Head of Research, Steno Research

Emil Moller

Head of Research

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 weekly weekend Positioning Watch.</li><li>The Central Bank bonanza week has come to a close, with only a few localized surprises in policy decisions.</li><li>It appears that only a handful of bold (or perhaps desperate) governors are willing to stand up to the market’s pressure these days.</li></ul>

Hello everyone, and welcome back to our weekly weekend Positioning Watch.The Central Bank bonanza week has come to a close, with only a few localized surprises in policy decisions.It appears that only a handful of bold (or perhaps desperate) governors are willing to stand up to the market’s pressure these days.

Positioning Watch: Higher for longer vs Lower for longer?

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul><li>Happy Friday and welcome to our weekly Portfolio Watch where we discuss trade ideas from a risk/reward perspective.</li><li>Conclusions up front:– The wheels are coming off in Europe, but the notion that Germany is the “sick man” is an old hat.</li><li>Southern Europe will be the next shoe to drop.</li></ul>

Happy Friday and welcome to our weekly Portfolio Watch where we discuss trade ideas from a risk/reward perspective.Conclusions up front:– The wheels are coming off in Europe, but the notion that Germany is the “sick man” is an old hat.Southern Europe will be the next shoe to drop.

Portfolio Watch: The wheels are coming off in Europe

<ul>
<li>EM’s are desperate for a weaker USD and may see some brief yet necessary breathing room from the pending US Government Shutdown.</li>
<li>But don’t count on it making much of a difference.</li>
<li>A bottoming in China may present some relief to relevant trade partners</li>
</ul>


EM’s are desperate for a weaker USD and may see some brief yet necessary breathing room from the pending US Government Shutdown.
But don’t count on it making much of a difference.
A bottoming in China may present some relief to relevant trade partners


EM by EM #22 The Good, the bad and the ugly

<ul><li>Back at the office after spending time with clients in the energy space with loads of discussions around the intersphere between Macro and energy markets.</li><li>The mood is obviously upbeat and the sell-side consensus is getting relatively crowded in calls for a higher oil price.</li><li>Where were these people 2-3 months ago?</li></ul>

Back at the office after spending time with clients in the energy space with loads of discussions around the intersphere between Macro and energy markets.The mood is obviously upbeat and the sell-side consensus is getting relatively crowded in calls for a higher oil price.Where were these people 2-3 months ago?

Energy Watch: Time for Nat Gas to Outshine Oil?

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.

Cross Asset Strategy

<ul>
<li>We examine asset class performance over 1, 2, 3, and 6 months after a 15%+ oil price increase in one month and a 25%+ spike in three months.</li>
<li>Historically, oil price shocks were not detrimental to stocks. Returns were positive for all periods after the shock. More importantly, returns were higher after oil shocks than the ‘normal’ </li>
<li>Gold also outperformed, and interestingly, oil continued to spike, causing additional headaches for central banks. Mainly since spiking oil prices are indeed reflected in higher inflation.</li>
</ul>


We examine asset class performance over 1, 2, 3, and 6 months after a 15%+ oil price increase in one month and a 25%+ spike in three months.
Historically, oil price shocks were not detrimental to stocks. Returns were positive for all periods after the shock. More importantly, returns were higher after oil shocks than the ‘normal’ 
Gold also outperformed, and interestingly, oil continued to spike, causing additional headaches for central banks. Mainly since spiking oil prices are indeed reflected in higher inflation.


Understanding Oil Price Shocks: What to Expect from Asset Class Returns?

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)

Positioning Watch: Higher for longer vs Lower for longer?

Hello everyone, and welcome back to our weekly weekend Positioning Watch. The Central Bank bonanza week has come to a close, with only a few...

Steno Research

Portfolio Watch: The wheels are coming off in Europe

Happy Friday and welcome to our weekly Portfolio Watch where we discuss trade ideas from a risk/reward perspective. Conclusions up front:– The...

Steno Research

EM by EM #22 The Good, the bad and the ugly

EM’s are desperate for a weaker USD and may see some brief yet necessary breathing room from the pending US Government Shutdown.

Steno Research

Energy Watch: Time for Nat Gas to Outshine Oil?

Back at the office after spending time with clients in the energy space with loads of discussions around the intersphere between Macro and energy...

Steno Research

Understanding Oil Price Shocks: What to Expect from Asset Class Returns?

Oil price shocks push inflation higher and favor Gold as an asset class, but unlike what many believe, are not bad news for Equities!

Jeroen Blokland

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)