Steno Research

Elias Lisberg Glistrup

Macro and Geopolitical Research House

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>Macro Portfolio: Markets sniffing out the Chinese resurgence case. Our conviction in pro-cyclical trends have been confirmed in markets this week, and the case for a Chinese revitalisation is becoming increasingly stronger.</li><li>The continued surge in Copper this morning is noteworthy, particularly given the buildup of inventory by China in the past few months.</li><li>An increasing stockpile can be a positive indicator, especially if it results from a deliberate effort by China to restock in anticipation of an economic stimulus.</li></ul>

Macro Portfolio: Markets sniffing out the Chinese resurgence case. Our conviction in pro-cyclical trends have been confirmed in markets this week, and the case for a Chinese revitalisation is becoming increasingly stronger.The continued surge in Copper this morning is noteworthy, particularly given the buildup of inventory by China in the past few months.An increasing stockpile can be a positive indicator, especially if it results from a deliberate effort by China to restock in anticipation of an economic stimulus.

Portfolio Watch: Markets sniffing out the Chinese resurgence case

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

<ul><li>Welcome back to our weekly 5 Things We Watch, where we go through 5 things that we keep an eye on in the world of global macro.</li><li>With Japanese wage negotiations and the US CPI report out, there are plenty of things to shed some light on, so let’s get to it!This week we are watching out for the following 5 topics within global macro: US CPI, Japan, China, Germany, Central Banks.</li><li>1) US CPI Report leaves the Fed in a difficult situation. Yesterday’s CPI report revealed that the inflation outlook is not as benign as the Fed would have hoped, with energy / transportation services dragging the MoM figure higher.</li></ul>

Welcome back to our weekly 5 Things We Watch, where we go through 5 things that we keep an eye on in the world of global macro.With Japanese wage negotiations and the US CPI report out, there are plenty of things to shed some light on, so let’s get to it!This week we are watching out for the following 5 topics within global macro: US CPI, Japan, China, Germany, Central Banks.1) US CPI Report leaves the Fed in a difficult situation. Yesterday’s CPI report revealed that the inflation outlook is not as benign as the Fed would have hoped, with energy / transportation services dragging the MoM figure higher.

5 Things We Watch – US CPI, Japan, China, Germany & Central Banks

Energy Transition | AI | Shifting World Order, Mint Finance

Pranay Yadav

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Inflation in Japan rebounds in February as energy subsidies are lifted.</li>
<li>Economic performance was better than expected, pointing to a resilient economy.</li>
<li>With a view on the Shunto negotiations, the BoJ is expected to issue rate hikes over the next two policy meetings, supporting the strengthening of the Yen.</li>
</ul>


Inflation in Japan rebounds in February as energy subsidies are lifted.
Economic performance was better than expected, pointing to a resilient economy.
With a view on the Shunto negotiations, the BoJ is expected to issue rate hikes over the next two policy meetings, supporting the strengthening of the Yen.


Japan’s Ramping Inflation and Growth Brings BOJ Rate Hikes Back in Focus

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Cross Asset Strategy

<ul><li>Throughout 2024, we’ve witnessed tight trading ranges across various markets: oil, FX, and Credit spreads.</li><li>Notably, Semiconductors (light blue), Gold (depicted in blue), High-Yield OAS (in red), and Bitcoin (represented in black) exhibit remarkably similar chart patterns.</li><li>In essence, these assets no longer offer diversification benefits; they have effectively become indistinguishable trades.</li></ul>

Throughout 2024, we’ve witnessed tight trading ranges across various markets: oil, FX, and Credit spreads.Notably, Semiconductors (light blue), Gold (depicted in blue), High-Yield OAS (in red), and Bitcoin (represented in black) exhibit remarkably similar chart patterns.In essence, these assets no longer offer diversification benefits; they have effectively become indistinguishable trades.

External broker reports(aggregated public sources), Scotiabank

Scotiabank

External broker reports(aggregated public sources)

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>FX Market Update—The USD retains a soft undertone overall but trade is on the quiet side to start the week and tomorrow’s US CPI report—and no data of note today— will probably keep trading subdued today.</li><li>The JPY remains firm, gaining another 0.25% on the session, as markets position for a potential tightening in BoJ policy as soon as next week’s BoJ meeting.</li><li>The broader USD slide over the past week may have stabilized in the short run, however, with Friday’s price action suggesting some consolidation in the weak tone after an extended run lower from the middle of last month.</li></ul><p><em>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.</em></p>

FX Market Update—The USD retains a soft undertone overall but trade is on the quiet side to start the week and tomorrow’s US CPI report—and no data of note today— will probably keep trading subdued today.The JPY remains firm, gaining another 0.25% on the session, as markets position for a potential tightening in BoJ policy as soon as next week’s BoJ meeting.The broader USD slide over the past week may have stabilized in the short run, however, with Friday’s price action suggesting some consolidation in the weak tone after an extended run lower from the middle of last month.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.

FX Daily - Soft USD Awaits CPI for Next Directional Cue

Japan

The Japanese yen is the official currency of Japan. 

Price Gauge
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JPY (USDJPY CURNCY)

Portfolio Watch: Markets sniffing out the Chinese resurgence case

Macro Portfolio: Markets sniffing out the Chinese resurgence caseOur conviction in pro-cyclical trends have been confirmed in markets this week,...

Steno Research

5 Things We Watch – US CPI, Japan, China, Germany & Central Banks

Welcome back to our weekly 5 Things We Watch, where we go through 5 things that we keep an eye on in the world of global macro. With Japanese wage...

Steno Research

Japan’s Ramping Inflation and Growth Brings BOJ Rate Hikes Back in Focus

Inflation and economic growth in Japan place potential rate hikes by the BoJ back into view, supporting the weakening Yen.

Mint Finance

Are We Heading for a Volatility Event?

Notably, Semiconductors (light blue), Gold (depicted in blue), High-Yield OAS (in red), and Bitcoin (represented in black) exhibit remarkably...

Untying The Gordian Knot

FX Daily - Soft USD Awaits CPI for Next Directional Cue

The USD retains a soft undertone overall but trade is on the quiet side to start the week and tomorrow’s US CPI report—and no data of note today—...

Scotiabank

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Portfolio Watch: Markets sniffing out the Chinese resurgence case

Macro Portfolio: Markets sniffing out the Chinese resurgence caseOur conviction in pro-cyclical trends have been confirmed in markets this week,...

Steno Research

5 Things We Watch – US CPI, Japan, China, Germany & Central Banks

Welcome back to our weekly 5 Things We Watch, where we go through 5 things that we keep an eye on in the world of global macro. With Japanese wage...

Steno Research

Japan’s Ramping Inflation and Growth Brings BOJ Rate Hikes Back in Focus

​Inflation and economic growth in Japan place potential rate hikes by the BoJ back into view, supporting the weakening Yen.

Mint Finance

Are We Heading for a Volatility Event?

Notably, Semiconductors (light blue), Gold (depicted in blue), High-Yield OAS (in red), and Bitcoin (represented in black) exhibit remarkably...

Untying The Gordian Knot

FX Daily - Soft USD Awaits CPI for Next Directional Cue

The USD retains a soft undertone overall but trade is on the quiet side to start the week and tomorrow’s US CPI report—and no data of note today—...

Scotiabank

Inflation and economic growth in Japan place potential rate hikes by the BoJ back into view, supporting the weakening Yen.