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>Hello everyone, and welcome back to our usual inflation outlook for the Euro Area inflation</li><li>The format will – as always – be short and sweet with loads of charts so you will be well prepared for the upcoming inflation report.</li><li>The HICP measure in Europe has already started turning deflationary in last month’s report for July (although typical in July due to NSA numbers), with Energy as the main driver on the back of falling Natural Gas prices.</li></ul>

Hello everyone, and welcome back to our usual inflation outlook for the Euro Area inflationThe format will – as always – be short and sweet with loads of charts so you will be well prepared for the upcoming inflation report.The HICP measure in Europe has already started turning deflationary in last month’s report for July (although typical in July due to NSA numbers), with Energy as the main driver on the back of falling Natural Gas prices.

EUR Inflation Watch – It’s all about energy and food

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

<ul>
<li>Are we starting to see the early signs of a 2022 dynamic in LNG?</li>
<li>The below chart describes the scenario we saw late summer last year here in Europe when policymakers all the sudden scrambled to secure natural gas.</li>
<li><span style="font-weight: 400;">For the cycle to truly have the chance of playing out we need natural gas demand to increase and the USD to strengthen as a product of the increase in demand.</span></li>
</ul>


Are we starting to see the early signs of a 2022 dynamic in LNG?
The below chart describes the scenario we saw late summer last year here in Europe when policymakers all the sudden scrambled to secure natural gas.
For the cycle to truly have the chance of playing out we need natural gas demand to increase and the USD to strengthen as a product of the increase in demand.


The Energy Cable #34 – Double Top… Now What?

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>Orange juice futures hit an all-time high last week as citrus crops all across the US have been hammered by a series of hurricanes and the spread of citrus greening, an incurable disease spread by insects.</li><li>The vast majority of oranges produced in the US come from Florida, which has been hobbled by hurricanes and a cold snap, massively hampering supply.</li><li>Such headwinds are responsible for the supply shortage in oranges, which has driven up prices that will eventually filter through to consumers.</li></ul>

Orange juice futures hit an all-time high last week as citrus crops all across the US have been hammered by a series of hurricanes and the spread of citrus greening, an incurable disease spread by insects.The vast majority of oranges produced in the US come from Florida, which has been hobbled by hurricanes and a cold snap, massively hampering supply.Such headwinds are responsible for the supply shortage in oranges, which has driven up prices that will eventually filter through to consumers.

Traders Remain Neutral Commodities // Copper Loses as China Falls Apart

<ul>
<li>Xi kickstarting listed sectors in China using different policy tools will impact foreign markets</li>
<li>Biden looks like the winner in our four scenarios whereas Xi and MBS’ newly friendship could be tested</li>
<li>Chinese FDIs flows have already slowly but surely started to turn more positive from a rate of change perspective, which may be an early harbinger of slightly better times ahead for Chinese assets</li>
</ul>


Xi kickstarting listed sectors in China using different policy tools will impact foreign markets
Biden looks like the winner in our four scenarios whereas Xi and MBS’ newly friendship could be tested
Chinese FDIs flows have already slowly but surely started to turn more positive from a rate of change perspective, which may be an early harbinger of slightly better times ahead for Chinese assets


China Asset Watch: Keys for Xi to Getting the Economy and Equities Back Going

<ul><li>Cocoa Market Started Collapsing Run-ups in commodity markets tend to be slow but steady but meltdowns on the other hand fast and sharp - a bit comparable with equity markets but definitely more volatile.</li><li>Especially Parabolic advances, like the one in cocoa futures, often end with a sweeping reversal.</li><li>Fortunately, the soybean complex is one we covered intensively during this year.</li></ul>

Cocoa Market Started Collapsing Run-ups in commodity markets tend to be slow but steady but meltdowns on the other hand fast and sharp - a bit comparable with equity markets but definitely more volatile.Especially Parabolic advances, like the one in cocoa futures, often end with a sweeping reversal.Fortunately, the soybean complex is one we covered intensively during this year.

Cocoa Market Started Collapsing // Soybean Spreads crash down

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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Crude Oil (CL1 COM COMDTY)

EUR Inflation Watch – It’s all about energy and food

Hello everyone, and welcome back to our usual inflation outlook for the Euro Area inflation coming out on Thursday. The format will – as always –...

Steno Research

The Energy Cable #34 – Double Top… Now What?

Are we starting to see the early signs of a 2022 dynamic in LNG? The below chart describes the scenario we saw late summer last...

Steno Research

Traders Remain Neutral Commodities // Copper Loses as China Falls Apart

The vast majority of oranges produced in the US come from Florida, which has been hobbled by hurricanes and a cold snap, massively hampering supply.

The Commodity Report

China Asset Watch: Keys for Xi to Getting the Economy and Equities Back Going

Xi kickstarting listed sectors in China using different policy tools will impact foreign markets. Biden looks like the winner in our four scenarios...

Steno Research

Cocoa Market Started Collapsing // Soybean Spreads crash down

Cocoa Market Started Collapsing Run-ups in commodity markets tend to be slow but steady but meltdowns on the other hand fast and sharp

The Commodity Report

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)