External broker reports(aggregated public sources), Nordea

Nordea

External broker reports(aggregated public sources)

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. 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.

Macroeconomics

<ul><li>The headline ESI fell to 84.3 in December from 84.9 the previous month.</li><li>The ESI has been a good indicator for GDP growth during the past years and indicates that GDP will continue to fall.</li><li>As for the business sector, confidence deteriorated in the manufacturing industry and construction while there was an improvement for retailers and the service sector.</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.

The headline ESI fell to 84.3 in December from 84.9 the previous month.The ESI has been a good indicator for GDP growth during the past years and indicates that GDP will continue to fall.As for the business sector, confidence deteriorated in the manufacturing industry and construction while there was an improvement for retailers and the service sector.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.

Swedish Tendency Survey: Continued Contraction

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.

<ul><li>We’ll start today’s 5 things with a look at the central bank outlook for in 2024, then we’ll address the troubles for OPEC.</li><li>We move over to talk about China and afterwards Ukraine for some geopolitics.</li><li>Finally, we’ll end this year’s last 5 things with a crypto outlook.</li></ul>

We’ll start today’s 5 things with a look at the central bank outlook for in 2024, then we’ll address the troubles for OPEC.We move over to talk about China and afterwards Ukraine for some geopolitics.Finally, we’ll end this year’s last 5 things with a crypto outlook.

External broker reports(aggregated public sources), Scotiabank

Scotiabank

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>High beta currencies have done well over the past week.</li><li>A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted pro-cyclical currencies.</li><li>Top of the pack over the last five trading sessions is the NOK (helped by the jump in Brent around Red Sea focus, for sure), followed by the ZAR, AUD, SEK and NZD.</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.

High beta currencies have done well over the past week.A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted pro-cyclical currencies.Top of the pack over the last five trading sessions is the NOK (helped by the jump in Brent around Red Sea focus, for sure), followed by the ZAR, AUD, SEK and NZD.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 Snapshot - Stretched Valuation Does Not Preclude More USDCAD Losses

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>European banks opted to hold rates steady and their statements were more dovish than the Fed. ECB and BoE statements suggested rates would need to stay elevated for some time. </li>
<li>EU and UK economies are slowing sharply which draws concerns over how long rates can stay elevated without their economies tilting into recession.</li>
<li>UK and EU equities reacted negatively to the announcements while commodities rallied. Bond markets were largely unchanged. EUR and GBP outperformed JPY after the announcements while DXY fell further. </li>
</ul>


European banks opted to hold rates steady and their statements were more dovish than the Fed. ECB and BoE statements suggested rates would need to stay elevated for some time. 
EU and UK economies are slowing sharply which draws concerns over how long rates can stay elevated without their economies tilting into recession.
UK and EU equities reacted negatively to the announcements while commodities rallied. Bond markets were largely unchanged. EUR and GBP outperformed JPY after the announcements while DXY fell further. 


Mint Macro Roundup: BoE and ECB Policy Meetings

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul><li>With Powell taking the stage on Wednesday, likely turning more hawkish in his rhetoric after weeks of financial conditions easing, we have had a look at if we are starting to see signs of markets reversing their ultra-bullish positioning.</li><li>In general markets have taken a bit of a breather from a positioning perspective after the historically bullish sentiment seen throughout November, and people are now starting to hedge their longs based on recent option volumes, with the aggregate US intraday put-call ratio now back solidly above 1.</li><li>Looks like traders are starting to hedge their equity bets going into the central bank bonanza this week.</li></ul>

With Powell taking the stage on Wednesday, likely turning more hawkish in his rhetoric after weeks of financial conditions easing, we have had a look at if we are starting to see signs of markets reversing their ultra-bullish positioning.In general markets have taken a bit of a breather from a positioning perspective after the historically bullish sentiment seen throughout November, and people are now starting to hedge their longs based on recent option volumes, with the aggregate US intraday put-call ratio now back solidly above 1.Looks like traders are starting to hedge their equity bets going into the central bank bonanza this week.

Positioning Watch – Are markets ready for Powell Wednesday?

Sweden

The Swedish krona is the official currency of Sweden

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Swedish Tendency Survey: Continued Contraction

The Economic Sentiment Indicator (ESI) edged down in December. Price plans are sticky at elevated levels. The headline ESI fell to 84.3 in December...

Nordea

Five Things We Watch For In 2024

The thing to watch is probably employment numbers and once the labor markets start turning bad, expect CBs to cut in a hurry (especially if it is...

Steno Research

FX Snapshot - Stretched Valuation Does Not Preclude More USDCAD Losses

High beta currencies have done well over the past week. A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted...

Scotiabank

Mint Macro Roundup: BoE and ECB Policy Meetings

European banks hold rates steady, but concerns arise over slowing economies and the need to keep rates elevated. Equities dip, commodities rise.

Mint Finance

Positioning Watch – Are markets ready for Powell Wednesday?

With Powell taking the stage on Wednesday, likely turning more hawkish in his rhetoric after weeks of financial conditions easing, we have had a...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Swedish Tendency Survey: Continued Contraction

The Economic Sentiment Indicator (ESI) edged down in December. Price plans are sticky at elevated levels. The headline ESI fell to 84.3 in December...

Nordea

Five Things We Watch For In 2024

The thing to watch is probably employment numbers and once the labor markets start turning bad, expect CBs to cut in a hurry (especially if it is...

Steno Research

FX Snapshot - Stretched Valuation Does Not Preclude More USDCAD Losses

High beta currencies have done well over the past week. A crack in the Fed’s hawkishness at last Wednesday’s FOMC boosted risk appetite and lifted...

Scotiabank

Mint Macro Roundup: BoE and ECB Policy Meetings

​European banks hold rates steady, but concerns arise over slowing economies and the need to keep rates elevated. Equities dip, commodities rise.

Mint Finance

Positioning Watch – Are markets ready for Powell Wednesday?

With Powell taking the stage on Wednesday, likely turning more hawkish in his rhetoric after weeks of financial conditions easing, we have had a...

Steno Research

European banks hold rates steady, but concerns arise over slowing economies and the need to keep rates elevated. Equities dip, commodities rise.