External broker reports(aggregated public sources), Nordea

Nordea

External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>In September, issuance and QT in SGBs ramps up to more than 9 bn/month from nothing during the holidays.</li><li>Reduced ECB buying and a rate hike pause while long-term inflation expectations rise suggest "risk-premium".</li><li>Tighter covered spreads=True</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.

In September, issuance and QT in SGBs ramps up to more than 9 bn/month from nothing during the holidays.Reduced ECB buying and a rate hike pause while long-term inflation expectations rise suggest "risk-premium".Tighter covered spreads=TrueContent 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.

SEK rates weekly: Bond issuance about to level up

<ul><li>In recent months, investors and economists have marked down the probability of a recession, after growth has surprised on the upside and inflation has surprised on the downside.</li><li>This has fueled equity prices, lifted interest rates , and weighed on the US dollar.</li><li>Put together, it looks like the perfect picture of a soft landing – everyone is getting exactly what they want – slowing inflation and a strong economy.</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.

In recent months, investors and economists have marked down the probability of a recession, after growth has surprised on the upside and inflation has surprised on the downside.This has fueled equity prices, lifted interest rates , and weighed on the US dollar.Put together, it looks like the perfect picture of a soft landing – everyone is getting exactly what they want – slowing inflation and a strong economy.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.

<ul>
<li>Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.</li>
<li>Thus, their holdings in US Treasuries has increased by EUR 82bn in the first half of 2023 after the massive sell-off in 2022.</li>
<li>In line with the investor distribution data published by the Danish central bank, Japanese investors reduced their positions in Danish callable bonds by EUR 0.23bn in June.</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.


Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.
Thus, their holdings in US Treasuries has increased by EUR 82bn in the first half of 2023 after the massive sell-off in 2022.
In line with the investor distribution data published by the Danish central bank, Japanese investors reduced their positions in Danish callable bonds by EUR 0.23bn in June.

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.

Global Bond Investments: The Japanese buying of US bonds continued in June

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.

Cross Asset Strategy

<ul>
<li>As highlighted in our data dive yesterday on the curve we see the steepener case as increasingly compelling.</li>
<li>From our portfolio, you will also know that we have been moving towards a boomer composition and in the following short note we’ll try to support that thesis.</li>
<li> Why would the curve slope back our boomer position?</li>
</ul>


As highlighted in our data dive yesterday on the curve we see the steepener case as increasingly compelling.
From our portfolio, you will also know that we have been moving towards a boomer composition and in the following short note we’ll try to support that thesis.
 Why would the curve slope back our boomer position?


Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<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

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US Treasury (10 Yr Generic) (GT10 GOVT)

SEK rates weekly: Bond issuance about to level up

In September, issuance and QT in SGBs ramps up to more than 9 bn/month from nothing during the holidays. Reduced ECB buying and a rate hike pause...

Nordea

Macro & Markets: Soft landing dreams

Fading recession risks.In recent months, investors and economists have marked down the probability of a recession, after growth has surprised on...

Nordea

Global Bond Investments: The Japanese buying of US bonds continued in June

Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.

Nordea

Curve Steepeners and the Boomer Trade

As highlighted in our data dive yesterday on the curve we see the steepener case as increasingly compelling. From our portfolio, you will also...

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

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