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>Hello everyone, and welcome back to our weekly positioning watch.</li><li>What a week it has been in global macro once again, with Chinese equities collapsing earlier this week after the Chinese stimulus frenzy fizzled out.</li><li>However, we are now starting to hear that Chinese authorities are taking matters seriously, planning a new round of stimulus on the 12th of October.</li></ul>

Hello everyone, and welcome back to our weekly positioning watch.What a week it has been in global macro once again, with Chinese equities collapsing earlier this week after the Chinese stimulus frenzy fizzled out.However, we are now starting to hear that Chinese authorities are taking matters seriously, planning a new round of stimulus on the 12th of October.

Positioning Watch: Hedge Funds Caught in the China Storm, While Retail Investors Keep Piling In

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

Commodities

<ul><li>Disaster Averted - But Not Solved The European Commission has proposed to delay the Deforestation free products regulation (EU DR) by 12 months.</li><li>The law has been in place since May 2023, and was due to enter into effect on 30 December 2024.</li><li>EU DR requires that targeted commodities (cattle, cocoa, coffee, palm oil, rubber, soy, wood) and relevant products sold in the EU must not be produced on land that was deforested after 2020.</li></ul>

Disaster Averted - But Not Solved The European Commission has proposed to delay the Deforestation free products regulation (EU DR) by 12 months.The law has been in place since May 2023, and was due to enter into effect on 30 December 2024.EU DR requires that targeted commodities (cattle, cocoa, coffee, palm oil, rubber, soy, wood) and relevant products sold in the EU must not be produced on land that was deforested after 2020.

<ul><li>Just a few hours after the release of a much stronger-than-expected jobs report, Goolsbee of the FOMC highlighted the risk of undershooting inflation in the US.</li><li>While Goolsbee is a dovish, soft-leaning member of the committee, it goes to show that you don’t turn around a supertanker like the Fed just because the NFP printed a bit better than expected.</li><li>The Fed has set a direction, and it will take a lot to convince them not to continue cutting interest rates back toward neutral, around 3%.</li></ul>

Just a few hours after the release of a much stronger-than-expected jobs report, Goolsbee of the FOMC highlighted the risk of undershooting inflation in the US.While Goolsbee is a dovish, soft-leaning member of the committee, it goes to show that you don’t turn around a supertanker like the Fed just because the NFP printed a bit better than expected.The Fed has set a direction, and it will take a lot to convince them not to continue cutting interest rates back toward neutral, around 3%.

Steno Signals #120 – Liquidity and rate cuts are incoming in an already OK economy

Podcast series by Dean Curnutt, Alpha Exchange

Alpha Exchange

Podcast series by Dean Curnutt

The Alpha Exchange is a podcast series launched by Dean Curnutt to explore topics in financial markets, risk management and capital allocation in the alternatives industry. Our in depth discussions with highly established industry professionals seek to uncover the nuanced and complex interactions between economic, monetary, financial, regulatory and geopolitical sources of risk. We aim to learn from the perspective our guests can bring with respect to the history of financial and business cycles, promoting a better understanding among listeners as to how prior periods provide important context to present day dynamics. The “price of risk” is an important topic. Here we engage experts in their assessment of risk premium levels in the context of uncertainty. Is the level of compensation attractive? Because Central Banks have played so important a role in markets post crisis, our discussions sometimes aim to better understand the evolution of monetary policy and the degree to which the real and financial economy will be impacted. An especially important area of focus is on derivative products and how they interact with risk taking and carry dynamics. Our conversations seek to enlighten listeners, for example, as to the factors that promoted the February melt-down of the VIX complex. We do NOT ask our guests for their political opinions. We seek a better understanding of the market impact of regulatory change, election outcomes and events of geopolitical consequence. Our discussions cover markets from a macro perspective with an assessment of risk and opportunity across asset classes. Within equity markets, we may explore the relative attractiveness of sectors but will NOT discuss single stocks.

<ul><li>Option prices are a valuable tool for studying market trends and risk premium</li><li>Gold's unique properties make it a valuable asset for portfolio diversification and defense against government chaos</li><li>The oil VIX index, OVX, provides insights into market risk and volatility in the oil market, with potential implications for broader market trends</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Option prices are a valuable tool for studying market trends and risk premiumGold's unique properties make it a valuable asset for portfolio diversification and defense against government chaosThe oil VIX index, OVX, provides insights into market risk and volatility in the oil market, with potential implications for broader market trendsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Podcast by Hedge Fund Manager Erik Townsend, Macro Voices

Macro Voices

Podcast by Hedge Fund Manager Erik Townsend

Weekly market commentary by Hedge Fund Manager Erik Townsend and interviews with the brightest minds in the world of finance and macroeconomics. Made possible by funding from Fourth Turning Capital Management, LLC

<ul><li>S&amp;P 500 futures down 33 basis points, showing signs of exhaustion</li><li>US dollar index up 67 basis points, driven by euro reversal</li><li>China's unexpected outperformance in equities may be linked to US stimulus actions and coordination</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

S&amp;P 500 futures down 33 basis points, showing signs of exhaustionUS dollar index up 67 basis points, driven by euro reversalChina's unexpected outperformance in equities may be linked to US stimulus actions and coordinationThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

MacroVoices #448 Luke Gromen: Why the Gold Recycling Trade is Accelerating

United States

Gold is a chemical element with the symbol Au (from Latin: aurum) and the atomic number 79. In its purest form, it is a bright, slightly reddish yellow, dense, soft, malleable and ductile metal. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements, and is solid under standard conditions. The metal therefore occurs often in free elemental (native) form, as nuggets or grains, in rocks, in veins and in alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum) and also naturally alloyed with copper and palladium. Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).

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Gold (GOLD COMDTY)

Positioning Watch: Hedge Funds Caught in the China Storm, While Retail Investors Keep Piling In

Hello everyone, and welcome back to our weekly positioning watch. What a week it has been in global macro once again, with Chinese equities...

Steno Research

Disaster Averted - But Not Solved

Disaster Averted - But Not Solved The European Commission has proposed to delay the Deforestation free products regulation (EU DR) by 12 months.

The Commodity Report

Steno Signals #120 – Liquidity and rate cuts are incoming in an already OK economy

Just a few hours after the release of a much stronger-than-expected jobs report, Goolsbee of the FOMC highlighted the risk of undershooting...

Steno Research

Option Prices are Singing

An analysis of option prices in markets like gold and oil can provide valuable insights into market conditions and help investors manage risk...

Alpha Exchange

MacroVoices #448 Luke Gromen: Why the Gold Recycling Trade is Accelerating

The financial markets are experiencing mixed movements with S&P 500 futures and gold contract down, US dollar index and WTI crude oil contract up,...

Macro Voices

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