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>First, Japan entered a recession, and a week later, the Nikkei hit an all-time high after 34 years. Any idea why this is?</li>
<li>The Institute of International Finance (IIF) has updated its global debt chart. Be aware that it does NOT show the true underlying trend.</li>
<li>You are only allowed to trade Chinese equities if you are going to buy them. China will have a serious long-term issue in attracting fresh capital.</li>
</ul>


First, Japan entered a recession, and a week later, the Nikkei hit an all-time high after 34 years. Any idea why this is?
The Institute of International Finance (IIF) has updated its global debt chart. Be aware that it does NOT show the true underlying trend.
You are only allowed to trade Chinese equities if you are going to buy them. China will have a serious long-term issue in attracting fresh capital.


The Weekly Market Monitor – The 34-Year Wait Is Over!

Product Marketing Manager, Criat

Raghav Chandra Mathur

Product Marketing Manager

Next-Generation Credit Analytics Provider

Criat

Criat specializes in new-generation data-driven credit analytics. Leveraging our industry-leading DeepCredit analytical technologies, we produce daily-updated forward-looking credit assessment and valuation to help financial institutions stay ahead of risks. Coupled with use-case-driven applications, we extract insights, answer questions and enable smarter credit decisions.

Macroeconomics

<ul>
<li>Throughout 2023, the global developed economy was at the forefront of tackling rising inflation that has been gathering steam since mid-2022.</li>
<li>The majority of developed G20 countries saw their central banks raise policy rates at record pace to tame rampant price increases.</li>
<li>Rapid tightening and the potential of an upcoming pivot has resultantly upended stability in growth prospects for the upcoming year.</li>
</ul>


Throughout 2023, the global developed economy was at the forefront of tackling rising inflation that has been gathering steam since mid-2022.
The majority of developed G20 countries saw their central banks raise policy rates at record pace to tame rampant price increases.
Rapid tightening and the potential of an upcoming pivot has resultantly upended stability in growth prospects for the upcoming year.


Central Banks’ Policy Pivot Impact on Developed Markets

Steno Research

Elias Lisberg Glistrup

Macro and Geopolitical Research House

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.

<ul><li>With the turn of the calendar, it’s once again time for our monthly assessment of the current and upcoming macroeconomic circumstances.</li><li>To carry out this evaluation, we utilize two critical tools: our Macro Regime Indicator framework and the interactive Structural Asset Allocation Model.</li><li>These integrated resources enable us to establish a portfolio allocation that is empirically supported, taking into account the prevailing macroeconomic conditions and the driving factors within financial markets.</li></ul>

With the turn of the calendar, it’s once again time for our monthly assessment of the current and upcoming macroeconomic circumstances.To carry out this evaluation, we utilize two critical tools: our Macro Regime Indicator framework and the interactive Structural Asset Allocation Model.These integrated resources enable us to establish a portfolio allocation that is empirically supported, taking into account the prevailing macroeconomic conditions and the driving factors within financial markets.

Macro Regime Indicator: What Technically Rising Liquidity Means for Your Portfolio

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul><li>We have used the 2007 = 2023 analogy a few times already this year and we continue to find coincidental evidence that looks a lot like the emerging pressures built up in the quarters preceding the financial crisis.</li><li>The outcome of 2024 is still up in the air, but credit indicators do not look pretty ahead of next year when we combine the impulse in China, the US and the Euro area in an aggregate model and judging from the central bank behavior, we see a lot of similarities to 2007 across the BoJ, the Fed and the ECB.</li><li>Let’s briefly explain why in this central bank watch piece! </li></ul>

We have used the 2007 = 2023 analogy a few times already this year and we continue to find coincidental evidence that looks a lot like the emerging pressures built up in the quarters preceding the financial crisis.The outcome of 2024 is still up in the air, but credit indicators do not look pretty ahead of next year when we combine the impulse in China, the US and the Euro area in an aggregate model and judging from the central bank behavior, we see a lot of similarities to 2007 across the BoJ, the Fed and the ECB.Let’s briefly explain why in this central bank watch piece! 

G3 Central Bank Watch: More Fuel to the 2007 = 2023 Analogy

<ul>
<li>Happy Sunday and welcome to our flagship editorial! As per usual we take you for a chart-heavy guided macro tour around major asset classes.</li>
<li>Conclusions up front: – The credit impulse for 2024 looks abysmal– Rates volatility is likely going to rise sharply again– Equities still look (too) expensive on most parameters – JPY and CNY trends to continue worsening– Oil bulls have less to cheer about than Nat Gas bulls</li>
<li>Momentum in 2023 saw a positive impulse from 1) lower input costs for production due to lower commodity and energy prices than in 2022 and 2) Easing financial conditions due to higher multiples and an easing momentum in rates.</li>
</ul>


Happy Sunday and welcome to our flagship editorial! As per usual we take you for a chart-heavy guided macro tour around major asset classes.
Conclusions up front: – The credit impulse for 2024 looks abysmal– Rates volatility is likely going to rise sharply again– Equities still look (too) expensive on most parameters – JPY and CNY trends to continue worsening– Oil bulls have less to cheer about than Nat Gas bulls
Momentum in 2023 saw a positive impulse from 1) lower input costs for production due to lower commodity and energy prices than in 2022 and 2) Easing financial conditions due to higher multiples and an easing momentum in rates.


Steno Signals #73 – An Abysmal Impulse for 2024

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Japan Treasury (JAPAN GOVT)

The Weekly Market Monitor – The 34-Year Wait Is Over!

Investments highlighted: Nikkei 225 Index, Japan 10-year yield, DAX Index, Chinese Equities, Walmart, Nvidia, Bitcoin, Gold, Treasuries.

Jeroen Blokland

Central Banks’ Policy Pivot Impact on Developed Markets

Throughout 2023, the global developed economy was at the forefront of tackling rising inflation that has been gathering steam since mid-2022. The...

Criat

Macro Regime Indicator: What Technically Rising Liquidity Means for Your Portfolio

For December, we see rising liquidity due to rallying treasuries and rising SOFR-Fed futures spreads, consequently depleting the ON RRP faster than...

Steno Research

G3 Central Bank Watch: More Fuel to the 2007 = 2023 Analogy

The outcome of 2024 is still up in the air, but credit indicators do not look pretty ahead of next year when we combine the impulse in China, the...

Steno Research

Steno Signals #73 – An Abysmal Impulse for 2024

The credit impulse for 2024 looks abysmal; Rates volatility is likely going to rise sharply again; Equities still look (too) expensive on most...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)