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.

Macroeconomics

<ul>
<li>The ECB survey on credit conditions in the Euro area was out last week, and it revealed a small rebound in both the ease of getting credit and the demand for getting credit.</li>
<li>The trends are interestingly slightly weaker in the US SLOOS survey, which is the first hint of a US Economy, which may surprise negatively 2-3 quarters ahead relatively to Europe.</li>
<li>Yes, I see a rate of change move from a very negative number to a slightly less negative number as a positive, as markets care about the rate of change and not nominal levels, even if it means that demand is still subdued.</li>
</ul>


The ECB survey on credit conditions in the Euro area was out last week, and it revealed a small rebound in both the ease of getting credit and the demand for getting credit.
The trends are interestingly slightly weaker in the US SLOOS survey, which is the first hint of a US Economy, which may surprise negatively 2-3 quarters ahead relatively to Europe.
Yes, I see a rate of change move from a very negative number to a slightly less negative number as a positive, as markets care about the rate of change and not nominal levels, even if it means that demand is still subdued.


Credit Watch: If you SLOOS you lose – the 5 best charts from the SLOOS survey

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul style="list-style-type: disc;"><li>The Fed raised rates 0.25% at the July FOMC meeting on Wednesday, bringing the fed funds rate to 5.25% to 5.50%.</li><li>Stocks rallied, as investors sense the Fed may be nearing the end of its rate-hike cycle.</li><li>The S&amp;P 500 gained 1.05%, while the MSCI World Index climbed 0.82%.</li></ul>

The Fed raised rates 0.25% at the July FOMC meeting on Wednesday, bringing the fed funds rate to 5.25% to 5.50%.Stocks rallied, as investors sense the Fed may be nearing the end of its rate-hike cycle.The S&amp;P 500 gained 1.05%, while the MSCI World Index climbed 0.82%.

The Highlights - Cannabis News for the Week Ending July 28, 2023

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

Build Well-Diversified Multi-Asset Portfolios

True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

Cross Asset Strategy

<ul>
<li>The surprisingly dovish tone of Federal Reserve Chairman Powell and ECB President Lagarde suggests the end of the tightening cycle is in, boding well for Equities and Treasuries.</li>
<li>After quarters of declining or negative earnings and revenue growth, Big Tech companies are finally showing improvement. </li>
<li>After being in Frenzy for three weeks, our Fear &amp; Frenzy Sentiment Index has slipped back to Neutral. </li>
</ul>


The surprisingly dovish tone of Federal Reserve Chairman Powell and ECB President Lagarde suggests the end of the tightening cycle is in, boding well for Equities and Treasuries.
After quarters of declining or negative earnings and revenue growth, Big Tech companies are finally showing improvement. 
After being in Frenzy for three weeks, our Fear &amp; Frenzy Sentiment Index has slipped back to Neutral. 


The Weekly Market Monitor (30) – Behold the Dovish Shift!

Head of Research, Steno Research

Emil Moller

Head of Research

<ul>
<li>Hello everyone and welcome back for our weekly Portfolio Watch!We have had a great week here with our book as we have switched exposure from US Tech &amp; AI to old-school stuff.</li>
<li>Energy, Materials and Commodities are our favorites on a risk/reward basis.</li>
<li>Our models here keep getting backed by hard data and with commodities- our thesis here is a temporary rebound in Manufacturing:Chart 1: ISM Manufacturing, Order/InventoryWith Goldilocks data ramping up, we have enjoyed some nice green tailwinds to the book.</li>
</ul>


Hello everyone and welcome back for our weekly Portfolio Watch!We have had a great week here with our book as we have switched exposure from US Tech &amp; AI to old-school stuff.
Energy, Materials and Commodities are our favorites on a risk/reward basis.
Our models here keep getting backed by hard data and with commodities- our thesis here is a temporary rebound in Manufacturing:Chart 1: ISM Manufacturing, Order/InventoryWith Goldilocks data ramping up, we have enjoyed some nice green tailwinds to the book.


<ul>
<li>We believe the odds that the Fed is done hiking have increased significantly after the latest FOMC meeting and Powell press conference.</li>
<li>The key reason to lift the weight of Equities and Treasuries is that historically both asset classes have performed well after the final Fed hike.</li>
<li>We looked at the average and median return on US and Developed Market Equities, US Treasuries, Commodities, and Gold following the end of the tightening cycle since 1970.</li>
</ul>


We believe the odds that the Fed is done hiking have increased significantly after the latest FOMC meeting and Powell press conference.
The key reason to lift the weight of Equities and Treasuries is that historically both asset classes have performed well after the final Fed hike.
We looked at the average and median return on US and Developed Market Equities, US Treasuries, Commodities, and Gold following the end of the tightening cycle since 1970.


Change in Portfolio Weighs - The Fed Rules: Increasing the Weights of Equities and Treasuries

United States

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

S&P 500 INDEX (SPX INDEX)

Credit Watch: If you SLOOS you lose – the 5 best charts from the SLOOS survey

The ECB survey on credit conditions in the Euro area was out last week, and it revealed a small rebound in both the ease of getting credit and the...

Steno Research

The Highlights - Cannabis News for the Week Ending July 28, 2023

Stocks rallied, as investors sense the Fed may be nearing the end of its rate-hike cycle. The S&P 500 gained 1.05%, while the MSCI World Index...

Water Tower Research

The Weekly Market Monitor (30) – Behold the Dovish Shift!

A surprisingly hawkish tone of central bankers suggests the end of the tightening cycle is near, with positive implications for Equities and...

Jeroen Blokland

Portfolio Watch: Surfing the Boomer Wave

Hello everyone and welcome back for our weekly Portfolio Watch!We have had a great week here with our book as we have switched exposure from US...

Steno Research

Change in Portfolio Weighs - The Fed Rules: Increasing the Weights of Equities and Treasuries

After the latest FOMC meeting and a dovish-sounding Powell, the odds we have reached the end of the tightening cycle have spiked, boding well for...

Jeroen Blokland