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.

Cross Asset Strategy

<ul><li>Happy Sunday and welcome to our flagship editorial! What a week.</li><li>The BoJ no longer has a firm guidance towards higher 10yr bond yields, the Fed accepted higher long bond yields as an excuse to pause and economic data has been abysmal.</li><li>That cocktail has so far allowed the everything rally to thrive in a way we haven’t seen in quarters, but the feedback loop introduced by the big central banks may limit the scope of the bear market rally.</li></ul>

Happy Sunday and welcome to our flagship editorial! What a week.The BoJ no longer has a firm guidance towards higher 10yr bond yields, the Fed accepted higher long bond yields as an excuse to pause and economic data has been abysmal.That cocktail has so far allowed the everything rally to thrive in a way we haven’t seen in quarters, but the feedback loop introduced by the big central banks may limit the scope of the bear market rally.

Steno Signals #72 – When a Recession Meets a Melt-Up in Equities and Bonds

<ul><li>At this point in the policy path, our Central Bank Sentiment trackers are showing some meaningful signs of life – not of all it totally anticipated.</li><li>Here we highlight some key observations made over the last month around what Central Bank language is actually telling us from a quantitative point of view.</li><li>We regularly track and update our measure of positivity/negativity of Bank language contained in statements, outlooks and speeches on a scale of -1 to +1.</li></ul>

At this point in the policy path, our Central Bank Sentiment trackers are showing some meaningful signs of life – not of all it totally anticipated.Here we highlight some key observations made over the last month around what Central Bank language is actually telling us from a quantitative point of view.We regularly track and update our measure of positivity/negativity of Bank language contained in statements, outlooks and speeches on a scale of -1 to +1.

Sentiment Nugget: What are Central Banks Actually Telling Us?

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

<ul><li>Global macro never sleeps, and this week is no exception with ongoing turmoil at the BOJ amidst their decision to change the YCC policy.</li><li>As always, we have collected 5 of the things we find to be the most important to watch in the current landscape.</li><li>YCC flexibility from the BOJ and more JPY weakness to come?</li></ul>

Global macro never sleeps, and this week is no exception with ongoing turmoil at the BOJ amidst their decision to change the YCC policy.As always, we have collected 5 of the things we find to be the most important to watch in the current landscape.YCC flexibility from the BOJ and more JPY weakness to come?

5 Things We Watch – BOJ, JPY, Treasury, Equities & Portfolio

FX & Rates

<ul><li>Hello everyone, and welcome to a shorter piece on where to find fundamental value in the current FX environment.</li><li>We’ll take a trip back to the theory books and use some of the good old correlations and fundamental value metrics to give some insights on the best FX bets now that the tightening cycle is likely soon coming to an end.</li><li>Read along, as we run through the most important pairs below.</li></ul>

Hello everyone, and welcome to a shorter piece on where to find fundamental value in the current FX environment.We’ll take a trip back to the theory books and use some of the good old correlations and fundamental value metrics to give some insights on the best FX bets now that the tightening cycle is likely soon coming to an end.Read along, as we run through the most important pairs below.

<ul>
<li>Take aways: Correlation in the electricity and natural gas markets in Europe is increasing. Could energy stocks and commodities be the new diversifier?</li>
<li>JPY should be even weaker considering Nat Gas flows. This week an interesting development in the correlation between electricity prices and natural prices caught our attention as seen in the below chart.</li>
<li>Over the last 3 years we have seen the correlation between the two move higher and higher to a point where electricity prices are almost a mirrored reflection of what is going on in the gas markets.</li>
</ul>


Take aways: Correlation in the electricity and natural gas markets in Europe is increasing. Could energy stocks and commodities be the new diversifier?
JPY should be even weaker considering Nat Gas flows. This week an interesting development in the correlation between electricity prices and natural prices caught our attention as seen in the below chart.
Over the last 3 years we have seen the correlation between the two move higher and higher to a point where electricity prices are almost a mirrored reflection of what is going on in the gas markets.


Energy Cable #44 – Energy as a Diversifier + JPY Focus

Japan

The Japanese yen is the official currency of Japan. 

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Steno Signals #72 – When a Recession Meets a Melt-Up in Equities and Bonds

The BoJ no longer has a firm guidance towards higher 10yr bond yields, the Fed accepted higher long bond yields as an excuse to pause and economic...

Steno Research

Sentiment Nugget: What are Central Banks Actually Telling Us?

Looking back over the past 10 years, ECB sentiment into and over October has been more negative than at any other point.

Steno Research

5 Things We Watch – BOJ, JPY, Treasury, Equities & Portfolio

Global macro never sleeps, and this week is no exception with ongoing turmoil at the BOJ amidst their decision to change the YCC policy. As...

Steno Research

FX Watch – Exploring FX Fundamentals

We’ll take a trip back to the theory books and use some of the good old correlations and fundamental value metrics to give some insights on the...

Steno Research

Energy Cable #44 – Energy as a Diversifier + JPY Focus

Correlation in the electricity and natural gas markets in Europe is increasing. Could energy stocks and commodities be the new diversifier?

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)