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>Happy Sunday from Copenhagen.</li><li>Stocks like MicroStrategy and Tesla are starting to trade as if they have sniffed out an upcoming liquidity bazooka.</li><li>While it remains to be seen, markets have clearly been front-loading such bets in recent years as liquidity analysis has become democratized.</li></ul>

Happy Sunday from Copenhagen.Stocks like MicroStrategy and Tesla are starting to trade as if they have sniffed out an upcoming liquidity bazooka.While it remains to be seen, markets have clearly been front-loading such bets in recent years as liquidity analysis has become democratized.

Steno Signals #123 – The market is sniffing out a big liquidity increase

<ul>
<li>Happy Friday from Copenhagen! We’re excited to announce the launch of our NEW portfolio tool next week, ahead of the revamp of our research offering on November 1.</li>
<li>As we prepare to launch our macro fund strategy (www.stenoglobalmacro.com) on December 1 (you can be onboarded as early as today—just let us know if you’re interested), we’ll be providing even deeper insights into price action and market moves that matter.</li>
<li>The term premium scare over the past 3-5 weeks has been driven by a mix of 1) high incoming supply of U.S. Treasuries (USTs) and 2) a repricing of growth and inflation expectations following the Fed’s 50 bp cut.</li>
</ul>


Happy Friday from Copenhagen! We’re excited to announce the launch of our NEW portfolio tool next week, ahead of the revamp of our research offering on November 1.
As we prepare to launch our macro fund strategy (www.stenoglobalmacro.com) on December 1 (you can be onboarded as early as today—just let us know if you’re interested), we’ll be providing even deeper insights into price action and market moves that matter.
The term premium scare over the past 3-5 weeks has been driven by a mix of 1) high incoming supply of U.S. Treasuries (USTs) and 2) a repricing of growth and inflation expectations following the Fed’s 50 bp cut.


Portfolio Watch: Investing Is a Winter Sport – and This Year Is No Different

External broker reports(aggregated public sources), Vietcap

Vietcap

External broker reports(aggregated public sources)

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

<ul><li>On October 24, the State Bank of Vietnam (SBV) announced its ready-to-sell USD (spot) to commercial banks at 25,450.</li><li>We believe the SBV’s latest move aims to ease sentiment in the FX market given rising pressure on the USD/VND exchange rate in recent weeks.</li><li>Rising DXY and domestic demand place pressure on FX US inflation cooled down in recent months and a 50-bps policy rate cut announced by the Fed in its September meeting helped to support the VND to appreciate 1.5% against the USD in August and 1.2% in September.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

On October 24, the State Bank of Vietnam (SBV) announced its ready-to-sell USD (spot) to commercial banks at 25,450.We believe the SBV’s latest move aims to ease sentiment in the FX market given rising pressure on the USD/VND exchange rate in recent weeks.Rising DXY and domestic demand place pressure on FX US inflation cooled down in recent months and a 50-bps policy rate cut announced by the Fed in its September meeting helped to support the VND to appreciate 1.5% against the USD in August and 1.2% in September.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vietnam Macro Note - SBV announces readiness to sell USD

<ul><li>“I don’t have a hard-and-fast rule, but I would not like to see it drift above 2%.”— Janet Yellen on real interest costs, speaking to Bloomberg.</li><li>Nothing is more revealing than a bureaucrat unintentionally exposing the true objectives of fiscal and monetary policy in “officialese,” making it difficult for most to grasp the underlying ramifications.</li><li>Janet Yellen addressed the ballooning interest payments as a percentage of GDP in her interview with Bloomberg on Friday, referring to the “real net interest cost of debt” as her guiding metric for assessing the sustainability of U.S. debt levels.</li></ul>

“I don’t have a hard-and-fast rule, but I would not like to see it drift above 2%.”— Janet Yellen on real interest costs, speaking to Bloomberg.Nothing is more revealing than a bureaucrat unintentionally exposing the true objectives of fiscal and monetary policy in “officialese,” making it difficult for most to grasp the underlying ramifications.Janet Yellen addressed the ballooning interest payments as a percentage of GDP in her interview with Bloomberg on Friday, referring to the “real net interest cost of debt” as her guiding metric for assessing the sustainability of U.S. debt levels.

Bond Yield Watch: Yellen has decided to inflate the debt away. Position accordingly..

<ul><li>It’s been almost a month since sentiment around China showed signs of life, spurred by attempts from the PBoC and the Finance Ministry to revive domestic demand.</li><li>While many investors jumped into the China story, hoping that “this time would be different,” we held our position on the sidelines.</li><li>As it turns out, the much-hyped conference where the Finance Minister was expected to deliver large-scale stimulus—a “bazooka” spending package—proved to be mostly a “nothing burger.” We took that as the perfect opportunity to fade the move.</li></ul>

It’s been almost a month since sentiment around China showed signs of life, spurred by attempts from the PBoC and the Finance Ministry to revive domestic demand.While many investors jumped into the China story, hoping that “this time would be different,” we held our position on the sidelines.As it turns out, the much-hyped conference where the Finance Minister was expected to deliver large-scale stimulus—a “bazooka” spending package—proved to be mostly a “nothing burger.” We took that as the perfect opportunity to fade the move.

China Watch: No more stimulus until the USD allows for it

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Steno Signals #123 – The market is sniffing out a big liquidity increase

Happy Sunday from Copenhagen. Stocks like MicroStrategy and Tesla are starting to trade as if they have sniffed out an upcoming liquidity...

Steno Research

Portfolio Watch: Investing Is a Winter Sport – and This Year Is No Different

Happy Friday from Copenhagen!We’re excited to announce the launch of our NEW portfolio tool next week, ahead of the revamp of our research...

Steno Research

Vietnam Macro Note - SBV announces readiness to sell USD

We believe the SBV’s latest move aims to ease sentiment in the FX market given rising pressure on the USD/VND exchange rate in recent weeks.

Vietcap

Bond Yield Watch: Yellen has decided to inflate the debt away. Position accordingly..

“I don’t have a hard-and-fast rule, but I would not like to see it drift above 2%.”— Janet Yellen on real interest costs, speaking to...

Steno Research

China Watch: No more stimulus until the USD allows for it

It’s been almost a month since sentiment around China showed signs of life, spurred by attempts from the PBoC and the Finance Ministry to revive...

Steno Research

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