Head of Research, Steno Research

Emil Moller

Head of Research

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>Hello Everybody and welcome back for our weekly Portfolio Watch! As I am sure you are aware we have been awaiting the exact market move we have seen this week: The long end of the UST curve catching a breather fueling an inevitable risk-on rally.</li><li>That fear is essentially why we have abstained from going full-on short beta these past weeks.</li><li>A decision we are content with this week.</li></ul>

Hello Everybody and welcome back for our weekly Portfolio Watch! As I am sure you are aware we have been awaiting the exact market move we have seen this week: The long end of the UST curve catching a breather fueling an inevitable risk-on rally.That fear is essentially why we have abstained from going full-on short beta these past weeks.A decision we are content with this week.

Portfolio Watch: November Bear Market Rally?

<ul><li>Key Points: The recent UST rally may offer relief to risk assets, and the market appears well-positioned for a bear market rally.</li><li>Our perspective remains unchanged: we believe the underlying economy is weaker than what current market sentiment reflects.</li><li>Persistent concerns surround China’s economic challenges, casting doubt on the sufficiency of the stimulus package, and financial fragility remains unresolved.</li></ul>

Key Points: The recent UST rally may offer relief to risk assets, and the market appears well-positioned for a bear market rally.Our perspective remains unchanged: we believe the underlying economy is weaker than what current market sentiment reflects.Persistent concerns surround China’s economic challenges, casting doubt on the sufficiency of the stimulus package, and financial fragility remains unresolved.

EM by EM #28 The Truth Hidden in Plain Sight

External broker reports(aggregated public sources), Nordea

Nordea

External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>Fed chair Powell was very clear that getting inflation down to 2% was still the prime objective.</li><li>The Chairman talked about the strengths of the US economy, progress in the labour market and rise in long term rates.</li><li>But he was also cautious and did not offer clear signals of what the Fed intended to do ahead.</li></ul><p><em>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.</em></p>

Fed chair Powell was very clear that getting inflation down to 2% was still the prime objective.The Chairman talked about the strengths of the US economy, progress in the labour market and rise in long term rates.But he was also cautious and did not offer clear signals of what the Fed intended to do ahead.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.

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

<ul><li>Global macro never sleeps, and this week is no exception with ongoing turmoil at the BOJ amidst their decision to change the YCC policy.</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><li>YCC flexibility from the BOJ and more JPY weakness to come?</li></ul>

Global macro never sleeps, and this week is no exception with ongoing turmoil at the BOJ amidst their decision to change the YCC policy.As always, we have collected 5 of the things we find to be the most important to watch in the current landscape.YCC flexibility from the BOJ and more JPY weakness to come?

5 Things We Watch – BOJ, JPY, Treasury, Equities & Portfolio

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul><li>The quarterly refunding report from the US Treasury was far from the issuance-bazooka that some had expected.</li><li>There was no move in the target for the Treasury General Account either as we had expected, but it is not a reason to celebrate for bond bulls anyway.</li><li>Let’s have a look at the details and the consequences for USD liquidity.</li></ul>

The quarterly refunding report from the US Treasury was far from the issuance-bazooka that some had expected.There was no move in the target for the Treasury General Account either as we had expected, but it is not a reason to celebrate for bond bulls anyway.Let’s have a look at the details and the consequences for USD liquidity.

Liquidity & Treasury Watch: The Ramifications of the Quarterly Refunding Report

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US Treasury (10 Yr Generic) (GT10 GOVT)

Portfolio Watch: November Bear Market Rally?

As I am sure you are aware we have been awaiting the exact market move we have seen this week: The long end of the UST curve catching a breather...

Steno Research

EM by EM #28 The Truth Hidden in Plain Sight

Persistent concerns surround China’s economic challenges, casting doubt on the sufficiency of the stimulus package, and financial fragility remains...

Steno Research

FOMC Review: Unsure

Fed chair Powell was very clear that getting inflation down to 2% was still the prime objective. The Chairman talked about the strengths of the US...

Nordea

5 Things We Watch – BOJ, JPY, Treasury, Equities & Portfolio

Global macro never sleeps, and this week is no exception with ongoing turmoil at the BOJ amidst their decision to change the YCC policy. As...

Steno Research

Liquidity & Treasury Watch: The Ramifications of the Quarterly Refunding Report

There was no move in the target for the Treasury General Account either as expected, but it is not a reason to celebrate for bond bulls. Let’s look...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)