Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

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>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

Head of Research, Steno Research

Emil Moller

Head of Research

<ul><li>Hello, everyone, and welcome to our weekly Positioning Watch! I’m certain that our dedicated readers have noticed the absence of last weekend’s edition, but fear not, we’re back with a vengeance today! Typically, we release Positioning Watch every Saturday.</li><li>However, we’ve observed that many of our readers actually prefer to peruse it on Mondays so why not add everything that may occur in a weekend?</li><li>Therefore, we’ve decided to shift our release schedule to every Monday.</li></ul>

Hello, everyone, and welcome to our weekly Positioning Watch! I’m certain that our dedicated readers have noticed the absence of last weekend’s edition, but fear not, we’re back with a vengeance today! Typically, we release Positioning Watch every Saturday.However, we’ve observed that many of our readers actually prefer to peruse it on Mondays so why not add everything that may occur in a weekend?Therefore, we’ve decided to shift our release schedule to every Monday.

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 is trading firmly, but a little off its best levels, ahead of this morning’s data releases.</li><li>Stocks are soft on weak earnings data while a brief incursion into Gaza by the Israeli army overnight added to market anxiety.</li><li>Bonds are little changed, however, and crude oil has drifted a bit while G-10 commodity FX is outperforming, if only very modestly, so the risk off narrative does not fully explain intraday developments on the face of it.</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.

FX Market Update—The USD is trading firmly, but a little off its best levels, ahead of this morning’s data releases.Stocks are soft on weak earnings data while a brief incursion into Gaza by the Israeli army overnight added to market anxiety.Bonds are little changed, however, and crude oil has drifted a bit while G-10 commodity FX is outperforming, if only very modestly, so the risk off narrative does not fully explain intraday developments on the face of it.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.

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>Global macro never sleeps, and this week is no exception with ongoing turmoil in US equity space amidst the big 7 reporting earnings.</li><li>The last quarter of the year will most likely define how asset markets will perform well into next 2024 with USDJPY hovering just below the all important 150 handle and global central banks likely heading towards the end of their cutting cycle.</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></ul>

Global macro never sleeps, and this week is no exception with ongoing turmoil in US equity space amidst the big 7 reporting earnings.The last quarter of the year will most likely define how asset markets will perform well into next 2024 with USDJPY hovering just below the all important 150 handle and global central banks likely heading towards the end of their cutting cycle.As always, we have collected 5 of the things we find to be the most important to watch in the current landscape.

5 Things We Watch – Central Bank Outlook, USDJPY, Natural Gas, Credit & Liquidity

<ul><li>FX Market Update—Markets are generally steadier after yesterday’s swings. Global stocks are mostly positive and US equity futures are in the green.</li><li>Major bond markets are adding to yesterday’s gains but US Treasurys are little changed.</li><li>The USD is trading mixed versus its major currency peers but has edged off the early session low atter European FX weakened on softer data. </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.

FX Market Update—Markets are generally steadier after yesterday’s swings. Global stocks are mostly positive and US equity futures are in the green.Major bond markets are adding to yesterday’s gains but US Treasurys are little changed.The USD is trading mixed versus its major currency peers but has edged off the early session low atter European FX weakened on softer data. 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 - USD Steadies as EUR Slips on Soft PMI Data

Japan

The Japanese yen is the official currency of Japan. 

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JPY (USDJPY CURNCY)

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

Positioning Watch: Who Blinks First?

TLT inflows have been consistently positive for several months, indicating a strong trend. However, early investors find themselves in under...

Steno Research

FX Daily - USD Firm Ahead of GDP Data

tocks are soft on weak earnings data while a brief incursion into Gaza by the Israeli army overnight added to market anxiety.

Scotiabank

5 Things We Watch – Central Bank Outlook, USDJPY, Natural Gas, Credit & Liquidity

Global macro never sleeps, and this week is no exception with ongoing turmoil in US equity space amidst the big 7 reporting earnings. The last...

Steno Research

FX Daily - USD Steadies as EUR Slips on Soft PMI Data

FX Market Update—Markets are generally steadier after yesterday’s swings. Global stocks are mostly positive and US equity futures are in the green.

Scotiabank

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