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>Happy Sunday from a windy Copenhagen!We’ve been yammering about the copper buildup on Chinese exchanges for months.</li><li>Was it a strategic decision to hoard copper reserves?</li><li>Were the Chinese waiting to offload this copper until the CNY devalued, or a result of the physical demand in the Chinese economy nosedived off a cliff?</li></ul>

Happy Sunday from a windy Copenhagen!We’ve been yammering about the copper buildup on Chinese exchanges for months.Was it a strategic decision to hoard copper reserves?Were the Chinese waiting to offload this copper until the CNY devalued, or a result of the physical demand in the Chinese economy nosedived off a cliff?

Steno Signals #103: A blood-bath in metals in July!?

<ul><li>Welcome to our short and sweet weekly overview of key events, our expectations and how we position for them.</li><li>On ISM Manufacturing (Monday). Our forecast at Steno Research is 50.2 for the ISM Manufacturing Index, slightly above the consensus of 49.9.</li><li>April’s activity was notably weak due to several factors: tax seasonality which withdrew liquidity, a hawkish build-up of expectations ahead of the early May FOMC press conference, and weak international impulses.</li></ul>

Welcome to our short and sweet weekly overview of key events, our expectations and how we position for them.On ISM Manufacturing (Monday). Our forecast at Steno Research is 50.2 for the ISM Manufacturing Index, slightly above the consensus of 49.9.April’s activity was notably weak due to several factors: tax seasonality which withdrew liquidity, a hawkish build-up of expectations ahead of the early May FOMC press conference, and weak international impulses.

The Week at A Glance: The comeback of the (growth and inflation) cycle

<ul><li>Happy Sunday and welcome to our weekly flagship editorial.</li><li>The inflation progress has stalled, and it is not just a US phenomenon.</li><li>It is spread to Europe and with freight rates rapidly on the rise, we are likely no longer getting any help from goods inflation in coming quarters.</li></ul>

Happy Sunday and welcome to our weekly flagship editorial.The inflation progress has stalled, and it is not just a US phenomenon.It is spread to Europe and with freight rates rapidly on the rise, we are likely no longer getting any help from goods inflation in coming quarters.

Steno Signals #102 – Bad inflation news everywhere

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our bullish outlook (since early-November 2023) remains intact. Few things are more bullish than indexes (SPX, NDX) breaking out to all-time highs following a major correction we had in 2022</li>
<li>Last week (5/21/24) we discussed how it is a very bullish sign that there have been three upside gaps in May on the S&amp;P 500, with all gaps left unfilled.</li>
<li>Important short-term gap supports we are watching on SPX include 5250-5263, 5127-5142, and 5073-5101; so far 5250-5263 support has held. Also downgrading Industrials (XLI) to market weight</li>
</ul>


Our bullish outlook (since early-November 2023) remains intact. Few things are more bullish than indexes (SPX, NDX) breaking out to all-time highs following a major correction we had in 2022
Last week (5/21/24) we discussed how it is a very bullish sign that there have been three upside gaps in May on the S&amp;P 500, with all gaps left unfilled.
Important short-term gap supports we are watching on SPX include 5250-5263, 5127-5142, and 5073-5101; so far 5250-5263 support has held. Also downgrading Industrials (XLI) to market weight


Downgrading Manufacturing (XLI) To Market Weight; Shift to Overweight Growth; 5250-5263 SPX Holding

Podcast Exploring Themes Driving Global Markets, Nomura - The Week Ahead

Nomura – The Week Ahead

Podcast Exploring Themes Driving Global Markets

Nomura - The Week Ahead

We explore the main themes that will drive global markets over the coming week, discussing the key market moving events and risks to keep on your radar.

<ul><li>Key data releases in the upcoming week include PMI data from China, CPI data from Tokyo and Australia, GDP data from India, and Industrial production data from Korea</li><li>US core PCE inflation data forecasted to be 0.252% for April, indicating a possible slowdown in inflation</li><li>Fed expected to delay easing cycle start until September, with recent data showing signs of slowing growth and consumer sector cracks</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Key data releases in the upcoming week include PMI data from China, CPI data from Tokyo and Australia, GDP data from India, and Industrial production data from KoreaUS core PCE inflation data forecasted to be 0.252% for April, indicating a possible slowdown in inflationFed expected to delay easing cycle start until September, with recent data showing signs of slowing growth and consumer sector cracksThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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Steno Signals #103: A blood-bath in metals in July!?

Happy Sunday from a windy Copenhagen!We’ve been yammering about the copper buildup on Chinese exchanges for months. Was it a strategic decision to...

Steno Research

The Week at A Glance: The comeback of the (growth and inflation) cycle

Welcome to our short and sweet weekly overview of key events, our expectations and how we position for them. On ISM Manufacturing (Monday)Our...

Steno Research

Steno Signals #102 – Bad inflation news everywhere

Happy Sunday and welcome to our weekly flagship editorial. The inflation progress has stalled, and it is not just a US phenomenon. It is spread to...

Steno Research

Downgrading Manufacturing (XLI) To Market Weight; Shift to Overweight Growth; 5250-5263 SPX Holding

Downgrading Manufacturing $XLI to Market Weight; Shift to Overweight Growth $IWF; Three May $SPX Upside Gaps Unfilled = Bullish; Expect supports at...

Vermilion Research

Inflation Moderation?

Key economic data releases from China, the US, and Europe are closely monitored for signals on inflation and growth, while the Fed is expected to...

Nomura – The Week Ahead

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