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>Welcome to our weekly EM and Metals editorial.</li><li>It’s hard not to talk about China again this week, given the importance of the metals trade for global inflation expectations.</li><li>Our live assessment of the Chinese recovery continues to paint a stalling picture in Real Estate, exemplified by the physical copper demand being on the edge of a precipice, while the pollution based metrics hint of a continued surge in industrial production into June.</li></ul>

Welcome to our weekly EM and Metals editorial.It’s hard not to talk about China again this week, given the importance of the metals trade for global inflation expectations.Our live assessment of the Chinese recovery continues to paint a stalling picture in Real Estate, exemplified by the physical copper demand being on the edge of a precipice, while the pollution based metrics hint of a continued surge in industrial production into June.

EM Watch: Is the Chinese copper demand down 40%?

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.

FX & Rates

<ul><li>Swap spreads narrowed late last week by three basis points across the curve, likely influenced by developments in European markets</li><li>French President Macron's decision to dissolve parliament and call for snap elections has caused uncertainty in the fiscal outlook, leading to de-risking of European sovereign bond holdings</li><li>While last week's moves in US markets were significant, it is unlikely to continue as US treasuries are expected to remain stable and demand is expected to stay strong, supported by the rate cycle turning and potential easing from the Fed</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>

Swap spreads narrowed late last week by three basis points across the curve, likely influenced by developments in European marketsFrench President Macron's decision to dissolve parliament and call for snap elections has caused uncertainty in the fiscal outlook, leading to de-risking of European sovereign bond holdingsWhile last week's moves in US markets were significant, it is unlikely to continue as US treasuries are expected to remain stable and demand is expected to stay strong, supported by the rate cycle turning and potential easing from the FedThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Senior Cryptocurrency Analyst, Steno Research

Mads Eberhardt

Senior Cryptocurrency Analyst

Crypto

<ul><li>Last Wednesday, the U.S. Consumer Price Index (CPI) for May was released, showing soft inflation.</li><li>However, during the U.S. Federal Reserve’s (FED) subsequent FOMC meeting on the same day, the Fed was more hawkish than expected, indicating only a 25 basis points interest rate cut this year.</li><li>This led to declines across the crypto market.</li></ul>

Last Wednesday, the U.S. Consumer Price Index (CPI) for May was released, showing soft inflation.However, during the U.S. Federal Reserve’s (FED) subsequent FOMC meeting on the same day, the Fed was more hawkish than expected, indicating only a 25 basis points interest rate cut this year.This led to declines across the crypto market.

Crypto Crisp: Imminent Surge in Liquidity

<ul><li>Welcome to our weekly “The week at a glance” report released every Monday morning (and replacing our Something for your Espresso every Monday).</li><li>We look at the most important releases of the week ahead and address how we are positioned for them.</li><li>We have a relatively light week ahead of us in terms of key figure releases but both the RBA and the SNB will set policy rates, while the major key figure release is the UK inflation report ahead of the BoE meeting.</li></ul>

Welcome to our weekly “The week at a glance” report released every Monday morning (and replacing our Something for your Espresso every Monday).We look at the most important releases of the week ahead and address how we are positioned for them.We have a relatively light week ahead of us in terms of key figure releases but both the RBA and the SNB will set policy rates, while the major key figure release is the UK inflation report ahead of the BoE meeting.

The week at a glance: UK CPI report is taking the headlines together with Le Pen

<ul><li>Happy Sunday from Copenhagen! Risk asset investing is typically seen as a winter-sport for good reasons, but July is often up there among the best return months.</li><li>It’s as if July heard winter bragging about its stock market prowess and decided to show up in flip-flops, a Hawaiian shirt, and a cocktail in hand, just to prove that even in the heat, it can keep up with the icy competition.</li><li>This year is unlikely to be an exception as we will see improving liquidity trends into July, while the bond market seasonality is typically also a lot more favorable due to more benign issuance trends (especially in Europe).</li></ul>

Happy Sunday from Copenhagen! Risk asset investing is typically seen as a winter-sport for good reasons, but July is often up there among the best return months.It’s as if July heard winter bragging about its stock market prowess and decided to show up in flip-flops, a Hawaiian shirt, and a cocktail in hand, just to prove that even in the heat, it can keep up with the icy competition.This year is unlikely to be an exception as we will see improving liquidity trends into July, while the bond market seasonality is typically also a lot more favorable due to more benign issuance trends (especially in Europe).

Steno Signals #104 – Get ready for a WAVE of liquidity in July!

United States

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

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EM Watch: Is the Chinese copper demand down 40%?

Welcome to our weekly EM and Metals editorial. It’s hard not to talk about China again this week, given the importance of the metals trade for...

Steno Research

Global Rates: Pardon my French

In summary, swap spreads narrowed due to European market effects, French elections caused uncertainty, US treasury cheapened versus swaps, but...

At Any Rate

Crypto Crisp: Imminent Surge in Liquidity

Last Wednesday, the U.S. Consumer Price Index (CPI) for May was released, showing soft inflation. However, during the U.S. Federal Reserve’s (FED)...

Steno Research

The week at a glance: UK CPI report is taking the headlines together with Le Pen

Welcome to our weekly “The week at a glance” report released every Monday morning (and replacing our Something for your Espresso every Monday). We...

Steno Research

Steno Signals #104 – Get ready for a WAVE of liquidity in July!

Happy Sunday from Copenhagen! Risk asset investing is typically seen as a winter-sport for good reasons, but July is often up there among the best...

Steno Research

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