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>Welcome to our weekly Portfolio Watch! Every week, we assess the risk/reward across asset classes and explain our decisions in our own portfolio.</li><li>We once again note the great diversification effects from Energy over the past week.</li><li>Front month Nat Gas has been on the move in the US despite relatively weak flow data, which is a strong harbinger of an improving underlying demand dynamic in the industrial sector due to the tick-up in orders books in cyclical- and energy intensive sectors such as Chemicals.</li></ul>

Welcome to our weekly Portfolio Watch! Every week, we assess the risk/reward across asset classes and explain our decisions in our own portfolio.We once again note the great diversification effects from Energy over the past week.Front month Nat Gas has been on the move in the US despite relatively weak flow data, which is a strong harbinger of an improving underlying demand dynamic in the industrial sector due to the tick-up in orders books in cyclical- and energy intensive sectors such as Chemicals.

Portfolio Watch: Equities Running Out of Gas?

<ul>
<li>Welcome to our weekly Portfolio Update.</li>
<li>We have had a great week as Energy continues to outperform more labor-intensive sectors, while the USD shrugged off a weak job openings report to rebound into month-end.</li>
<li>The overarching theme from an allocation standpoint is the divergence between Services and Manufacturing.</li>
</ul>


Welcome to our weekly Portfolio Update.
We have had a great week as Energy continues to outperform more labor-intensive sectors, while the USD shrugged off a weak job openings report to rebound into month-end.
The overarching theme from an allocation standpoint is the divergence between Services and Manufacturing.


Portfolio Watch: Manufacturing versus Services

Head of Research, Steno Research

Emil Moller

Head of Research

Macroeconomics

<ul><li>As we engage a pivotal juncture between DM rates approaching peak and China on the verge of descending into deflation, EM Macro is subject to converging pressures.</li><li>It is essential to embrace the diversity in the EM space here.</li><li>I have been advocating throughout the early spring that EM’s were ahead and would be the first rate-cutters in this cycle and the LatAm carry trade will likely take in water in the aftermath – while the rate cuts have largely aligned with my expectations (which preceded market pricing I might add), the punishment in foreign exchange has been harsher and quicker than I anticipated.</li></ul>

As we engage a pivotal juncture between DM rates approaching peak and China on the verge of descending into deflation, EM Macro is subject to converging pressures.It is essential to embrace the diversity in the EM space here.I have been advocating throughout the early spring that EM’s were ahead and would be the first rate-cutters in this cycle and the LatAm carry trade will likely take in water in the aftermath – while the rate cuts have largely aligned with my expectations (which preceded market pricing I might add), the punishment in foreign exchange has been harsher and quicker than I anticipated.

EM BY EM #16 Counting coppers and rating cuts

FX & Rates

<ul><li>Welcome to the second research piece in our “Business Cycle Week”.</li><li>In this edition of the series on the business cycle, we will focus on whether FX markets sniff out the cycle ahead of other asset markets.</li><li>Is the USD a bellwether of global trends or is it just a saying?</li></ul>

Welcome to the second research piece in our “Business Cycle Week”.In this edition of the series on the business cycle, we will focus on whether FX markets sniff out the cycle ahead of other asset markets.Is the USD a bellwether of global trends or is it just a saying?

FX Watch: Have FX Markets Sniffed out an Upcoming Rebound?

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<ul>
<li>DXY buy call at 108 targeted 111.50 wedge resistance. Friday's impulsive above 112 is more bullish in a blow off fashion with projection at 114.70.</li>
<li>Key momentum moves versus Sterling, MYR, CNH, KRW and the fresh INR breakout stand out. USD in Asia set to push higher in line with risk aversion.</li>
<li>The US 10yr yield RSI posture is warning of a top in yield in late September and then overlap into favored USD short set ups.</li>
</ul>


DXY buy call at 108 targeted 111.50 wedge resistance. Friday's impulsive above 112 is more bullish in a blow off fashion with projection at 114.70.
Key momentum moves versus Sterling, MYR, CNH, KRW and the fresh INR breakout stand out. USD in Asia set to push higher in line with risk aversion.
The US 10yr yield RSI posture is warning of a top in yield in late September and then overlap into favored USD short set ups.


South Korea

The South Korean won is the official currency of The Republic of Korea (South Korea). 

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KRW (USDKRW CURNCY)

Portfolio Watch: Equities Running Out of Gas?

Front month Nat Gas has been on the move in the US despite relatively weak flow data, which is a strong harbinger of an improving underlying demand...

Steno Research

Portfolio Watch: Manufacturing versus Services

Welcome to our weekly Portfolio Update. We have had a great week as 1) Energy continues to outperform more labor-intensive sectors, while the USD...

Steno Research

EM BY EM #16 Counting coppers and rating cuts

As we engage a pivotal juncture between DM rates approaching peak and China on the verge of descending into deflation, EM Macro is subject to...

Steno Research

FX Watch: Have FX Markets Sniffed out an Upcoming Rebound?

In this edition, we will focus on whether FX markets sniff out the cycle ahead of other asset markets. Is the USD a bellwether of global trends or...

Steno Research

USD Blow off Rise and Asia FX Targets

DXY buy call at 108 targeted 111.50 wedge resistance. Friday's impulsive above 112 is more bullish in a blow off fashion with projection at 114.70....

Thomas Schroeder

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)