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>Happy Sunday and welcome to our flagship editorial! What a week.</li><li>The BoJ no longer has a firm guidance towards higher 10yr bond yields, the Fed accepted higher long bond yields as an excuse to pause and economic data has been abysmal.</li><li>That cocktail has so far allowed the everything rally to thrive in a way we haven’t seen in quarters, but the feedback loop introduced by the big central banks may limit the scope of the bear market rally.</li></ul>

Happy Sunday and welcome to our flagship editorial! What a week.The BoJ no longer has a firm guidance towards higher 10yr bond yields, the Fed accepted higher long bond yields as an excuse to pause and economic data has been abysmal.That cocktail has so far allowed the everything rally to thrive in a way we haven’t seen in quarters, but the feedback loop introduced by the big central banks may limit the scope of the bear market rally.

Steno Signals #72 – When a Recession Meets a Melt-Up in Equities and Bonds

Head of Research, Steno Research

Emil Moller

Head of Research

<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)

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>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

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

US Treasury (10 Yr Generic) (GT10 GOVT)

Steno Signals #72 – When a Recession Meets a Melt-Up in Equities and Bonds

The BoJ no longer has a firm guidance towards higher 10yr bond yields, the Fed accepted higher long bond yields as an excuse to pause and economic...

Steno Research

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)