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>Inflation Came down fast across Europe, yet bond yields continued to rally. We think markets are wrong on yields even though Italy and France have zero appetite to sustainably lower their budget deficits.</li>
<li>We discuss falling consumer sentiment and the increasing parallel between current macro-consumer conditions and Q4 2018 when retail sales tumbled. Are we in for a rerun? </li>
<li>Though not the mother of all stock market indices, several indices have dropped below their 200-day moving average, while the equally weighted S&amp;P 500 Index has reversed all of this year’s gains. </li>
</ul>


Inflation Came down fast across Europe, yet bond yields continued to rally. We think markets are wrong on yields even though Italy and France have zero appetite to sustainably lower their budget deficits.
We discuss falling consumer sentiment and the increasing parallel between current macro-consumer conditions and Q4 2018 when retail sales tumbled. Are we in for a rerun? 
Though not the mother of all stock market indices, several indices have dropped below their 200-day moving average, while the equally weighted S&amp;P 500 Index has reversed all of this year’s gains. 


The Weekly Market Monitor – Immaculate Disinflation, Spiking Yields, and the Waiting Continues

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>Lately, we’ve been quite outspoken regarding the imminent threat posed by the USD/Oil dynamics, which has the potential to unleash turmoil within the emerging markets sphere.</li><li>While we typically don’t shy away from challenging prevailing opinions, it appears that, in this specific context, our perspective is slowly becoming the consensus view (which, I might add, is more lucrative than the opposite order).</li><li>But perhaps it is worthwhile to question and assess the fundamental drivers behind the current predicament-  and ask what does it take to turn things around?</li></ul>

Lately, we’ve been quite outspoken regarding the imminent threat posed by the USD/Oil dynamics, which has the potential to unleash turmoil within the emerging markets sphere.While we typically don’t shy away from challenging prevailing opinions, it appears that, in this specific context, our perspective is slowly becoming the consensus view (which, I might add, is more lucrative than the opposite order).But perhaps it is worthwhile to question and assess the fundamental drivers behind the current predicament-  and ask what does it take to turn things around?

EM by EM #23 Playing the Least Dirty Laundry Vs the Dirtiest

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul><li>It’s Wednesday once again, and that calls for us to have a look at the 5 things in global macro that we are looking at to stay on top of markets and everything related.</li><li>Markets are as always having a hard time figuring out where the economy is heading, and some of the topics listed below will be of great importance to the future direction of all asset classes.</li><li>This week we are watching out for the following 5 topics within global macro: EUR Inflation, Ifo, CRE, Deposit flights, Nuclear.</li></ul>

It’s Wednesday once again, and that calls for us to have a look at the 5 things in global macro that we are looking at to stay on top of markets and everything related.Markets are as always having a hard time figuring out where the economy is heading, and some of the topics listed below will be of great importance to the future direction of all asset classes.This week we are watching out for the following 5 topics within global macro: EUR Inflation, Ifo, CRE, Deposit flights, Nuclear.

5 Things We Watch – EUR Inflation, Ifo Survey, Swedish CRE, Deposit Flights & Nuclear/Uranium

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

<ul><li>The oil market consensus is getting very uniform as everyone and their mother has figured out that there is an obvious supply deficit through Q4.</li><li>Is it time to switch focus in energy markets to better risk/rewards than long oil bets?</li><li>We take a look at oil, natural gas and uranium bets in this weeks Energy Cable newsletter.</li></ul>

The oil market consensus is getting very uniform as everyone and their mother has figured out that there is an obvious supply deficit through Q4.Is it time to switch focus in energy markets to better risk/rewards than long oil bets?We take a look at oil, natural gas and uranium bets in this weeks Energy Cable newsletter.

The Energy Cable #39: A Maturing Bull Market

<ul>
<li>It’s time for the monthly preliminary inflation numbers from Europe again and we are yet to fear a YoY re-acceleration in European numbers.</li>
<li>Base effects are massive over the course of September and October, but there are signs of a cyclical pick-up in EUR-flation from late Q4 and onwards as well.</li>
<li>Conclusions up front:– Energy-inflation will bottom in November in Europe and goods inflation will likely follow– Services inflation will likely start to look very weak already this month, leaving a surprise in EUR-flation likely.</li>
</ul>


It’s time for the monthly preliminary inflation numbers from Europe again and we are yet to fear a YoY re-acceleration in European numbers.
Base effects are massive over the course of September and October, but there are signs of a cyclical pick-up in EUR-flation from late Q4 and onwards as well.
Conclusions up front:– Energy-inflation will bottom in November in Europe and goods inflation will likely follow– Services inflation will likely start to look very weak already this month, leaving a surprise in EUR-flation likely.


EUR Inflation Watch: Another Couple of Months of EASY Disinflation on the Cards

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The euro is the official currency of the European Economic & Monetary Union.  The US dollar is the official currency of the United States of America.

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The Weekly Market Monitor – Immaculate Disinflation, Spiking Yields, and the Waiting Continues

Inflation is collapsing and even turned negative in the Netherlands. Yet, bond yields continue to spike, providing ample downside risk for equities.

Jeroen Blokland

EM by EM #23 Playing the Least Dirty Laundry Vs the Dirtiest

Lately, we’ve been quite outspoken regarding the imminent threat posed by the USD/Oil dynamics, which has the potential to unleash turmoil within...

Steno Research

5 Things We Watch – EUR Inflation, Ifo Survey, Swedish CRE, Deposit Flights & Nuclear/Uranium

It’s Wednesday once again, and that calls for us to have a look at the 5 things in global macro that we are looking at to stay on top of markets...

Steno Research

The Energy Cable #39: A Maturing Bull Market

The oil market consensus is getting very uniform as everyone and their mother has figured out that there is an obvious supply deficit through...

Steno Research

EUR Inflation Watch: Another Couple of Months of EASY Disinflation on the Cards

It’s time for the monthly preliminary inflation numbers from Europe again and we are yet to fear a YoY re-acceleration in European numbers. Base...

Steno Research

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