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.

Cross Asset Strategy

<ul>
<li>Happy Sunday and welcome to our flagship editorial! As per usual we take you for a chart-heavy guided macro tour around major asset classes.</li>
<li>Conclusions up front: – The credit impulse for 2024 looks abysmal– Rates volatility is likely going to rise sharply again– Equities still look (too) expensive on most parameters – JPY and CNY trends to continue worsening– Oil bulls have less to cheer about than Nat Gas bulls</li>
<li>Momentum in 2023 saw a positive impulse from 1) lower input costs for production due to lower commodity and energy prices than in 2022 and 2) Easing financial conditions due to higher multiples and an easing momentum in rates.</li>
</ul>


Happy Sunday and welcome to our flagship editorial! As per usual we take you for a chart-heavy guided macro tour around major asset classes.
Conclusions up front: – The credit impulse for 2024 looks abysmal– Rates volatility is likely going to rise sharply again– Equities still look (too) expensive on most parameters – JPY and CNY trends to continue worsening– Oil bulls have less to cheer about than Nat Gas bulls
Momentum in 2023 saw a positive impulse from 1) lower input costs for production due to lower commodity and energy prices than in 2022 and 2) Easing financial conditions due to higher multiples and an easing momentum in rates.


Steno Signals #73 – An Abysmal Impulse for 2024

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

REAL-Economics.com

Thematic (Sector/Industry)

<p><strong>Trump's idea that "trade wars are easy to win" is true only in one narrow sense: the US, having the economy with the largest trade deficit, has substantially greater negotiating clout if it chooses to use it, especially as its trading partners are substantially more trade-dependent. With the economy strong, the US is willing to use that bargaining power: by upping the ante on tariffs to US$200bn of imports from China (more than China imports from the US annually), Trump is demonstrating that</strong>…</p>

Trump's idea that "trade wars are easy to win" is true only in one narrow sense: the US, having the economy with the largest trade deficit, has substantially greater negotiating clout if it chooses to use it, especially as its trading partners are substantially more trade-dependent. With the economy strong, the US is willing to use that bargaining power: by upping the ante on tariffs to US$200bn of imports from China (more than China imports from the US annually), Trump is demonstrating that…

Trump's Upside-Down Trade Policy Wrecks Alliances & Makes US "Adversaries" Smile, but He Has a Point

Canada

Vanguard FTSE Canada All Cap Index ETF is an exchange-traded fund incorporated in Canada. The Fund seeks to track, to the extent reasonably possible and before fees and expenses, the performance of the  FTSE Canada All Cap Index that measures the investment return of large-, mid- and small-capitalization, publicly traded securities in the Canadian market.

Vanguard FTSE Canada All Cap Index ETF (VCN CN)

Vanguard FTSE Canada All Cap Index ETF (VCN CN)

Steno Signals #73 – An Abysmal Impulse for 2024

The credit impulse for 2024 looks abysmal; Rates volatility is likely going to rise sharply again; Equities still look (too) expensive on most...

Steno Research

Trump's Upside-Down Trade Policy Wrecks Alliances & Makes US "Adversaries" Smile, but He Has a Point

Trump's idea that "trade wars are easy to win" is true only in one narrow sense: the US, having the economy with the largest trade deficit, has...

Prasenjit K. Basu