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>Welcome to our short and chart-packed preview of UK inflation out tomorrow morning.</li><li>Extreme base effects are at play in October due to energy price revisions in October 2022</li><li>Housing and household services are about to turn negative year over year </li></ul>

Welcome to our short and chart-packed preview of UK inflation out tomorrow morning.Extreme base effects are at play in October due to energy price revisions in October 2022Housing and household services are about to turn negative year over year 

UK CPI Watch: No Path to 2% Unless Inflation Deflates on a Monthly Basis

Technical Analysis / Chartered Market Technician, The Markets Academy

David Coloretti, CMT

Technical Analysis / Chartered Market Technician

The Markets Academy

TMA implements 2 strategies. 1) Tactical ... Trend Sustainability Score (TSS) allows TMA to identify exhaustion / reversal points in interim trends by utilising our proprietary analysis of ST momentum indicators. 2) Medium Term ... our 3 Pillars approach to technical analysis allows TMA to determine high probability medium term outcomes in markets.

Technical Analysis

<ul>
<li>At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.</li>
<li>On 3 February 2023 we identified a material topside failure in RIO LN and pending high probability multi-week to multi-month decline into the 5415/5650 range.</li>
<li>RIO LN declined from 6064 on 3 February to a low of 5568 on 27 February, a decline of 8.2%. Target achieved.</li>
</ul>


At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
On 3 February 2023 we identified a material topside failure in RIO LN and pending high probability multi-week to multi-month decline into the 5415/5650 range.
RIO LN declined from 6064 on 3 February to a low of 5568 on 27 February, a decline of 8.2%. Target achieved.


Rio Tinto PLC (RIO LN) - 8.2% Profit Target at 5415/5650 Achieved in 3 Weeks

House of Market Insights, Market Radar

Market Radar

House of Market Insights

Quick market updates and lot of ideas for your investments from a multi-asset portfolio manager working for a family office.

Quick Market Updates

<ul><li>After four difficult months for markets, May is not going very well too. At least for equity investors.</li><li>On Friday, the S&amp;P 500 has been even in bear market for a couple of hours, before to jump in the last final hour.</li><li>What is scaring investors in such a big way? There are several factors, but the newest one is the fear of an incoming global “recession”, as you can even see from the monthly Fund Manager Survey from BofA.</li></ul>

After four difficult months for markets, May is not going very well too. At least for equity investors.On Friday, the S&amp;P 500 has been even in bear market for a couple of hours, before to jump in the last final hour.What is scaring investors in such a big way? There are several factors, but the newest one is the fear of an incoming global “recession”, as you can even see from the monthly Fund Manager Survey from BofA.

Investors fearful of a possible recession

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Weaker markets are showing support cracks as strong horses reach for minor new highs into the late April/early May cycle inflection timeline while the USD is due to find support near the DXY low zone. This aligns for a peak in risk.

Weaker markets are showing support cracks as strong horses reach for minor new highs into the late April/early May cycle inflection timeline while the USD is due to find support near the DXY low zone. This aligns for a peak in risk.

Chief Economist, Heteronomics

Phil Rush

Chief Economist

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

<ul>
<li>The beginning of the third national lockdown’s end on 8 March will see the return of conditions equally as tight as during the second one from November. UK GDP should recover by a few per cent in March but we still see it down by 4.5% q-o-q in Q1.</li>
<li>Further easing is extremely gradual with remaining restrictions only planned to end on 21 June if everything goes to plan. The UK is failing to capture a relative economic dividend from its relatively successful vaccination programme, despite bullish pricing.</li>
</ul>


The beginning of the third national lockdown’s end on 8 March will see the return of conditions equally as tight as during the second one from November. UK GDP should recover by a few per cent in March but we still see it down by 4.5% q-o-q in Q1.
Further easing is extremely gradual with remaining restrictions only planned to end on 21 June if everything goes to plan. The UK is failing to capture a relative economic dividend from its relatively successful vaccination programme, despite bullish pricing.


United Kingdom

SPDR FTSE UK All Share ETF is an open ended, UCITS IV compliant exchange traded fund, domiciled in Ireland. The fund's objective is to track the performance of FTSE All Share Index. The Fund invests in physical securities in the index.

SPDR FTSE UK All Share (FTAL LN)

UK CPI Watch: No Path to 2% Unless Inflation Deflates on a Monthly Basis

Welcome to our short and chart-packed preview of UK inflation out tomorrow morning. The BoE is probably the most mispriced central bank in G10

Steno Research

Rio Tinto PLC (RIO LN) - 8.2% Profit Target at 5415/5650 Achieved in 3 Weeks

30+ years as a technical analyst and a razor sharp focus on momentum confirmation delivered TMA a 75% unleveraged return on our 7 Smartkarma...

David Coloretti, CMT

Investors fearful of a possible recession

What is scaring investors in such a big way? There are several factors, but the newest one is the fear of an incoming global “recession”

Market Radar

Topping Wedge Patterns in Equity Risk

Weaker markets are showing support cracks as strong horses reach for minor new highs into the late April/early May cycle inflection timeline while...

Thomas Schroeder

UK: Lockdown Exit-Road Full of GDP Peril

The beginning of the third national lockdown’s end on 8 March will only return conditions to those from the second one (November's). The UK is...

Phil Rush