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>Markets are currently busy preparing for the upcoming cutting cycle from the Fed, expected to start in September.</li>
<li>The simple playbook is often used when markets face a “high probability event,” and markets are now acting as if they know what’s ahead.</li>
<li>A Fed cutting cycle is triggered by a recession; therefore, buy bonds, sell risk assets, and buy gold, etc.</li>
</ul>


Markets are currently busy preparing for the upcoming cutting cycle from the Fed, expected to start in September.
The simple playbook is often used when markets face a “high probability event,” and markets are now acting as if they know what’s ahead.
A Fed cutting cycle is triggered by a recession; therefore, buy bonds, sell risk assets, and buy gold, etc.


Asset Allocation Watch  – What to buy in the upcoming Fed cutting cycle?

<ul>
<li>China could be the disinflationistas big hope from here. The export price index is not yet picking up in China despite some signs of early increases.</li>
<li>The potential re-inflation story will likely be forewarned in the Chinese PPI again. There are some early signs of improvement in Shipping to be seen.</li>
<li>The bottom-line is that we are still playing the metals space from the short side, while we don’t hold any energy longs despite it being increasingly attractive from a risk/reward perspective.</li>
</ul>


China could be the disinflationistas big hope from here. The export price index is not yet picking up in China despite some signs of early increases.
The potential re-inflation story will likely be forewarned in the Chinese PPI again. There are some early signs of improvement in Shipping to be seen.
The bottom-line is that we are still playing the metals space from the short side, while we don’t hold any energy longs despite it being increasingly attractive from a risk/reward perspective.


Energy Cable: The demand outlook in China is dreadful to say the least …

Data-Driven Commodity Research, The Commodity Report

The Commodity Report

Data-Driven Commodity Research

A unique newsletter about commodities and macro analysis in a weekly format.

Commodities

<ul><li>Commodity Popcorn Markets During the week, I saw a tweet by the legendary commodities trader Peter Brandt.</li><li>The technical part of Kucrop Analytics institutional commodity research arm is heavily influenced by Peter Brands Research, as well as Larry Williams Research.</li><li><p>Both look at markets very different and have a strong track record.</p><p></p></li></ul>

Commodity Popcorn Markets During the week, I saw a tweet by the legendary commodities trader Peter Brandt.The technical part of Kucrop Analytics institutional commodity research arm is heavily influenced by Peter Brands Research, as well as Larry Williams Research.Both look at markets very different and have a strong track record.

Commodity Popcorn Markets // Coffee Bubble About To Burst?

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>Are we witnessing a short-term carry-trade unwind or a trend change?</li>
<li>A short-term bounce in the USDJPY will provide an opportunity to reposition</li>
<li>Industrial metals take the brunt of the unwind in the commodity sector</li>
</ul>


Are we witnessing a short-term carry-trade unwind or a trend change?
A short-term bounce in the USDJPY will provide an opportunity to reposition
Industrial metals take the brunt of the unwind in the commodity sector


Nowhere to Run to Baby, Nowhere to Hide! Part 2

Macroeconomics

<ul><li>The Norwegian rates case is always interesting when we see significant moves in NOK, foreign rates, and energy prices.</li><li>Norges Bank is in contrast to other central banks extremely structured/mechanical around their rate decisions and the upcoming policy bias can hence be tracked with a decent precision in real time.</li><li>Here is a brief summary of the current status of the (semi)-mechanical adjustments to the rate path from June, given recent development.</li></ul>

The Norwegian rates case is always interesting when we see significant moves in NOK, foreign rates, and energy prices.Norges Bank is in contrast to other central banks extremely structured/mechanical around their rate decisions and the upcoming policy bias can hence be tracked with a decent precision in real time.Here is a brief summary of the current status of the (semi)-mechanical adjustments to the rate path from June, given recent development.

Scandi Watch: Norges Bank -> A hawk flying among doves?

United States

Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. Crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, also known as a fossil fuel, which means that it can't be replaced naturally at the rate we consume it and is therefore a limited resource.

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Asset Allocation Watch – What to buy in the upcoming Fed cutting cycle?

Markets are currently busy preparing for the upcoming cutting cycle from the Fed, expected to start in September. The simple playbook is often...

Steno Research

Energy Cable: The demand outlook in China is dreadful to say the least …

The bottom-line is that we are still playing the metals space from the short side, while we don’t hold any energy longs despite it being...

Steno Research

Commodity Popcorn Markets // Coffee Bubble About To Burst?

The technical part of Kucrop Analytics institutional commodity research arm is heavily influenced by Peter Brands Research, as well as Larry...

The Commodity Report

Nowhere to Run to Baby, Nowhere to Hide! Part 2

In summary, we expect the unwinding of JPY shorts to continue driving more volatility in markets providing opportunities in certain sectors. The...

Rikki Malik

Scandi Watch: Norges Bank -> A hawk flying among doves?

The Norwegian rates case is always interesting when we see significant moves in NOK, foreign rates, and energy prices. Norges Bank is in contrast...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)