Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Cross Asset Strategy

<ul><li>Throughout 2024, we’ve witnessed tight trading ranges across various markets: oil, FX, and Credit spreads.</li><li>Notably, Semiconductors (light blue), Gold (depicted in blue), High-Yield OAS (in red), and Bitcoin (represented in black) exhibit remarkably similar chart patterns.</li><li>In essence, these assets no longer offer diversification benefits; they have effectively become indistinguishable trades.</li></ul>

Throughout 2024, we’ve witnessed tight trading ranges across various markets: oil, FX, and Credit spreads.Notably, Semiconductors (light blue), Gold (depicted in blue), High-Yield OAS (in red), and Bitcoin (represented in black) exhibit remarkably similar chart patterns.In essence, these assets no longer offer diversification benefits; they have effectively become indistinguishable trades.

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.

Macroeconomics

<ul><li>Welcome to our latest edition of Portfolio Watch, our weekly deep-dive into prevailing market trends and our portfolio strategies.</li><li>In this updated iteration of our series, we’ll explore the latest updates in both our Macro Alpha Portfolio and our Digital Assets Portfolio.</li><li>Additionally, we’re excited to announce that we’re just about ready to introduce to you our quantitative portfolio.</li></ul>

Welcome to our latest edition of Portfolio Watch, our weekly deep-dive into prevailing market trends and our portfolio strategies.In this updated iteration of our series, we’ll explore the latest updates in both our Macro Alpha Portfolio and our Digital Assets Portfolio.Additionally, we’re excited to announce that we’re just about ready to introduce to you our quantitative portfolio.

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul><li>The cyclical rotation is slowly but slowly rolling and if central banks add rate cuts to this mix, we are staring directly into the melt up.</li><li>Welcome to our weekly Portfolio Watch, where we assess the tradeable themes and discuss our portfolio composition.</li><li>In this revamped version of the series, we will touch upon the developments in our Macro Alpha Portfolio and our Digital Assets Portfolio.</li></ul>

The cyclical rotation is slowly but slowly rolling and if central banks add rate cuts to this mix, we are staring directly into the melt up.Welcome to our weekly Portfolio Watch, where we assess the tradeable themes and discuss our portfolio composition.In this revamped version of the series, we will touch upon the developments in our Macro Alpha Portfolio and our Digital Assets Portfolio.

Portfolio Watch: What if We Add a Rate Cut to This Fire..

<ul><li>The latest Nvidia earnings report was testament to the demand for tech and particularly semis, and it proved the persistent strength of the AI theme.</li><li>Demand for semis is currently outpacing production, and we consequently see declines in inventory (chart 1.b).</li><li>Charting the yearly change in South Korean exports of semis looks almost as ridiculous, but, interestingly, equities haven’t followed as the correlation would suggest – in fact the EWY index is flat YoY (chart 1.a).</li></ul>

The latest Nvidia earnings report was testament to the demand for tech and particularly semis, and it proved the persistent strength of the AI theme.Demand for semis is currently outpacing production, and we consequently see declines in inventory (chart 1.b).Charting the yearly change in South Korean exports of semis looks almost as ridiculous, but, interestingly, equities haven’t followed as the correlation would suggest – in fact the EWY index is flat YoY (chart 1.a).

Podcast Exploring Themes Driving Global Markets, Nomura - The Week Ahead

Nomura – The Week Ahead

Podcast Exploring Themes Driving Global Markets

Nomura - The Week Ahead

We explore the main themes that will drive global markets over the coming week, discussing the key market moving events and risks to keep on your radar.

<ul><li>Global markets experienced a wobble following a stronger than expected US CPI inflation report, causing a spike in bond yields and a dip in equity markets.</li><li>The US CPI report breaks the trend of positive data and has implications for the Fed's rate cut decisions. While inflation is expected to moderate this year, it will take several data points to confirm this.</li><li>The upcoming minutes from the January FOMC meeting will provide more details on the Fed's thinking regarding rate cuts and adjustments to the pace of balance sheet rundown.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Global markets experienced a wobble following a stronger than expected US CPI inflation report, causing a spike in bond yields and a dip in equity markets.The US CPI report breaks the trend of positive data and has implications for the Fed's rate cut decisions. While inflation is expected to moderate this year, it will take several data points to confirm this.The upcoming minutes from the January FOMC meeting will provide more details on the Fed's thinking regarding rate cuts and adjustments to the pace of balance sheet rundown.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The Week Ahead - Fed Meeting Minutes, Central Bank Meetings in Indonesia and Korea

South Korea

The South Korean won is the official currency of The Republic of Korea (South Korea). 

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Are We Heading for a Volatility Event?

Notably, Semiconductors (light blue), Gold (depicted in blue), High-Yield OAS (in red), and Bitcoin (represented in black) exhibit remarkably...

Untying The Gordian Knot

Portfolio Watch: Sea of cyclical green

Welcome to our latest edition of Portfolio Watch, our weekly deep-dive into prevailing market trends and our portfolio strategies. In this updated...

Steno Research

Portfolio Watch: What if We Add a Rate Cut to This Fire..

The cyclical rotation is slowly but slowly rolling and if central banks add rate cuts to this mix, we are staring directly into the melt...

Steno Research

EM Cycle Watch: South Korea a good buy?

The latest Nvidia earnings report was testament to the demand for tech and particularly semis, and it proved the persistent strength of the AI...

Steno Research

The Week Ahead - Fed Meeting Minutes, Central Bank Meetings in Indonesia and Korea

The stronger than expected US CPI inflation report caused turbulence in global markets, leading to a spike in bond yields, a dip in equity markets,...

Nomura – The Week Ahead

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