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.

Cross Asset Strategy

<ul><li>Hello everyone, and welcome back to our weekly positioning watch.</li><li>The debates about whether the US is heading for a recession are still touring the charts, as the labor market and other economic data soften back towards pre-pandemic levels.</li><li>However, while some might be uncomfortable watching the US economy slow more than anticipated, the lack of ringing alarm bells and Powell’s recent victory lap on inflation have greenlighted markets to price in a soft landing as a 95-99% probability event by now when looking across positioning data.</li></ul>

Hello everyone, and welcome back to our weekly positioning watch.The debates about whether the US is heading for a recession are still touring the charts, as the labor market and other economic data soften back towards pre-pandemic levels.However, while some might be uncomfortable watching the US economy slow more than anticipated, the lack of ringing alarm bells and Powell’s recent victory lap on inflation have greenlighted markets to price in a soft landing as a 95-99% probability event by now when looking across positioning data.

Positioning Watch – The Soft Landing Is Moving Towards a Recovery Trade

Macroeconomics

<ul><li>Hello everyone, and welcome back to our weekly positioning watch.</li><li>Our newly invented high-frequency hedge fund positioning data was well received, and we’re working on expanding it to more assets on a running basis.</li><li>It’s worth revisiting the points we raised about concentration in broader equity indices.</li></ul>

Hello everyone, and welcome back to our weekly positioning watch.Our newly invented high-frequency hedge fund positioning data was well received, and we’re working on expanding it to more assets on a running basis.It’s worth revisiting the points we raised about concentration in broader equity indices.

Positioning Watch – Increasing the BETA risk?

<ul><li>As Norges Bank gears up for its upcoming meeting on Thursday, all eyes are on the new rate path.</li><li>It’s widely expected that the central bank will maintain its current rates, putting the spotlight squarely on the future direction of rates.</li><li>Here’s what we can discern from the key components feeding into Norges Bank’s rate path model ahead of the decision.</li></ul>

As Norges Bank gears up for its upcoming meeting on Thursday, all eyes are on the new rate path.It’s widely expected that the central bank will maintain its current rates, putting the spotlight squarely on the future direction of rates.Here’s what we can discern from the key components feeding into Norges Bank’s rate path model ahead of the decision.

Scandi Watch: Stay long NOK (and pay NOK rates) into Norges Bank

External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

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<ul><li>Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.</li><li>Overall issuance from Norway was approx. 3x that of last year incl. covered prints. Swedish names also printed in EUR, but the trend continues with less issuance compared to last year.</li><li>USD issuance YTD has been elevated compared to previous years with an uptick from last year by non-USD issuers printing in USD. </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.

Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.Overall issuance from Norway was approx. 3x that of last year incl. covered prints. Swedish names also printed in EUR, but the trend continues with less issuance compared to last year.USD issuance YTD has been elevated compared to previous years with an uptick from last year by non-USD issuers printing in USD. 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.

<ul><li>Everything you need to know about the key figures in the week ahead and how we trade them.</li><li>This week we focus on the BoE, the Riksbank, Norwegian CPI numbers and Japanese wage-flation.</li><li>Markets see August as the most likely timing for a cut from the Bank of England and as the March inflation report surprised on the high side of consensus, the services inflation still runs at a 0.4-0.5% MoM pace adjusted for seasonality.</li></ul>

Everything you need to know about the key figures in the week ahead and how we trade them.This week we focus on the BoE, the Riksbank, Norwegian CPI numbers and Japanese wage-flation.Markets see August as the most likely timing for a cut from the Bank of England and as the March inflation report surprised on the high side of consensus, the services inflation still runs at a 0.4-0.5% MoM pace adjusted for seasonality.

The week at a glance: A couple of central bank surprises on the cards?

Norway

The Norwegian krone is the official currency of the Kingdom of Norway.  The US dollar is the official currency of the United States of America.

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Positioning Watch – The Soft Landing Is Moving Towards a Recovery Trade

Overall positioning and sentiment indicators are starting to diverge, though. Most indicators show continued support for risk assets in H2.

Steno Research

Positioning Watch – Increasing the BETA risk?

Hello everyone, and welcome back to our weekly positioning watch. Our newly invented high-frequency hedge fund positioning data was well received,...

Steno Research

Scandi Watch: Stay long NOK (and pay NOK rates) into Norges Bank

As Norges Bank gears up for its upcoming meeting on Thursday, all eyes are on the new rate path. It’s widely expected that the central bank will...

Steno Research

Nordea XCCY publication: May Edition

Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.

Nordea

The week at a glance: A couple of central bank surprises on the cards?

Welcome to “The Week At A Glance”. Everything you need to know about the key figures in the week ahead and how we trade them. This week we focus...

Steno Research

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