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.

Commodities

<ul><li>Welcome to our weekly EIA watch paired with a few remarks on the postponed OPEC meeting.</li><li>We have had a look at OPEC production and export numbers, and it seems like production is much more price bullish than actual net exports (meaning a draw on local OPEC inventories)</li><li>Interestingly, the US, Nigeria, Iran, UAE (among others) have managed to fill a lot of the production gap left open by left open by Saudi Arabia.</li></ul>

Welcome to our weekly EIA watch paired with a few remarks on the postponed OPEC meeting.We have had a look at OPEC production and export numbers, and it seems like production is much more price bullish than actual net exports (meaning a draw on local OPEC inventories)Interestingly, the US, Nigeria, Iran, UAE (among others) have managed to fill a lot of the production gap left open by left open by Saudi Arabia.

EIA and OPEC Watch: Depending on Nigeria and Iran

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Cross Asset Strategy

<ul><li>We start off this week’s 5 Things We Watch by having a look at the Ifo survey coming up this Friday in the midst of the Schwarze Null ruling.</li><li>This is followed by talking about US rates and Nvidia earnings and we then move on to talking about the USD while lastly finishing off with gasoline demand.</li><li>Chancellor Olaf Scholz’s government is challenged by the Constitutional Court’s ruling from last week on special fund financing outside the regular budget.</li></ul>

We start off this week’s 5 Things We Watch by having a look at the Ifo survey coming up this Friday in the midst of the Schwarze Null ruling.This is followed by talking about US rates and Nvidia earnings and we then move on to talking about the USD while lastly finishing off with gasoline demand.Chancellor Olaf Scholz’s government is challenged by the Constitutional Court’s ruling from last week on special fund financing outside the regular budget.

5 Things We Watch: IFO, US Rates, Earnings Revisions, USD & Gasoline

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

<ul><li>The ongoing conflict between Israel and Hamas is nearing a potential turning point, as Hamas chief Ismail Haniyeh, in a statement to Reuters, indicated that the Palestinian militant group is on the brink of a truce agreement with Israel.</li><li>The negotiations, which are being mediated by Qatar, are primarily focused on key issues such as the duration of the truce, the mechanisms for aid delivery into Gaza, and a crucial exchange involving Israeli hostages and Palestinian prisoners.</li><li>What do we know?</li></ul>

The ongoing conflict between Israel and Hamas is nearing a potential turning point, as Hamas chief Ismail Haniyeh, in a statement to Reuters, indicated that the Palestinian militant group is on the brink of a truce agreement with Israel.The negotiations, which are being mediated by Qatar, are primarily focused on key issues such as the duration of the truce, the mechanisms for aid delivery into Gaza, and a crucial exchange involving Israeli hostages and Palestinian prisoners.What do we know?

Macroeconomics

<ul><li>Happy Monday to everybody from a cold and rainy Copenhagen.</li><li>We are now long crude oil again as we find the narrative too bearish given the fundamentals.</li><li>Before we start to talk about our crude oil case, we would like to highlight the volatility in post covid energy markets and how these have benefitted sellers in the futures markets more than buyers keeping storage costs constant.</li></ul>

Happy Monday to everybody from a cold and rainy Copenhagen.We are now long crude oil again as we find the narrative too bearish given the fundamentals.Before we start to talk about our crude oil case, we would like to highlight the volatility in post covid energy markets and how these have benefitted sellers in the futures markets more than buyers keeping storage costs constant.

Energy Cable #47: Price Always Leads Narrative

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>FDI into China turned negative. To explain why, we look at interest rate differentials, profitability, and ‘uninvestability.’ Meanwhile, the country has slipped into deflation again as it buys gold like there is no tomorrow.</li>
<li>US consumer credit is rolling over as the highest yields in decades take their toll. When credit growth stumbles, GDP growth will soon follow. </li>
<li>We look at key takeaways of the latest Fed SLOOS, the surprising decline in oil prices, our Fear &amp; Frenzy Sentiment Index, and earnings surprises &amp; stock market reactions.</li>
</ul>


FDI into China turned negative. To explain why, we look at interest rate differentials, profitability, and ‘uninvestability.’ Meanwhile, the country has slipped into deflation again as it buys gold like there is no tomorrow.
US consumer credit is rolling over as the highest yields in decades take their toll. When credit growth stumbles, GDP growth will soon follow. 
We look at key takeaways of the latest Fed SLOOS, the surprising decline in oil prices, our Fear &amp; Frenzy Sentiment Index, and earnings surprises &amp; stock market reactions.


The Weekly Market Monitor – China Makes History, Nobody Likes US Debt, and a Massive Chart on Yields

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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EIA and OPEC Watch: Depending on Nigeria and Iran

Welcome to our weekly EIA watch paired with a few remarks on the postponed OPEC meeting. We have had a look at OPEC production and export numbers,...

Steno Research

5 Things We Watch: IFO, US Rates, Earnings Revisions, USD & Gasoline

We start off this week’s 5 Things We Watch by having a look at the Ifo survey coming up this Friday in the midst of the Schwarze Null ruling. This...

Steno Research

Great Game – Truce in Gaza?

The ongoing conflict between Israel and Hamas is nearing a potential turning point, as Hamas chief Ismail Haniyeh, in a statement to Reuters,...

Steno Research

Energy Cable #47: Price Always Leads Narrative

Happy Monday to everybody from a cold and rainy Copenhagen. We are now long crude oil again as we find the narrative too bearish given the...

Steno Research

The Weekly Market Monitor – China Makes History, Nobody Likes US Debt, and a Massive Chart on Yields

Start your week in financial markets with last week's biggest charts and stories! The Weekly Market Monitor will keep you ahead of markets.

Jeroen Blokland

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)