UK Inflation Watch: A dovish surprise upcoming

Welcome to our monthly UK CPI watch. March has been out of the ordinary in 2023 and 2022, which makes for extremely benign base effects in YoY...

Steno Research

[US CPI Review] Energy, Housing, And Services Keep Inflation Hotter Than Expected

​March CPI exceeded expectations at 3.5% YoY, driven by gasoline, shelter, and transportation services. Dollar strengthened against other...

Mint Finance

[US CPI Preview] Rising Gasoline Prices & Shelter Costs to Result in Hot US Inflation

Rising gasoline and shelter costs expected to push March CPI numbers higher, reducing the likelihood of a rate cut in the near term and supporting...

Mint Finance

FX Daily - JPY Nudges Higher After Officials Meet

Markets appear to have an eye on month-end and the long weekend already and movement in the core majors is very limited on the session so far.

Scotiabank

March CPI exceeded expectations at 3.5% YoY, driven by gasoline, shelter, and transportation services. Dollar strengthened against other...