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>After moaning like it’s the beginning of the 00’s German industry has once again been lent a helping hand from the government and this could have a huge potential impact on global energy markets. </li><li>So let’s see what is up and down on the surface of the <a href="https://www.tagesschau.de/inland/innenpolitik/stromsteuer-bundesregierung-100.html" target="_blank" rel="noopener">proposal</a>. </li><li>First in order to help the very energy-intensive German industry the government has decided to decrease the taxes on electricity by a whopping 190% from almost 2 cents to 0.05 cents running into 2025.</li></ul>

After moaning like it’s the beginning of the 00’s German industry has once again been lent a helping hand from the government and this could have a huge potential impact on global energy markets. So let’s see what is up and down on the surface of the proposal. First in order to help the very energy-intensive German industry the government has decided to decrease the taxes on electricity by a whopping 190% from almost 2 cents to 0.05 cents running into 2025.

Cross Asset Strategy

<ul>
<li>Happy Sunday and welcome to our flagship editorial! As per usual we take you for a chart-heavy guided macro tour around major asset classes.</li>
<li>Conclusions up front: – The credit impulse for 2024 looks abysmal– Rates volatility is likely going to rise sharply again– Equities still look (too) expensive on most parameters – JPY and CNY trends to continue worsening– Oil bulls have less to cheer about than Nat Gas bulls</li>
<li>Momentum in 2023 saw a positive impulse from 1) lower input costs for production due to lower commodity and energy prices than in 2022 and 2) Easing financial conditions due to higher multiples and an easing momentum in rates.</li>
</ul>


Happy Sunday and welcome to our flagship editorial! As per usual we take you for a chart-heavy guided macro tour around major asset classes.
Conclusions up front: – The credit impulse for 2024 looks abysmal– Rates volatility is likely going to rise sharply again– Equities still look (too) expensive on most parameters – JPY and CNY trends to continue worsening– Oil bulls have less to cheer about than Nat Gas bulls
Momentum in 2023 saw a positive impulse from 1) lower input costs for production due to lower commodity and energy prices than in 2022 and 2) Easing financial conditions due to higher multiples and an easing momentum in rates.


Steno Signals #73 – An Abysmal Impulse for 2024

<ul><li>We typically release our weekly EIA Watch on Thursdays but given this press release from the EIA, we will not be able to update the demand side data this week.</li><li>Instead, we will have a look at some of the most important indicators in the Energy space as oil markets have left blood on the streets lately, leading Saudi Arabia to once again “call out” short sellers.</li><li>Is there a fundamental downturn in demand or is this recent trend in oil once again driven by the positioning of paper markets?</li></ul>

We typically release our weekly EIA Watch on Thursdays but given this press release from the EIA, we will not be able to update the demand side data this week.Instead, we will have a look at some of the most important indicators in the Energy space as oil markets have left blood on the streets lately, leading Saudi Arabia to once again “call out” short sellers.Is there a fundamental downturn in demand or is this recent trend in oil once again driven by the positioning of paper markets?

Energy Watch: The perfect bull-signal delivered by Olaf Scholz?

<ul><li>This week we would like to draw your attention to our monthly macro regime indicator which has been updated.</li><li>Then we’ll argue for a Riyadh Accord, and after that look at this week’s SLOOS release.</li><li>Then it is time to talk geopolitics and Ukraine.</li></ul>

This week we would like to draw your attention to our monthly macro regime indicator which has been updated.Then we’ll argue for a Riyadh Accord, and after that look at this week’s SLOOS release.Then it is time to talk geopolitics and Ukraine.

5 Things We Watch: Macro Regime, Riyadh Accord, Sloos, Ukraine, USD

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

<ul>
<li>Last week we got news that MBS is still keen on pursuing a mega deal with the US that would normalize relations with Israel.</li>
<li>We envisage a scenario in which Biden for instance gets MBS to open the crude oil taps and in return lets the Saudis get their hands on American military hardware and perhaps more importantly helps push global disinflation and a weaker USD.</li>
<li>We note that the House has passed substantial sanctions on Iranian Oil just about when traders are going short.</li>
</ul>


Last week we got news that MBS is still keen on pursuing a mega deal with the US that would normalize relations with Israel.
We envisage a scenario in which Biden for instance gets MBS to open the crude oil taps and in return lets the Saudis get their hands on American military hardware and perhaps more importantly helps push global disinflation and a weaker USD.
We note that the House has passed substantial sanctions on Iranian Oil just about when traders are going short.


Energy Cable #45 – The World Needs a Riyadh Accord

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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Energy Cable #46: Scholz to the rescue!

Take aways: German government coming to aid the industry. Demand may very well push an inelastic market. Global gas stock levels are very strong...

Steno Research

Steno Signals #73 – An Abysmal Impulse for 2024

The credit impulse for 2024 looks abysmal; Rates volatility is likely going to rise sharply again; Equities still look (too) expensive on most...

Steno Research

Energy Watch: The perfect bull-signal delivered by Olaf Scholz?

We typically release our weekly EIA Watch on Thursdays but given this press release from the EIA, we will not be able to update the demand side...

Steno Research

5 Things We Watch: Macro Regime, Riyadh Accord, Sloos, Ukraine, USD

This week we would like to draw your attention to our monthly macro regime indicator which has been updated. Then we’ll argue for a Riyadh Accord,...

Steno Research

Energy Cable #45 – The World Needs a Riyadh Accord

Last week we got news that MBS is still keen on pursuing a mega deal with the US that would normalize relations with Israel. We envisage a...

Steno Research

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52-week Range

Market Cap (USDm)

P/E

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