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>As always, we are here to take you through the relevant positioning data that we have gathered throughout the week.</li><li>This week marked the first brutal decline in markets after a prolonged period of continuous rally, triggered by the BoJ decision.</li><li>The sudden pullback in UST duration has had a spill-over effect on all markets.</li></ul>

As always, we are here to take you through the relevant positioning data that we have gathered throughout the week.This week marked the first brutal decline in markets after a prolonged period of continuous rally, triggered by the BoJ decision.The sudden pullback in UST duration has had a spill-over effect on all markets.

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul>
<li>What a week in global fixed income! We thankfully rotated out of bonds and into cyclical exposures in steepeners, commodities, energy and materials ahead of the worst storm and the big question is now whether this is just a “hump” or the start of a broad steepening trend.</li>
<li>In last week’s Portfolio Watch we declared that we anticipated a steepening curve:”Many are urgently discussing the ramifications of the BoJ move to push the band on the YCC.</li>
<li>With equities already looking frothy and volatility being low we may see some reversal near term – or perhaps stonks just carry on their insufferable streak and shorts keep getting wiped out as shares are sold to buy cheap calls.</li>
</ul>


What a week in global fixed income! We thankfully rotated out of bonds and into cyclical exposures in steepeners, commodities, energy and materials ahead of the worst storm and the big question is now whether this is just a “hump” or the start of a broad steepening trend.
In last week’s Portfolio Watch we declared that we anticipated a steepening curve:”Many are urgently discussing the ramifications of the BoJ move to push the band on the YCC.
With equities already looking frothy and volatility being low we may see some reversal near term – or perhaps stonks just carry on their insufferable streak and shorts keep getting wiped out as shares are sold to buy cheap calls.


Portfolio Watch: Steep, Steeper, Steepest!

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>FX Market Update —The USD remains firm after yesterday gains.</li><li>US Treasurys remain under pressure following the Fitch news and, perhaps more especially, the US Treasury refunding announcement which highlighted a significant increase in supply over the coming year —even though this would not have been a surprise for the Treasury market.</li><li>Weak Treasurys are weighing on global yields and extending pressure on stocks.</li></ul>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 Market Update —The USD remains firm after yesterday gains.US Treasurys remain under pressure following the Fitch news and, perhaps more especially, the US Treasury refunding announcement which highlighted a significant increase in supply over the coming year —even though this would not have been a surprise for the Treasury market.Weak Treasurys are weighing on global yields and extending pressure on stocks.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 - USD Supported by Rising Yields

<ul><li>Fitch’s announcement late yesterday that it was cutting the US sovereign credit rating by one notch to AA+ caught the market by surprise.</li><li>The decision was unexpected, even though the agency had put the US on ratings watch negative back in May.</li><li>S&amp;P Global cut its sovereign rating for the US back in 2011 and was widely criticized for the decision then. The Fitch downgrade has also been criticized, with Treasury Sec.</li></ul>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.

Fitch’s announcement late yesterday that it was cutting the US sovereign credit rating by one notch to AA+ caught the market by surprise.The decision was unexpected, even though the agency had put the US on ratings watch negative back in May.S&amp;P Global cut its sovereign rating for the US back in 2011 and was widely criticized for the decision then. The Fitch downgrade has also been criticized, with Treasury Sec.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 Snapshot - Fitch Ratings Cut Not Fatal, but Not Good for the USD

<ul>
<li>Market Update —The USD is trading firmer overall.</li>
<li>Softer equity markets are casting a broadly risk -averse look to FX markets, although bonds have not benefitted from any flight to quality.</li>
<li>Softer than expected Chinese data is weighing on sentiment.</li>
</ul>
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.


Market Update —The USD is trading firmer overall.
Softer equity markets are casting a broadly risk -averse look to FX markets, although bonds have not benefitted from any flight to quality.
Softer than expected Chinese data is weighing on sentiment.

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.

United Kingdom

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

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Positioning Watch: From Japan with Love

As always, we are here to take you through the relevant positioning data that we have gathered throughout the week. This week marked the first...

Steno Research

Portfolio Watch: Steep, Steeper, Steepest!

What a week in global fixed income! We thankfully rotated out of bonds and into cyclical exposures in steepeners, commodities, energy and...

Steno Research

FX Daily - USD Supported by Rising Yields

FX Market Update —The USD remains firm after yesterday gains. US Treasurys remain under pressure following the Fitch news and, perhaps more...

Scotiabank

FX Snapshot - Fitch Ratings Cut Not Fatal, but Not Good for the USD

Fitch’s announcement late yesterday that it was cutting the US sovereign credit rating by one notch to AA+ caught the market by surprise.

Scotiabank

FX Daily - Risk Off Mood Lifts USD

Market Update —The USD is trading firmer overall. Softer equity markets are casting a broadly risk -averse look to FX markets, although bonds have...

Scotiabank

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