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 back to our weekly positioning watch, where we run through interest positioning insights/data collected throughout the week.</li>
<li>It’s safe to say that energy is all everyone is talking about with the oil rally still going strong, but the trade might have more to give as positioning is not as exhausted as some people might tell you.</li>
<li>When you take into account the number of traders in the CFTC report, oil positioning is barely anything compared to history.</li>
</ul>


Welcome back to our weekly positioning watch, where we run through interest positioning insights/data collected throughout the week.
It’s safe to say that energy is all everyone is talking about with the oil rally still going strong, but the trade might have more to give as positioning is not as exhausted as some people might tell you.
When you take into account the number of traders in the CFTC report, oil positioning is barely anything compared to history.


Positioning Watch – Oil Longs Are Not as Big as You Think

Macroeconomics

<ul><li>This week’s theme is the weakening in the services sector amidst manufacturing potentially looking to rebound.</li><li>We aim to cover all asset classes, what to buy, what to sell, and what to expect next in the months to come when it comes to both US and global PMI’s.</li><li>Today’s services PMI’s from the EZ showed further signs of the European services sector weakening, with both Spain and Italy surprising to the downside of expectations of a &gt;50 reading.</li></ul>

This week’s theme is the weakening in the services sector amidst manufacturing potentially looking to rebound.We aim to cover all asset classes, what to buy, what to sell, and what to expect next in the months to come when it comes to both US and global PMI’s.Today’s services PMI’s from the EZ showed further signs of the European services sector weakening, with both Spain and Italy surprising to the downside of expectations of a &gt;50 reading.

Services Week: What to Buy if Manufacturing Rebounds While Services Weaken?

<ul>
<li>Each month, we offer our best assessment of the current and coming month’s macroeconomic conditions and weigh risks against reward – using both our Macro Regime Indicator Framework in combination with the interactive Structural Asset Allocation Model.</li>
<li>Coming into August, we wrote that: “We have (over the prior month) grown in confidence that the Manufacturing cycle is actually bouncing and that portfolios accordingly have to adjust.</li>
<li>This month, we see 1) rising headline, but falling core inflation, 2) rising PMIs and 3) lower liquidity – the so-called ‘QT-regime’.”Looking ahead, we do not expect sudden shocks or changes to the current conditions.</li>
</ul>


Each month, we offer our best assessment of the current and coming month’s macroeconomic conditions and weigh risks against reward – using both our Macro Regime Indicator Framework in combination with the interactive Structural Asset Allocation Model.
Coming into August, we wrote that: “We have (over the prior month) grown in confidence that the Manufacturing cycle is actually bouncing and that portfolios accordingly have to adjust.
This month, we see 1) rising headline, but falling core inflation, 2) rising PMIs and 3) lower liquidity – the so-called ‘QT-regime’.”Looking ahead, we do not expect sudden shocks or changes to the current conditions.


Asset Allocation Watch: Still early innings for US cyclicals?

<ul><li>Hope you’re enjoying the weekend out there! Weekends provide the perfect opportunity to review the market’s performance over the past week – and this week has again been full of volatility with the CPI report released this Thursday along with bonds remaining indecisive about the future market direction.</li><li>The overall sentiment this week again has optimism written all over it with equity sentiment still hovering at 2021 highs on some of the short-term indicators, and GBP and EUR are continuing their positioning resilience, while commodity markets are starting to signal weaker demand again after a couple of weeks of strength.</li><li>Follow along as we dissect market sentiment and positioning data below.</li></ul>

Hope you’re enjoying the weekend out there! Weekends provide the perfect opportunity to review the market’s performance over the past week – and this week has again been full of volatility with the CPI report released this Thursday along with bonds remaining indecisive about the future market direction.The overall sentiment this week again has optimism written all over it with equity sentiment still hovering at 2021 highs on some of the short-term indicators, and GBP and EUR are continuing their positioning resilience, while commodity markets are starting to signal weaker demand again after a couple of weeks of strength.Follow along as we dissect market sentiment and positioning data below.

Positioning Watch – The Chinese Disappointment Is Written All over the Latest Positioning

<ul>
<li>Welcome back to our Wednesday series where we take you through the world of global macro and what to look out for going forward.</li>
<li>With US CPI being released tomorrow – where we as always will cover the most important take-aways post-release – there is room for market movements as the disinflation narrative continues amidst the possibility of a positive surprise in headline CPI due to base effects.</li>
<li>We’ll as always be short and concise and let you into our thinking regarding asset allocation and positioning ahead of the data/events mentioned.</li>
</ul>


Welcome back to our Wednesday series where we take you through the world of global macro and what to look out for going forward.
With US CPI being released tomorrow – where we as always will cover the most important take-aways post-release – there is room for market movements as the disinflation narrative continues amidst the possibility of a positive surprise in headline CPI due to base effects.
We’ll as always be short and concise and let you into our thinking regarding asset allocation and positioning ahead of the data/events mentioned.


5 Things We Watch – Fed Overtightening, Curve Steepening, US CPI, BoJ & China

Mexico

The Mexican peso is the official currency of Mexico. 

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

MXN (USDMXN CURNCY)

Positioning Watch – Oil Longs Are Not as Big as You Think

Welcome back to our weekly positioning watch, where we run through interest positioning insights/data collected throughout the week.

Steno Research

Services Week: What to Buy if Manufacturing Rebounds While Services Weaken?

This week’s theme is the weakening in the services sector amidst manufacturing potentially looking to rebound. We aim to cover all asset classes,...

Steno Research

Asset Allocation Watch: Still early innings for US cyclicals?

Each month, we offer our best assessment of the current and coming month’s macroeconomic conditions and weigh risks against reward – using both...

Steno Research

Positioning Watch – The Chinese Disappointment Is Written All over the Latest Positioning

Weekends provide the perfect opportunity to review the market’s performance over the past week – and this week has again been full of volatility...

Steno Research

5 Things We Watch – Fed Overtightening, Curve Steepening, US CPI, BoJ & China

Welcome back to our Wednesday series where we take you through the world of global macro and what to look out for going forward. With US CPI being...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)