Head of Research, Steno Research

Emil Moller

Head of Research

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>Key Points: The recent UST rally may offer relief to risk assets, and the market appears well-positioned for a bear market rally.</li><li>Our perspective remains unchanged: we believe the underlying economy is weaker than what current market sentiment reflects.</li><li>Persistent concerns surround China’s economic challenges, casting doubt on the sufficiency of the stimulus package, and financial fragility remains unresolved.</li></ul>

Key Points: The recent UST rally may offer relief to risk assets, and the market appears well-positioned for a bear market rally.Our perspective remains unchanged: we believe the underlying economy is weaker than what current market sentiment reflects.Persistent concerns surround China’s economic challenges, casting doubt on the sufficiency of the stimulus package, and financial fragility remains unresolved.

EM by EM #28 The Truth Hidden in Plain Sight

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

FX & Rates

<ul><li>Hello everyone, and welcome to a shorter piece on where to find fundamental value in the current FX environment.</li><li>We’ll take a trip back to the theory books and use some of the good old correlations and fundamental value metrics to give some insights on the best FX bets now that the tightening cycle is likely soon coming to an end.</li><li>Read along, as we run through the most important pairs below.</li></ul>

Hello everyone, and welcome to a shorter piece on where to find fundamental value in the current FX environment.We’ll take a trip back to the theory books and use some of the good old correlations and fundamental value metrics to give some insights on the best FX bets now that the tightening cycle is likely soon coming to an end.Read along, as we run through the most important pairs below.

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>AI / In Depth: The opportunities and roadblocks facing China’s AI models</li><li><p>Li Keqiang /: Li Keqiang’s remains to be cremated in Beijing on Thursday</p></li><li><p>China-U.S. /: California Governor Newsom visit boosts U.S.-China relations, climate collaboration</p></li></ul>

AI / In Depth: The opportunities and roadblocks facing China’s AI modelsLi Keqiang /: Li Keqiang’s remains to be cremated in Beijing on ThursdayChina-U.S. /: California Governor Newsom visit boosts U.S.-China relations, climate collaboration

CX Daily: The Opportunities and Roadblocks Facing China’s AI Models 

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

<ul>
<li>This week, the approval of a spot Bitcoin ETF took another leap forward. And a poll among investors reveals that this will be a game-changer. </li>
<li>Equities tumbled again, and earnings are to blame. Google is down hard as the ‘Magnificent 7’ delivered mixed earnings, nowhere near good enough, given they are priced for perfection! </li>
<li>And that’s not all. The spike in real yields suggests a whopping decline of 25%(!) of the P/E ratio of the S&amp;P 500 Index.</li>
</ul>


This week, the approval of a spot Bitcoin ETF took another leap forward. And a poll among investors reveals that this will be a game-changer. 
Equities tumbled again, and earnings are to blame. Google is down hard as the ‘Magnificent 7’ delivered mixed earnings, nowhere near good enough, given they are priced for perfection! 
And that’s not all. The spike in real yields suggests a whopping decline of 25%(!) of the P/E ratio of the S&amp;P 500 Index.


The Weekly Market Monitor – Reality Check!

<ul><li>Conclusions upfront: The Chinese stimulus package is too small and the composition underlines the domestic issues in China.</li><li>If Chinese consumers remain conservative, the efforts could be undermined.</li><li>We won’t be surprised to see more policy easing in 2024.</li></ul>

Conclusions upfront: The Chinese stimulus package is too small and the composition underlines the domestic issues in China.If Chinese consumers remain conservative, the efforts could be undermined.We won’t be surprised to see more policy easing in 2024.

EM by EM #27 Not a Bazooka, but a Pumpgun

China

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

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EM by EM #28 The Truth Hidden in Plain Sight

Persistent concerns surround China’s economic challenges, casting doubt on the sufficiency of the stimulus package, and financial fragility remains...

Steno Research

FX Watch – Exploring FX Fundamentals

We’ll take a trip back to the theory books and use some of the good old correlations and fundamental value metrics to give some insights on the...

Steno Research

CX Daily: The Opportunities and Roadblocks Facing China’s AI Models

AI / In Depth: The opportunities and roadblocks facing China’s AI models Since Beijing lifted the floodgates for Chinese firms to launch their...

Caixin Global

The Weekly Market Monitor – Reality Check!

When something is 'priced for perfection,' disappointment is inevitable. Just ask Google. By the way, a spot Bitcoin ETF is inevitable, too. This...

Jeroen Blokland

EM by EM #27 Not a Bazooka, but a Pumpgun

The Chinese stimulus package is too small and the composition underlines the domestic issues in China. If Chinese consumers remain conservative,...

Steno Research

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