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.

Macroeconomics

<ul><li>Welcome to our weekly EM Watch, where we examine Emerging Markets (with a particular focus on China) from the perspective of Western investors.</li><li>It continues to be a rough month for anything linked to China.</li><li>We have observed early signs of stabilization in China’s pollution data, which may indicate some level of stability at lower levels of industrial output.</li></ul>

Welcome to our weekly EM Watch, where we examine Emerging Markets (with a particular focus on China) from the perspective of Western investors.It continues to be a rough month for anything linked to China.We have observed early signs of stabilization in China’s pollution data, which may indicate some level of stability at lower levels of industrial output.

EM Watch: Time to play the long end of the Chinese yield curve?

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul><li>Hello everyone, and welcome back to our weekly positioning update.</li><li>Today’s version will be short and to the point, allowing you time to digest the meeting later today.</li><li>It serves as a quick summary of the signals we are picking up across our real-time monitors of hedge fund positioning across various assets.</li></ul>

Hello everyone, and welcome back to our weekly positioning update.Today’s version will be short and to the point, allowing you time to digest the meeting later today.It serves as a quick summary of the signals we are picking up across our real-time monitors of hedge fund positioning across various assets.

Positioning Watch – Markets Anticipate a 50bps Cut Tonight

Podcast by J.P. Morgan analysts on global markets, At Any Rate

At Any Rate

Podcast by J.P. Morgan analysts on global markets

Analysts from J.P. Morgan’s Research team take a closer look at the stories behind some of the biggest trends, themes and developments in markets today.

<ul><li>The Fed is expected to cut rates by 50 basis points on Wednesday, with additional cuts expected in November and December</li><li>There is uncertainty in the markets with regards to the size of the rate cut, with equal probabilities for a 25 or 50 basis point cut</li><li>Near term uncertainty is high, leading to bullishness on volatility in the markets</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>

The Fed is expected to cut rates by 50 basis points on Wednesday, with additional cuts expected in November and DecemberThere is uncertainty in the markets with regards to the size of the rate cut, with equal probabilities for a 25 or 50 basis point cutNear term uncertainty is high, leading to bullishness on volatility in the marketsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

<ul>
<li>Take aways: Freight rates dropped for the first time since 2022, signaling a slowdown in factors driving rate increases.</li>
<li>Trade tariffs may have minimal impact on the USD and inflation, with fiscal policies playing a larger role.</li>
<li>A BRICS monetary union could create instability, while Trump’s policies may push the U.S. toward economic risks.</li>
</ul>


Take aways: Freight rates dropped for the first time since 2022, signaling a slowdown in factors driving rate increases.
Trade tariffs may have minimal impact on the USD and inflation, with fiscal policies playing a larger role.
A BRICS monetary union could create instability, while Trump’s policies may push the U.S. toward economic risks.


The Drill: The Party Seems Over In Freight Rates

<ul><li>After a major dash for cash at the start of September, markets regained some optimism last week (much to my surprise, in all transparency).</li><li>A weak USD, soft USD rates, and soaring precious metals characterized the week, especially after Mr. Fed source #1, Nick Timiraos, wrote an article suggesting that a 50bp cut is in play.</li><li>USD weakness is something we often observe when the Fed begins cutting rates, as they are perceived to be much more reactive and aggressive than their peers.</li></ul>

After a major dash for cash at the start of September, markets regained some optimism last week (much to my surprise, in all transparency).A weak USD, soft USD rates, and soaring precious metals characterized the week, especially after Mr. Fed source #1, Nick Timiraos, wrote an article suggesting that a 50bp cut is in play.USD weakness is something we often observe when the Fed begins cutting rates, as they are perceived to be much more reactive and aggressive than their peers.

Steno Signals #117 – 25bp equals mayhem, while 50bp equals panic?

United States

The US dollar is the official currency of the United States of America.

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EM Watch: Time to play the long end of the Chinese yield curve?

Welcome to our weekly EM Watch, where we examine Emerging Markets (with a particular focus on China) from the perspective of Western investors. It...

Steno Research

Positioning Watch – Markets Anticipate a 50bps Cut Tonight

Hello everyone, and welcome back to our weekly positioning update. Today’s version will be short and to the point, allowing you time to digest the...

Steno Research

US Rates: Schrodinger’s Cut

Central banks around the world are cutting rates, with the Fed expected to follow suit with a 50 basis point cut, leading to market uncertainty and...

At Any Rate

The Drill: The Party Seems Over In Freight Rates

Take aways:Freight rates dropped for the first time since 2022, signaling a slowdown in factors driving rate increases. Trade tariffs may have...

Steno Research

Steno Signals #117 – 25bp equals mayhem, while 50bp equals panic?

After a major dash for cash at the start of September, markets regained some optimism last week (much to my surprise, in all transparency). A weak...

Steno Research

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52-week Range

Market Cap (USDm)

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