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>Last week we took healthy profits in some of our global reflation bets.</li><li>We got out of silver and copper, but remain in the broad materials ETF.</li><li>Data out of China is a bit unclear with some prints being bullish and others bearish and then ambiguous data points such as the BOOMING copper stock. </li></ul>

Last week we took healthy profits in some of our global reflation bets.We got out of silver and copper, but remain in the broad materials ETF.Data out of China is a bit unclear with some prints being bullish and others bearish and then ambiguous data points such as the BOOMING copper stock. 

Energy Cable #62: Biden is selling crude straddles, while something is cooking in China

<ul><li>The preliminary European inflation numbers will be released during this week, while Germany has decided to postpone the release until after Easter.</li><li>We are leaning dovish relative to consensus, but due to VAT increases in Spanish electricity markets, it will not look like an outright home-run for disinflationistas in March either unless markets decide to focus on the TAX-constant HICP rates.</li><li>Spanish HICP (Wednesday) -&gt; Consensus 1.4%, Steno Research 1.26% </li></ul>

The preliminary European inflation numbers will be released during this week, while Germany has decided to postpone the release until after Easter.We are leaning dovish relative to consensus, but due to VAT increases in Spanish electricity markets, it will not look like an outright home-run for disinflationistas in March either unless markets decide to focus on the TAX-constant HICP rates.Spanish HICP (Wednesday) -&gt; Consensus 1.4%, Steno Research 1.26% 

EUR-flation watch: Spain is the dovish hawk

<ul><li>It is always lovely to get back on the road and meet a load of fund managers, and it is nice to see that a few reflation skepticals are still found out there.</li><li>I went to London to meet with a bunch of the big funds in town, hot on the heels of Powell’s reflationary Fed meeting on Wednesday.</li><li>It almost annoyed me how “vanilla” my analysis had to be on the back of it, as the Fed is moving the needle lower and lower and lower on the implied Real Fed Funds rate every meeting currently, no matter the underlying developments in inflation and/or growth.</li></ul>

It is always lovely to get back on the road and meet a load of fund managers, and it is nice to see that a few reflation skepticals are still found out there.I went to London to meet with a bunch of the big funds in town, hot on the heels of Powell’s reflationary Fed meeting on Wednesday.It almost annoyed me how “vanilla” my analysis had to be on the back of it, as the Fed is moving the needle lower and lower and lower on the implied Real Fed Funds rate every meeting currently, no matter the underlying developments in inflation and/or growth.

Steno Signals #92 – The head fake reflation?

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>The exceptional Covid-induced monetary and fiscal stimulus is being wound down, but not fast enough. Fiscal deficits averaged 10% of GDP for 4 years, far larger and longer than 2009-11.  </li>
<li>QT was abandoned in Jul'23, and M2 has contracted at a modest pace. Upside growth surprises are thus likely to continue, and will require Q2CY24 M2 to decline more sharply. </li>
<li>Once core CPE inflation abates below 2.5%YoY (likely Jun'24) the first 25bp rate cut will occur at the Jul'24 FOMC, then similar cuts in Sep'24 and Dec'24. Benign for markets. </li>
</ul>


The exceptional Covid-induced monetary and fiscal stimulus is being wound down, but not fast enough. Fiscal deficits averaged 10% of GDP for 4 years, far larger and longer than 2009-11.  
QT was abandoned in Jul'23, and M2 has contracted at a modest pace. Upside growth surprises are thus likely to continue, and will require Q2CY24 M2 to decline more sharply. 
Once core CPE inflation abates below 2.5%YoY (likely Jun'24) the first 25bp rate cut will occur at the Jul'24 FOMC, then similar cuts in Sep'24 and Dec'24. Benign for markets. 


Rate-Cutting Agenda Stays, Growth Buoyed by Massive Fiscal Stimulus

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

<ul><li>This week we are looking at the BoJ hiking rates for the first time since 2007 and its effects on the Japanese economy.</li><li>Afterwards we will have a look at the improving sentiment in Germany and then at a dive into the commodity rally currently underway.</li><li>The we’ll talk about Canada where rates finally look to be impacting the economy and then we’ll end up with a short look at US inflation expectations.</li></ul>

This week we are looking at the BoJ hiking rates for the first time since 2007 and its effects on the Japanese economy.Afterwards we will have a look at the improving sentiment in Germany and then at a dive into the commodity rally currently underway.The we’ll talk about Canada where rates finally look to be impacting the economy and then we’ll end up with a short look at US inflation expectations.

5 Things We Watch: BoJ, Germany, Commodities, Canada, Inflation

United States

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Energy Cable #62: Biden is selling crude straddles, while something is cooking in China

Last week we took healthy profits in some of our global reflation bets. We got out of silver and copper, but remain in the broad materials ETF.

Steno Research

EUR-flation watch: Spain is the dovish hawk

The preliminary European inflation numbers will be released during this week, while Germany has decided to postpone the release until after...

Steno Research

Steno Signals #92 – The head fake reflation?

It is always lovely to get back on the road and meet a load of fund managers, and it is nice to see that a few reflation skepticals are still found...

Steno Research

Rate-Cutting Agenda Stays, Growth Buoyed by Massive Fiscal Stimulus

Fiscal deficits averaged 9.95% of GDP in 2020-2023, M2 growth 18.2%YoY in Mar'20-Feb'22. Latter needs to decline faster in Q2CY24 to offset the...

Prasenjit K. Basu

5 Things We Watch: BoJ, Germany, Commodities, Canada, Inflation

This week we are looking at the BoJ hiking rates for the first time since 2007 and its effects on the Japanese economy. Afterwards we will have a...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Energy Cable #62: Biden is selling crude straddles, while something is cooking in China

Last week we took healthy profits in some of our global reflation bets. We got out of silver and copper, but remain in the broad materials ETF.

Steno Research

EUR-flation watch: Spain is the dovish hawk

The preliminary European inflation numbers will be released during this week, while Germany has decided to postpone the release until after...

Steno Research

Steno Signals #92 – The head fake reflation?

It is always lovely to get back on the road and meet a load of fund managers, and it is nice to see that a few reflation skepticals are still found...

Steno Research

Rate-Cutting Agenda Stays, Growth Buoyed by Massive Fiscal Stimulus

​Fiscal deficits averaged 9.95% of GDP in 2020-2023, M2 growth 18.2%YoY in Mar'20-Feb'22. Latter needs to decline faster in Q2CY24 to offset the...

Prasenjit K. Basu

5 Things We Watch: BoJ, Germany, Commodities, Canada, Inflation

This week we are looking at the BoJ hiking rates for the first time since 2007 and its effects on the Japanese economy. Afterwards we will have a...

Steno Research

Fiscal deficits averaged 9.95% of GDP in 2020-2023, M2 growth 18.2%YoY in Mar'20-Feb'22. Latter needs to decline faster in Q2CY24 to offset the...