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>China is preparing something BIG. That seems more and more obvious to me by the week now. The question is what that BIG thing is.</li><li>China reported a strong 5.2% YoY Q1 despite troubles on the ground, local financial institutions are hoarding bonds because of a weak credit demand growth picture and the Chinese authorities seem to be stockpiling like crazy.</li><li>We have seen plenty of tin-foil theories speculating in the reasons behind those Chinese actions, but maybe China is just preparing a major one-off devaluation of the CNY?</li></ul>

China is preparing something BIG. That seems more and more obvious to me by the week now. The question is what that BIG thing is.China reported a strong 5.2% YoY Q1 despite troubles on the ground, local financial institutions are hoarding bonds because of a weak credit demand growth picture and the Chinese authorities seem to be stockpiling like crazy.We have seen plenty of tin-foil theories speculating in the reasons behind those Chinese actions, but maybe China is just preparing a major one-off devaluation of the CNY?

Steno Signals #96 – A major devaluation of the CNY could be imminent

<ul><li>Welcome to our weekly Portfolio Watch.</li><li>We have returned -0,87% in our Macro Alpha Portfolio this week as of the time of writing, which is a decent return profile given the drawdowns seen across the asset universe.</li><li>We have been sitting on our hands due to the trickiness of timing the missiles flying back and forth in the Middle East and due to our lack of conviction that the timing is right to re-enter riskier bets.</li></ul>

Welcome to our weekly Portfolio Watch.We have returned -0,87% in our Macro Alpha Portfolio this week as of the time of writing, which is a decent return profile given the drawdowns seen across the asset universe.We have been sitting on our hands due to the trickiness of timing the missiles flying back and forth in the Middle East and due to our lack of conviction that the timing is right to re-enter riskier bets.

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

Cross Asset Strategy

<ul><li>Tax receipts post-tax day are tracking about 15% above last year's pace, below 2022 levels.</li><li>Increase in electronic filings leads to quicker processing of tax receipts.</li><li>TGA balances have increased by $250 billion to $930 billion, in line with 2022 trends.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Tax receipts post-tax day are tracking about 15% above last year's pace, below 2022 levels.Increase in electronic filings leads to quicker processing of tax receipts.TGA balances have increased by $250 billion to $930 billion, in line with 2022 trends.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

US Rates: Tax Season, Debt Ceiling, and Reserves

Elias Lisberg Glistrup

<ul><li>Welcome to this week’s edition of our EM-focused weekly editorial.</li><li>This week, we’ve decided to look into the reemerging weakness in Asian FX, and how this corresponds with the still strong momentum in gold prices.</li><li>Gold rallies have historically coincided with a weaker USD.</li></ul>

Welcome to this week’s edition of our EM-focused weekly editorial.This week, we’ve decided to look into the reemerging weakness in Asian FX, and how this corresponds with the still strong momentum in gold prices.Gold rallies have historically coincided with a weaker USD.

EM Gold Rush: The pressure valve amid Asian FX debasement risks?

<ul><li>Macro is truly back with central banks and pricing of policy rates back on the top priority list amongst traders and investors.</li><li>Powell’s remarks from yesterday confirmed fears of the Fed deviating from their promised rate cuts back in December, and the question will now be, whether they will cut rates at all.</li><li>A pivot from a pivot is tough, but it might be exactly what’s going to happen.</li></ul>

Macro is truly back with central banks and pricing of policy rates back on the top priority list amongst traders and investors.Powell’s remarks from yesterday confirmed fears of the Fed deviating from their promised rate cuts back in December, and the question will now be, whether they will cut rates at all.A pivot from a pivot is tough, but it might be exactly what’s going to happen.

5 Things We Watch – Rates Pricing, Bond Positioning, Equities Setback, USD Wrecking Ball...

United States

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

EURO/US DOLLAR (EURUSD CURNCY)

Steno Signals #96 – A major devaluation of the CNY could be imminent

Happy Sunday and welcome to our flagship editorial! Remember that I will be in Singapore most of next week. Please reach out if you are Singapore...

Steno Research

Portfolio Watch: Sitting on our hands

Welcome to our weekly Portfolio Watch. We have returned -0,87% in our Macro Alpha Portfolio this week as of the time of writing, which is a decent...

Steno Research

US Rates: Tax Season, Debt Ceiling, and Reserves

Despite a significant amount of treasury coupons settling, funding volumes remained stable, tax receipts are tracking above last year's pace, and T...

At Any Rate

EM Gold Rush: The pressure valve amid Asian FX debasement risks?

Welcome to this week’s edition of our EM-focused weekly editorial. This week, we’ve decided to look into the reemerging weakness in Asian FX, and...

Steno Research

5 Things We Watch – Rates Pricing, Bond Positioning, Equities Setback, USD Wrecking Ball...

Macro is truly back with central banks and pricing of policy rates back on the top priority list amongst traders and investors. Powell’s remarks...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)