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>Global macro never sleeps, and this week is no exception with ongoing turmoil in US equity space amidst the big 7 reporting earnings.</li><li>The last quarter of the year will most likely define how asset markets will perform well into next 2024 with USDJPY hovering just below the all important 150 handle and global central banks likely heading towards the end of their cutting cycle.</li><li>As always, we have collected 5 of the things we find to be the most important to watch in the current landscape.</li></ul>

Global macro never sleeps, and this week is no exception with ongoing turmoil in US equity space amidst the big 7 reporting earnings.The last quarter of the year will most likely define how asset markets will perform well into next 2024 with USDJPY hovering just below the all important 150 handle and global central banks likely heading towards the end of their cutting cycle.As always, we have collected 5 of the things we find to be the most important to watch in the current landscape.

5 Things We Watch – Central Bank Outlook, USDJPY, Natural Gas, Credit & Liquidity

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Cross Asset Strategy

<ul>
<li>Key takeaways: Temperatures in Europe and the US are above mean levels, but only prices in the US have reacted (materially)</li>
<li>No signs of actual weak gasoline demand</li>
<li>New sanctions on Russia and Iran on the cards?</li>
</ul>


Key takeaways: Temperatures in Europe and the US are above mean levels, but only prices in the US have reacted (materially)
No signs of actual weak gasoline demand
New sanctions on Russia and Iran on the cards?


Energy Cable #43: Price Resilience Despite Warm Weather

Head of Research, Steno Research

Emil Moller

Head of Research

<ul><li>Another week of blood and drama. But fear not, we’re here to wrap up the week with our usual watch series, where we’ll gauge the current market sentiment using the latest positioning data.</li><li>First things first, let’s take a quick peek at the chart of the week down below. In yesterday’s Portfolio Watch, we spilled the beans about some big changes we’re planning for our portfolio.</li><li>One of the main reasons we’re making these moves now is because of what we see in this chart: The S&amp;P 500 just dipped below its 200-day moving average support line, waving a red flag that suggests we might be in for a bumpy ride in the coming weeks</li></ul>

Another week of blood and drama. But fear not, we’re here to wrap up the week with our usual watch series, where we’ll gauge the current market sentiment using the latest positioning data.First things first, let’s take a quick peek at the chart of the week down below. In yesterday’s Portfolio Watch, we spilled the beans about some big changes we’re planning for our portfolio.One of the main reasons we’re making these moves now is because of what we see in this chart: The S&amp;P 500 just dipped below its 200-day moving average support line, waving a red flag that suggests we might be in for a bumpy ride in the coming weeks

Positioning Watch: Shifting Gears without Panic

<ul><li>Horrid scenes and continued unrest in the Middle East with major oil producing nations perhaps getting involved.</li><li>What are the probable implications for oil, and how about natural gas given the winter ahead and Europe’s dependence?</li><li>Take aways: Things are setting up for explosiveness in European gas marketsMBS plays a key role with regards to the direction of oilBefore we dig in to our analysis, we would like to turn the reader’s attention to our energy cable from last week, where we questioned the drop in implied gasoline demand in the US and provocatively asked ourselves what the New Yorkers were using as fuel if not gasoline.</li></ul>

Horrid scenes and continued unrest in the Middle East with major oil producing nations perhaps getting involved.What are the probable implications for oil, and how about natural gas given the winter ahead and Europe’s dependence?Take aways: Things are setting up for explosiveness in European gas marketsMBS plays a key role with regards to the direction of oilBefore we dig in to our analysis, we would like to turn the reader’s attention to our energy cable from last week, where we questioned the drop in implied gasoline demand in the US and provocatively asked ourselves what the New Yorkers were using as fuel if not gasoline.

The Energy Cable #42 – Quiet Self-Gratulation and Then onto Natural Gas and Crude Oil

<ul><li>We have recently witnessed a minor surprise in both Swedish and US inflation rates.</li><li>With the UK next in line, it seems appropriate to take a brief look at the state of the UK economy.</li><li>To put it bluntly, there’s no easy way to spin it—things are looking rather bleak.</li></ul>

We have recently witnessed a minor surprise in both Swedish and US inflation rates.With the UK next in line, it seems appropriate to take a brief look at the state of the UK economy.To put it bluntly, there’s no easy way to spin it—things are looking rather bleak.

Macro Nugget: Is the UK Prepared for the Winter?

United States

Natural gas is a naturally occurring hydrocarbon gas mixture consisting primarily of methane, but commonly including varying amounts of other higher alkanes, and sometimes a small percentage of carbon dioxide, nitrogen, hydrogen sulfide, or helium. It is formed when layers of decomposing plant and animal matter are exposed to intense heat and pressure supplied by existing under the surface of the Earth over millions of years. The energy that the plants originally obtained from the sun is stored in the form of chemical bonds in the gas.

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

Natural Gas (NATURAL GAS COMDTY)

5 Things We Watch – Central Bank Outlook, USDJPY, Natural Gas, Credit & Liquidity

Global macro never sleeps, and this week is no exception with ongoing turmoil in US equity space amidst the big 7 reporting earnings. The last...

Steno Research

Energy Cable #43: Price Resilience Despite Warm Weather

Temperatures in Europe and the US are above mean levels, but only prices in the US have reacted (materially), and there are no signs of actual weak...

Steno Research

Positioning Watch: Shifting Gears without Panic

I sent Congress an urgent budget request to fund America’s national security needs to support our critical partners, including Israel and...

Steno Research

The Energy Cable #42 – Quiet Self-Gratulation and Then onto Natural Gas and Crude Oil

Horrid scenes and continued unrest in the Middle East with major oil producing nations perhaps getting involved. What are the probable...

Steno Research

Macro Nugget: Is the UK Prepared for the Winter?

We have recently witnessed a minor surprise in both Swedish and US inflation rates. With the UK next in line, it seems appropriate to take a brief...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)