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

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<li>Happy Wednesday, and welcome back to our weekly ‘5 Things We Watch’ where we take you through some of the topics and events that we are looking out for currently. </li>
<li>The equity rally continues, Xi is in the middle of structural issues, house lending is falling off a cliff in EZ and inflation is waning fast.</li>
<li>Read more about the 5 things that we watch currently in this week’s edition of ‘5 Things We Watch’.</li>
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Happy Wednesday, and welcome back to our weekly ‘5 Things We Watch’ where we take you through some of the topics and events that we are looking out for currently. 
The equity rally continues, Xi is in the middle of structural issues, house lending is falling off a cliff in EZ and inflation is waning fast.
Read more about the 5 things that we watch currently in this week’s edition of ‘5 Things We Watch’.










5 Things We Watch - The Equity Rally, the Chinese Consumption Problem, Consumers Vs Corporates

Cross Asset Strategy

<ul>
<li>Europe has seen some remarkable energy prices in recent days with record negative electricity prices in the North Western part of the continent, while Saudi Arabia strikes again and prolongs the supply cuts into August.</li>
<li>Read along in our weekly Energy Cable, where Steno Research and 3Fourteen Research share their thoughts on Energy markets. As usual, we don’t quite agree.</li>
<li>At yesterday’s auction for the day-ahead German baseload electricity prices turned outright negative and we wonder if this could be a signal of deflation to come like we saw in the gas markets last fall where the short end of the curve absolutely nosedived once we realized filling the storages was not going to be a problem.</li>
</ul>


Europe has seen some remarkable energy prices in recent days with record negative electricity prices in the North Western part of the continent, while Saudi Arabia strikes again and prolongs the supply cuts into August.
Read along in our weekly Energy Cable, where Steno Research and 3Fourteen Research share their thoughts on Energy markets. As usual, we don’t quite agree.
At yesterday’s auction for the day-ahead German baseload electricity prices turned outright negative and we wonder if this could be a signal of deflation to come like we saw in the gas markets last fall where the short end of the curve absolutely nosedived once we realized filling the storages was not going to be a problem.


The Energy Cable #27 - Negative Electricity Prices in Europe, While Saudi Arabia Strikes Again

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>Soybeans spike due to weather worries The worst U.S. Midwest drought since 2012 expanded over the past week despite mild temperatures as a lack of rain across the heart of the American farm belt threatened newly seeded crops.</li><li>Below-average rainfall and high winds also exacerbated drought conditions in many regions.</li><li>In the early growing stage of the crops, drought can be compensated by more rain in the later stages.</li></ul>

Soybeans spike due to weather worries The worst U.S. Midwest drought since 2012 expanded over the past week despite mild temperatures as a lack of rain across the heart of the American farm belt threatened newly seeded crops.Below-average rainfall and high winds also exacerbated drought conditions in many regions.In the early growing stage of the crops, drought can be compensated by more rain in the later stages.

Soybeans Spike Due to Weather Worries  - The Credit Crunch Isn’t over Yet

<ul><li>Farmer Sentiment continues to fall Producer sentiment fell to its weakest reading since July 2022 as the Purdue University/CME Group Ag Economy Barometer declined 19 points to a reading of 104 in May.</li><li>The Index of Future Expectations was down 22 points to a reading of 98 in May, while the Index of Current Conditions was down 13 points to a reading of 116.</li><li>This month’s lower sentiment was fueled by drops in both of the barometer’s sub-indices and likely triggered by weakened crop prices, according to the University of Purdue.</li></ul>

Farmer Sentiment continues to fall Producer sentiment fell to its weakest reading since July 2022 as the Purdue University/CME Group Ag Economy Barometer declined 19 points to a reading of 104 in May.The Index of Future Expectations was down 22 points to a reading of 98 in May, while the Index of Current Conditions was down 13 points to a reading of 116.This month’s lower sentiment was fueled by drops in both of the barometer’s sub-indices and likely triggered by weakened crop prices, according to the University of Purdue.

The Case for Oil // Farmer Sentiment continues to fall

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

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<li>Oil and gold remain under pressure due to a firm US dollar. Use strikes to the downside in oil to re cycle a short near 75 resistance. </li>
<li>Our sell call in gold at 2,060 is pressing below 1,980 with a target of 1,900 where we start to probe for an intermediate cycle low.</li>
<li>We view this as a tactical pullback within a more bullish macro cycle. USD counter play.</li>
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Oil and gold remain under pressure due to a firm US dollar. Use strikes to the downside in oil to re cycle a short near 75 resistance. 
Our sell call in gold at 2,060 is pressing below 1,980 with a target of 1,900 where we start to probe for an intermediate cycle low.
We view this as a tactical pullback within a more bullish macro cycle. USD counter play.


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)

5 Things We Watch - The Equity Rally, the Chinese Consumption Problem, Consumers Vs Corporates

Happy Wednesday, and welcome back to our weekly ‘5 Things We Watch’ where we take you through some of the topics and events that we are looking...

Steno Research

The Energy Cable #27 - Negative Electricity Prices in Europe, While Saudi Arabia Strikes Again

Europe has seen some remarkable energy prices in recent days with record negative electricity prices in the North Western part of the continent,...

Steno Research

Soybeans Spike Due to Weather Worries - The Credit Crunch Isn’t over Yet

The worst U.S. Midwest drought since 2012 expanded over the past week despite mild temperatures as a lack of rain across the heart of the American...

The Commodity Report

The Case for Oil // Farmer Sentiment continues to fall

Farmer Sentiment continues to fall Producer sentiment fell to its weakest reading since July 2022 as the Purdue University/CME Group Ag Economy...

The Commodity Report

WTI and Gold Targets

Oil and gold remain under pressure due to a firm US dollar. Use strikes to the downside in oil to re cycle a short near 75. Gold 2,060 sell call is...

Thomas Schroeder

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)