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.

Cross Asset Strategy

<ul><li>Recently the MOVE and 10 year yield 3m rolling correlation went back to its 2022 levels, so is it time for a cocktail of a rates volatility wrecking ball ala summer 2022 again?</li><li>Then just short the long end of the curve given the resilient US economy, BoJ’s YCC hikes and a procyclical fiscal policy in the US.</li><li>We see this scenario as one in which high duration generation Y &amp; Z assets get hammered and the boomer trade is en vogue.</li></ul>

Recently the MOVE and 10 year yield 3m rolling correlation went back to its 2022 levels, so is it time for a cocktail of a rates volatility wrecking ball ala summer 2022 again?Then just short the long end of the curve given the resilient US economy, BoJ’s YCC hikes and a procyclical fiscal policy in the US.We see this scenario as one in which high duration generation Y &amp; Z assets get hammered and the boomer trade is en vogue.

Commodity Watch: Alternatives to Betting Directly on the Curve

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul><li>Hope you’re enjoying the weekend out there! Weekends provide the perfect opportunity to review the market’s performance over the past week – and this week has again been full of volatility with the CPI report released this Thursday along with bonds remaining indecisive about the future market direction.</li><li>The overall sentiment this week again has optimism written all over it with equity sentiment still hovering at 2021 highs on some of the short-term indicators, and GBP and EUR are continuing their positioning resilience, while commodity markets are starting to signal weaker demand again after a couple of weeks of strength.</li><li>Follow along as we dissect market sentiment and positioning data below.</li></ul>

Hope you’re enjoying the weekend out there! Weekends provide the perfect opportunity to review the market’s performance over the past week – and this week has again been full of volatility with the CPI report released this Thursday along with bonds remaining indecisive about the future market direction.The overall sentiment this week again has optimism written all over it with equity sentiment still hovering at 2021 highs on some of the short-term indicators, and GBP and EUR are continuing their positioning resilience, while commodity markets are starting to signal weaker demand again after a couple of weeks of strength.Follow along as we dissect market sentiment and positioning data below.

Positioning Watch – The Chinese Disappointment Is Written All over the Latest Positioning

Commodities

<ul><li>Welcome to the final series of our “Business Cycle Week”, where we cover how a possible rebound in manufacturing might affect asset markets, and if markets are already starting to position for it.</li><li>Commodities is the only asset class we need to tick off, and what a way to end the business cycle week with the most cyclical asset of them all, looking to benefit the most from a rebound in manufacturing.</li><li>Commodities have had a rough 2022 (and start of 2023) as USD strength and a lack of Chinese demand have held commodities prices down, despite the scarcity that characterizes the market currently.</li></ul>

Welcome to the final series of our “Business Cycle Week”, where we cover how a possible rebound in manufacturing might affect asset markets, and if markets are already starting to position for it.Commodities is the only asset class we need to tick off, and what a way to end the business cycle week with the most cyclical asset of them all, looking to benefit the most from a rebound in manufacturing.Commodities have had a rough 2022 (and start of 2023) as USD strength and a lack of Chinese demand have held commodities prices down, despite the scarcity that characterizes the market currently.

Commodity Watch – A rebound in the most cyclical asset class?

United States

Corn No. 2 Yellow at par and substitutions at differentials established by the exchange.

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Corn Active Contract (C A COMDTY)

Commodity Watch: Alternatives to Betting Directly on the Curve

With MOVE and 10 year yield 3m rolling correlation back to its 2022 levels, is it time for a cocktail of a rates volatility wrecking ball ala...

Steno Research

Positioning Watch – The Chinese Disappointment Is Written All over the Latest Positioning

Weekends provide the perfect opportunity to review the market’s performance over the past week – and this week has again been full of volatility...

Steno Research

Commodity Watch – A rebound in the most cyclical asset class?

Welcome to the final series of our “Business Cycle Week”, where we cover how a possible rebound in manufacturing might affect asset markets, and...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)