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>The quarterly SLOOS survey from the Fed was released a bit more than an hour ago and the results resemble the quarterly credit surveys from Japan and Europe released ahead of the US ditto.</li>
<li>There is a sequential improvement in demand, while fewer banks tighten standards compared to Q3.</li>
<li>So, is it good news or did the survey rather confirm the credit contraction?</li>
</ul>


The quarterly SLOOS survey from the Fed was released a bit more than an hour ago and the results resemble the quarterly credit surveys from Japan and Europe released ahead of the US ditto.
There is a sequential improvement in demand, while fewer banks tighten standards compared to Q3.
So, is it good news or did the survey rather confirm the credit contraction?


Credit Watch: The Worst Is Behind Us in the SLOOS, But…

Head of Research, Steno Research

Emil Moller

Head of Research

Cross Asset Strategy

<ul><li>Hello everybody and welcome back to our Monday Positioning Watch! We’re here again on this fine Monday, ready to delve into our take on the market’s current temperature based on the latest Positioning and CFTC data.</li><li>Last week, we left off with the possibility of an impending bear market rally.</li><li>If that indeed plays out, it’s the positions with the heaviest shorts that are most at risk and we expect the bleeding is not done.</li></ul>

Hello everybody and welcome back to our Monday Positioning Watch! We’re here again on this fine Monday, ready to delve into our take on the market’s current temperature based on the latest Positioning and CFTC data.Last week, we left off with the possibility of an impending bear market rally.If that indeed plays out, it’s the positions with the heaviest shorts that are most at risk and we expect the bleeding is not done.

Positioning Watch: Prepared for a Short Squeeze?

<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

<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>At this point in the policy path, our Central Bank Sentiment trackers are showing some meaningful signs of life – not of all it totally anticipated.</li><li>Here we highlight some key observations made over the last month around what Central Bank language is actually telling us from a quantitative point of view.</li><li>We regularly track and update our measure of positivity/negativity of Bank language contained in statements, outlooks and speeches on a scale of -1 to +1.</li></ul>

At this point in the policy path, our Central Bank Sentiment trackers are showing some meaningful signs of life – not of all it totally anticipated.Here we highlight some key observations made over the last month around what Central Bank language is actually telling us from a quantitative point of view.We regularly track and update our measure of positivity/negativity of Bank language contained in statements, outlooks and speeches on a scale of -1 to +1.

Sentiment Nugget: What are Central Banks Actually Telling Us?

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Credit Watch: The Worst Is Behind Us in the SLOOS, But…

The quarterly SLOOS survey from the Fed was released a bit more than an hour ago and the results resemble the quarterly credit surveys from Japan...

Steno Research

Positioning Watch: Prepared for a Short Squeeze?

We’re here again on this fine Monday, ready to delve into our take on the market’s current temperature based on the latest Positioning and CFTC data.

Steno Research

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

Sentiment Nugget: What are Central Banks Actually Telling Us?

Looking back over the past 10 years, ECB sentiment into and over October has been more negative than at any other point.

Steno Research

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