Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

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>Calmness returned to pockets of cross asset markets last week. </li><li>The long end of the US yield curve got off its highs, crude got back under USD 90 and equities are left as the only truly hurt asset with SPX dipping under 5k for the first time since Feb. </li><li>Month-to-date, Energy remains the only sector in green, underlining what we have been saying since the inception of this newsletter</li></ul>

Calmness returned to pockets of cross asset markets last week. The long end of the US yield curve got off its highs, crude got back under USD 90 and equities are left as the only truly hurt asset with SPX dipping under 5k for the first time since Feb. Month-to-date, Energy remains the only sector in green, underlining what we have been saying since the inception of this newsletter

Energy Cable: Inflation starting to bite equities

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

FX & Rates

<ul><li>Strong dollar not seen as a problem for the US or the Fed, more concerning for the rest of the world</li><li>Unlikely to see coordinated global intervention due to high hurdles and lack of exceptional circumstances</li><li>Dollar CNY stability due to PBOC holding it down, may welcome cooling pressures on the currency from Japan and Korea verbal interventions</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Strong dollar not seen as a problem for the US or the Fed, more concerning for the rest of the worldUnlikely to see coordinated global intervention due to high hurdles and lack of exceptional circumstancesDollar CNY stability due to PBOC holding it down, may welcome cooling pressures on the currency from Japan and Korea verbal interventionsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Global FX: A Strong Dollar Is Not a US Problem

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul><li>China is preparing something BIG. That seems more and more obvious to me by the week now. The question is what that BIG thing is.</li><li>China reported a strong 5.2% YoY Q1 despite troubles on the ground, local financial institutions are hoarding bonds because of a weak credit demand growth picture and the Chinese authorities seem to be stockpiling like crazy.</li><li>We have seen plenty of tin-foil theories speculating in the reasons behind those Chinese actions, but maybe China is just preparing a major one-off devaluation of the CNY?</li></ul>

China is preparing something BIG. That seems more and more obvious to me by the week now. The question is what that BIG thing is.China reported a strong 5.2% YoY Q1 despite troubles on the ground, local financial institutions are hoarding bonds because of a weak credit demand growth picture and the Chinese authorities seem to be stockpiling like crazy.We have seen plenty of tin-foil theories speculating in the reasons behind those Chinese actions, but maybe China is just preparing a major one-off devaluation of the CNY?

Steno Signals #96 – A major devaluation of the CNY could be imminent

Elias Lisberg Glistrup

<ul><li>Welcome to this week’s edition of our EM-focused weekly editorial.</li><li>This week, we’ve decided to look into the reemerging weakness in Asian FX, and how this corresponds with the still strong momentum in gold prices.</li><li>Gold rallies have historically coincided with a weaker USD.</li></ul>

Welcome to this week’s edition of our EM-focused weekly editorial.This week, we’ve decided to look into the reemerging weakness in Asian FX, and how this corresponds with the still strong momentum in gold prices.Gold rallies have historically coincided with a weaker USD.

EM Gold Rush: The pressure valve amid Asian FX debasement risks?

<ul><li>Macro is truly back with central banks and pricing of policy rates back on the top priority list amongst traders and investors.</li><li>Powell’s remarks from yesterday confirmed fears of the Fed deviating from their promised rate cuts back in December, and the question will now be, whether they will cut rates at all.</li><li>A pivot from a pivot is tough, but it might be exactly what’s going to happen.</li></ul>

Macro is truly back with central banks and pricing of policy rates back on the top priority list amongst traders and investors.Powell’s remarks from yesterday confirmed fears of the Fed deviating from their promised rate cuts back in December, and the question will now be, whether they will cut rates at all.A pivot from a pivot is tough, but it might be exactly what’s going to happen.

5 Things We Watch – Rates Pricing, Bond Positioning, Equities Setback, USD Wrecking Ball...

China

The Chinese renminbi (yuan) is the official currency of The People's Republic of China. 

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CNY (USDCNY CURNCY)

Energy Cable: Inflation starting to bite equities

Hi everyone and welcome to this week’s energy cable from a sunny and cold Copenhagen. If you haven’t yet, I’ll recommend that you read our update...

Steno Research

Global FX: A Strong Dollar Is Not a US Problem

The strong dollar is not a major concern for the US or the Federal Reserve, but could pose challenges for the rest of the world, making coordinated...

At Any Rate

Steno Signals #96 – A major devaluation of the CNY could be imminent

Happy Sunday and welcome to our flagship editorial! Remember that I will be in Singapore most of next week. Please reach out if you are Singapore...

Steno Research

EM Gold Rush: The pressure valve amid Asian FX debasement risks?

Welcome to this week’s edition of our EM-focused weekly editorial. This week, we’ve decided to look into the reemerging weakness in Asian FX, and...

Steno Research

5 Things We Watch – Rates Pricing, Bond Positioning, Equities Setback, USD Wrecking Ball...

Macro is truly back with central banks and pricing of policy rates back on the top priority list amongst traders and investors. Powell’s remarks...

Steno Research

Price Gauge

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Dividend (Yield)