Head of Research, Steno Research

Emil Moller

Head of Research

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>Here, we’re all about diving into market positioning to uncover some exciting insights about the bigger picture.</li><li>As always, we’ll be digging into the data, pulling out the key points, and spotting the most interesting market trends for you.</li><li>Without further ado let’s jump right into itAs we cautioned back in July, it’s no surprise that volatility has been on the rise throughout August.</li></ul>

Here, we’re all about diving into market positioning to uncover some exciting insights about the bigger picture.As always, we’ll be digging into the data, pulling out the key points, and spotting the most interesting market trends for you.Without further ado let’s jump right into itAs we cautioned back in July, it’s no surprise that volatility has been on the rise throughout August.

Positioning Watch: Has the August Pain Weakened the Bulls?

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>We have added a few Europe skeptical bets to our portfolio lately with short GBP/USD and EUR/KRW based on the logic that the Asian malaise will spill-over to Europe with a time lag of 2-3 months.</li><li>After all, Europe is still the region (ex. Oceania) with the largest relative export-ties with China.</li><li>The USD wrecking ball has mostly terrorized Asian FX so far, while European FX has remained more resilient. We see this as one of the best relative value trades in macro terms right now and find EUR/KRW shorts attractive accordingly.</li></ul>

We have added a few Europe skeptical bets to our portfolio lately with short GBP/USD and EUR/KRW based on the logic that the Asian malaise will spill-over to Europe with a time lag of 2-3 months.After all, Europe is still the region (ex. Oceania) with the largest relative export-ties with China.The USD wrecking ball has mostly terrorized Asian FX so far, while European FX has remained more resilient. We see this as one of the best relative value trades in macro terms right now and find EUR/KRW shorts attractive accordingly.

Portfolio Watch: Waiting for Godot, Powell and 7.30

<ul><li>We hope you have enjoyed our China Week coverage with extensive analysis on the ongoing malaise in Chinese Real Estate.</li><li>Positioning in CNY markets is an underreported angle in the discussion on China as it may help guide asset performance from here, now that everyone and their mother agrees that China is stuck in a mess.</li><li>Are international investors even involved in China anymore?</li></ul>

We hope you have enjoyed our China Week coverage with extensive analysis on the ongoing malaise in Chinese Real Estate.Positioning in CNY markets is an underreported angle in the discussion on China as it may help guide asset performance from here, now that everyone and their mother agrees that China is stuck in a mess.Are international investors even involved in China anymore?

Positioning Watch: Is Anyone Even Invested in China at This Stage?

<ul><li>Happy Sunday and welcome to our flagship editorial! Everyone seems to have been occupied with Chinese doom-mongering over the past week as the malaise in the Real Estate sector is now out in the open once again.</li><li>It is obvious to everyone that China is stuck in a mess but how grave are the issues really?</li><li>Another couple of trading days as we have had last week and we will be back at the abysmal October lows in traded property stocks, which prompted or even forced the CCP to initiate a surprise reopening of the economy in November last year.</li></ul>

Happy Sunday and welcome to our flagship editorial! Everyone seems to have been occupied with Chinese doom-mongering over the past week as the malaise in the Real Estate sector is now out in the open once again.It is obvious to everyone that China is stuck in a mess but how grave are the issues really?Another couple of trading days as we have had last week and we will be back at the abysmal October lows in traded property stocks, which prompted or even forced the CCP to initiate a surprise reopening of the economy in November last year.

Steno Signals #61 – The End of China as We Know It?

External broker reports(aggregated public sources), Scotiabank

Scotiabank

External broker reports(aggregated public sources)

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<ul><li>Broader bearish USD sentiment has moderated somewhat, the latest positioning data from the CFTC shows.</li><li>Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD versus the major currencies back to USD15.8bn.</li><li>Data shows that Real Money Accounts trimmed their overall short USD position USD2.4bn to USD38.9bn over the week while Leveraged Accounts lifted their (modest) short USD position by USD2.5bn to USD4.8bn.</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>

Broader bearish USD sentiment has moderated somewhat, the latest positioning data from the CFTC shows.Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD versus the major currencies back to USD15.8bn.Data shows that Real Money Accounts trimmed their overall short USD position USD2.4bn to USD38.9bn over the week while Leveraged Accounts lifted their (modest) short USD position by USD2.5bn to USD4.8bn.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 - Bearish USD Sentiment Moderates

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Positioning Watch: Has the August Pain Weakened the Bulls?

Here, we’re all about diving into market positioning to uncover some exciting insights about the bigger picture. As always, we’ll be digging into...

Steno Research

Portfolio Watch: Waiting for Godot, Powell and 7.30

We have added a few Europe skeptical bets to our portfolio lately with short GBP/USD and EUR/KRW based on the logic that the Asian malaise will...

Steno Research

Positioning Watch: Is Anyone Even Invested in China at This Stage?

We hope you have enjoyed our China Week coverage with extensive analysis on the ongoing malaise in Chinese Real Estate. Positioning in CNY markets...

Steno Research

Steno Signals #61 – The End of China as We Know It?

Everyone seems to have been occupied with Chinese doom-mongering over the past week as the malaise in the Real Estate sector is now out in the open...

Steno Research

Weekly CFTC Sentiment Report - Bearish USD Sentiment Moderates

Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD

Scotiabank

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)