Head of Research, Steno Research

Emil Moller

Head of Research

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>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>Hello, everyone, and welcome to our weekly Positioning Watch! I’m certain that our dedicated readers have noticed the absence of last weekend’s edition, but fear not, we’re back with a vengeance today! Typically, we release Positioning Watch every Saturday.</li><li>However, we’ve observed that many of our readers actually prefer to peruse it on Mondays so why not add everything that may occur in a weekend?</li><li>Therefore, we’ve decided to shift our release schedule to every Monday.</li></ul>

Hello, everyone, and welcome to our weekly Positioning Watch! I’m certain that our dedicated readers have noticed the absence of last weekend’s edition, but fear not, we’re back with a vengeance today! Typically, we release Positioning Watch every Saturday.However, we’ve observed that many of our readers actually prefer to peruse it on Mondays so why not add everything that may occur in a weekend?Therefore, we’ve decided to shift our release schedule to every Monday.

Macroeconomics

<ul><li>Chinese stimulus, US CPI, and Gaza Bombardment now likely turning into a land invasion.</li><li>Plenty of events to digest in the scope of one week! Which of course leaves us with the question we attempt to answer every Saturday: How are markets positioned?</li><li>But before diving into that, we think it prudent to act with some context to the nature of the situation that markets have to digest</li></ul>

Chinese stimulus, US CPI, and Gaza Bombardment now likely turning into a land invasion.Plenty of events to digest in the scope of one week! Which of course leaves us with the question we attempt to answer every Saturday: How are markets positioned?But before diving into that, we think it prudent to act with some context to the nature of the situation that markets have to digest

Positioning Watch:  Seeking Shelter in the Fog of War

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Pakistan’s CPI Inflation jumped to 31.4% YoY in Sep-2023, breaking a three-months of YoY declining trend. The significant hike in inflation is due to higher local fuel and food prices.</li><li>On MoM basis, CPI inflation was up 2.0% in Sep 2023 as compared to 1.7% in Aug 2023 and last 3-month average of 1.6%.</li><li>This takes 1QFY24 average inflation to 29.04% compared to 25.11% in 1QFY23.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Pakistan’s CPI Inflation jumped to 31.4% YoY in Sep-2023, breaking a three-months of YoY declining trend. The significant hike in inflation is due to higher local fuel and food prices.On MoM basis, CPI inflation was up 2.0% in Sep 2023 as compared to 1.7% in Aug 2023 and last 3-month average of 1.6%.This takes 1QFY24 average inflation to 29.04% compared to 25.11% in 1QFY23.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Economy - Inflation up 31% YoY in Sep-2023 as Expected

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>Global wheat trade is imbalanced with few exporters and many importers. This means a few nations' trade policies affect supply during shortages as they restrict exports to prioritize domestic needs.</li>
<li>El Niño generally causes wheat production to decline among key exporters as well as most importers. This increases the likelihood of shortages in the wheat export market.</li>
<li>Currently diminished global wheat inventories increase the likelihood of supply shocks and price surges in global wheat markets.</li>
</ul>


Global wheat trade is imbalanced with few exporters and many importers. This means a few nations' trade policies affect supply during shortages as they restrict exports to prioritize domestic needs.
El Niño generally causes wheat production to decline among key exporters as well as most importers. This increases the likelihood of shortages in the wheat export market.
Currently diminished global wheat inventories increase the likelihood of supply shocks and price surges in global wheat markets.


Double Crosshairs Haunt Wheat; Geopolitics and El Niño Impacts Global Staple

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Wheat (W A COMDTY)

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

Positioning Watch: Who Blinks First?

TLT inflows have been consistently positive for several months, indicating a strong trend. However, early investors find themselves in under...

Steno Research

Positioning Watch: Seeking Shelter in the Fog of War

Chinese stimulus, US CPI, and Gaza Bombardment now likely turning into a land invasion. Plenty of events to digest in the scope of one week!

Steno Research

Pakistan Economy - Inflation up 31% YoY in Sep-2023 as Expected

Pakistan’s CPI Inflation jumped to 31.4% YoY in Sep-2023, breaking a three-months of YoY declining trend. The significant hike in inflation is due...

Topline Securities

Double Crosshairs Haunt Wheat; Geopolitics and El Niño Impacts Global Staple

The ascending El Niño along with diminished global inventories brings a strong risk of shortages in the global wheat market alongside sharp price...

Mint Finance

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