External broker reports, Nordea

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External broker reports(aggregated public sources)

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Macroeconomics

<ul>
<li>Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.</li>
<li>Thus, their holdings in US Treasuries has increased by EUR 82bn in the first half of 2023 after the massive sell-off in 2022.</li>
<li>In line with the investor distribution data published by the Danish central bank, Japanese investors reduced their positions in Danish callable bonds by EUR 0.23bn in June.</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.


Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.
Thus, their holdings in US Treasuries has increased by EUR 82bn in the first half of 2023 after the massive sell-off in 2022.
In line with the investor distribution data published by the Danish central bank, Japanese investors reduced their positions in Danish callable bonds by EUR 0.23bn in June.

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.

Global Bond Investments: The Japanese buying of US bonds continued in June

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.

<ul>
<li>Welcome back to our Wednesday series where we take you through the world of global macro and what to look out for going forward.</li>
<li>With US CPI being released tomorrow – where we as always will cover the most important take-aways post-release – there is room for market movements as the disinflation narrative continues amidst the possibility of a positive surprise in headline CPI due to base effects.</li>
<li>We’ll as always be short and concise and let you into our thinking regarding asset allocation and positioning ahead of the data/events mentioned.</li>
</ul>


Welcome back to our Wednesday series where we take you through the world of global macro and what to look out for going forward.
With US CPI being released tomorrow – where we as always will cover the most important take-aways post-release – there is room for market movements as the disinflation narrative continues amidst the possibility of a positive surprise in headline CPI due to base effects.
We’ll as always be short and concise and let you into our thinking regarding asset allocation and positioning ahead of the data/events mentioned.


5 Things We Watch – Fed Overtightening, Curve Steepening, US CPI, BoJ & China

<ul><li>Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%.</li><li>The central bank signalled that it will remain data dependent, maintaining its hiking bias on the back of inflation worries.</li><li>Still robust data from the real economy but also lower inflation data has buoyed markets view of a soft landing.</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.

Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%.The central bank signalled that it will remain data dependent, maintaining its hiking bias on the back of inflation worries.Still robust data from the real economy but also lower inflation data has buoyed markets view of a soft landing.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.

Cross Asset Strategy

<ul>
<li>“Money grows on the tree of persistence.” – Japanese Proverb. Either you do Japan, or Japan will do you! We have been covering Japan extensively throughout the year and it saved us from being run over by a steepener-bus in markets over the past week.</li>
<li>The Bank of Japan is still active in the JGB markets after having moved the needle on the YCC-cap, but they are much less interventionist than just 3 months ago.</li>
<li>Japanese 2yr yields are now trading above 0% and the BoJ has not really been active in the 1-3yr space lately. This could be a signal that Governor Ueda now plans on guiding markets instead of buying them to keep volatility low.</li>
</ul>


“Money grows on the tree of persistence.” – Japanese Proverb. Either you do Japan, or Japan will do you! We have been covering Japan extensively throughout the year and it saved us from being run over by a steepener-bus in markets over the past week.
The Bank of Japan is still active in the JGB markets after having moved the needle on the YCC-cap, but they are much less interventionist than just 3 months ago.
Japanese 2yr yields are now trading above 0% and the BoJ has not really been active in the 1-3yr space lately. This could be a signal that Governor Ueda now plans on guiding markets instead of buying them to keep volatility low.


Steno Signals #59 – When It Rains on Janet Yellen, It Pours!

Head of Research, Steno Research

Emil Moller

Head of Research

<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.

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Japan Treasury (JAPAN GOVT)

Global Bond Investments: The Japanese buying of US bonds continued in June

Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.

Nordea

5 Things We Watch – Fed Overtightening, Curve Steepening, US CPI, BoJ & China

Welcome back to our Wednesday series where we take you through the world of global macro and what to look out for going forward. With US CPI being...

Steno Research

Macro & Markets: Welcome back

Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%. The central bank signalled that it will...

Nordea

Steno Signals #59 – When It Rains on Janet Yellen, It Pours!

Either you do Japan, or Japan will do you! We have been covering Japan extensively throughout the year and it saved us from being run over by a...

Steno Research

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

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