Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Cross Asset Strategy

<ul>
<li>This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. </li>
<li>This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. </li>
<li>We discuss the latest developments surrounding Bitcoin and a spot Bitcoin ETF. While approval odds steadily rise, low attention and trading volumes reveal that investors are preoccupied with AI. </li>
</ul>


This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. 
This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. 
We discuss the latest developments surrounding Bitcoin and a spot Bitcoin ETF. While approval odds steadily rise, low attention and trading volumes reveal that investors are preoccupied with AI. 


The Weekly Market Monitor – Spending Pressure, Labor Lull, and Bitcoin Fatigue

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>Conclusions upfront: Stagnation is almost a certainty, while stagflation might only be a reality when looking at core CPI.</li><li>GBP looks like a short from here as the BoE is moving closer to a pivot than more hikes. UK Gilts is starting to look interesting as well.</li><li>A fair risk/reward in UK equities, but we’re still on the sideline</li></ul>

Conclusions upfront: Stagnation is almost a certainty, while stagflation might only be a reality when looking at core CPI.GBP looks like a short from here as the BoE is moving closer to a pivot than more hikes. UK Gilts is starting to look interesting as well.A fair risk/reward in UK equities, but we’re still on the sideline

UK Watch – Are UK assets a go or a nogo?

<ul>
<li>Welcome to our weekly Portfolio Update.</li>
<li>We have had a great week as Energy continues to outperform more labor-intensive sectors, while the USD shrugged off a weak job openings report to rebound into month-end.</li>
<li>The overarching theme from an allocation standpoint is the divergence between Services and Manufacturing.</li>
</ul>


Welcome to our weekly Portfolio Update.
We have had a great week as Energy continues to outperform more labor-intensive sectors, while the USD shrugged off a weak job openings report to rebound into month-end.
The overarching theme from an allocation standpoint is the divergence between Services and Manufacturing.


Portfolio Watch: Manufacturing versus Services

<ul>
<li>It’s been an ongoing struggle to be on the receiving end of rates for a couple of years and we generally find the rule of thumb to be the following: Don’t ever tactically buy bonds / receive rates until the last hike is in.</li>
<li>Conclusions up front: Inflation momentum is softening the most in Europe (also given today’s data)</li>
<li>GBP rates looks like the best receiver case among majors</li>
</ul>


It’s been an ongoing struggle to be on the receiving end of rates for a couple of years and we generally find the rule of thumb to be the following: Don’t ever tactically buy bonds / receive rates until the last hike is in.
Conclusions up front: Inflation momentum is softening the most in Europe (also given today’s data)
GBP rates looks like the best receiver case among majors


Rates Watch: Anything Weak Enough to Receive?

<ul>
<li>We track money growth notoriously at Steno Research and use the growth of money as a forward-looking guiding star for asset allocation.</li>
<li>We just received the latest monthly money trends from Europe and they look outright abysmal.</li>
<li>Money trends are now negative across M1, M2 and M3 on both a monthly, quarterly and yearly basis in Europe and trends are intensifying.</li>
</ul>


We track money growth notoriously at Steno Research and use the growth of money as a forward-looking guiding star for asset allocation.
We just received the latest monthly money trends from Europe and they look outright abysmal.
Money trends are now negative across M1, M2 and M3 on both a monthly, quarterly and yearly basis in Europe and trends are intensifying.


United Kingdom

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

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The Weekly Market Monitor – Spending Pressure, Labor Lull, and Bitcoin Fatigue

Wage growth vs. excess savings. Will the US labor market start to weaken and cause a recession? Grayscale vs. the SEC and what it means for Bitcoin.

Jeroen Blokland

UK Watch – Are UK assets a go or a nogo?

Conclusions upfront: Stagnation is almost a certainty, while stagflation might only be a reality when looking at core CPIGBP looks like a short...

Steno Research

Portfolio Watch: Manufacturing versus Services

Welcome to our weekly Portfolio Update. We have had a great week as 1) Energy continues to outperform more labor-intensive sectors, while the USD...

Steno Research

Rates Watch: Anything Weak Enough to Receive?

It’s been an ongoing struggle to be on the receiving end of rates for a couple of years and we generally find the rule of thumb to be the...

Steno Research

M1 Nugget: European money growth = ouch!

We track money growth notoriously at Steno Research and use the growth of money as a forward-looking guiding star for asset allocation. We just...

Steno Research

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52-week Range

Market Cap (USDm)

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