Macro Mondays

Will the energy price rally trigger the recession as consumer savings are depleted? We look at this week's EIA data, whether it can be trusted and how it all impacted the world of Macro and your portfolio. The recession is likely in Q1 2024 still - and here's how we view and trade it! Hosts. Andreas Steno and Emil Moller Use "macro30" to get 30% off your first purchase at www.s...

Is the day of reckoning for nuclear power here at last? After years of stagnation, markets are beginning to show some promise for nuclear technology. Today, we'll examine the state of nuclear energy and delve into the current conditions of the commodity and energy markets with John Ciampaglia, CEO of Sprott Asset Management. Remember to get 30% off your first three purchases at www.stenoresea...

Are the central banks on pause or not? We cover all the CB decisions/non-decisions this week and talk to former President of the Atlanta Fed and former FOMC member Dennis Lockhart to get his view on the central bank situation.  How does Dennis view the FOMC meeting and the US economy in general? Afterwards, we call up Frances Donald, Global Chief Economist at Manulife Investment for some great ana...

Has the anti-Europe trade become the consensus or is there still juice in the story? We discuss the prospects of European gas storages and the ongoing recession in the North of the continent. Can Europe surprise negatively and will that surprise the ECB? Should you actually watch Southern Europe and not Northern Europe from here on? We also discuss the differences between the U.S. and European lab...

Oil could be up as much as 25-30% during Q4 due to the production cuts out of Saudi Arabia and Russia. This is beginning to smell like the 1970's and we take a closer look at  how that affects inflation and growth with the great Mikael Sarwe of Nordea Bank. We also discuss inflation outlooks in both the U.S. and Europe. Use the exclusive offer Macro30 to get 30% off your subscription at www.s...

Is the U.S. labour market finally crashing? What will it take to kill the U.S. economy? We ask Michael Cembalest of J.P. Morgan who explains The Rasputin Effect . We also cover the outlook for fiscal policy, interest rates and the short- and longterm effects of the Chips Act and IRA in this great interview. And of course - we give our take on how to allocate given all of this. Use the exclusive of...

Has the PBoC won against speculators in Chinese FX markets? And will equities stabilize due to the contained outflows from China? We invite Tony Nash, former Director at The Economist Intelligence Unit in Asia to discuss the evolving crisis in Beijing. Tony has extensive knowledge from working both in Singapore and China and sees this ongoing tug of war as a patriotic combat. Finally, you get our...

 We host Michael Kao for a discussion on the Chinese tool-box and whether the 7.30 line in the sand will hold or not. The situation is very binary. Either risk appetite will return or else you need to run for the hills. Remeber that you can use Macro30 to get 30% off your subscription at  www.stenoresearch.com   🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe  Connect with Real Vision™ O...

The yield curve inversion was never a recession signal. An uninversion and higher rates (via bear steepening) is needed to push the economy in to recession. We discuss the allocation playbook given the knowledge we have on the yield curve with Bob Elliot, former Bridgewater and now CIO of Unlimited Funds. You can use Macro30 to get 30% off your subscription at www.stenoresearch.com 🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖...

Is the big rotation now ongoing in rates and equities after the BoJ steepened the JGB curve? Find out as we discuss the bizarre developments in Niger, Jeddah and Japan in light of the material steepening of the USD curve. You can find more on www.stenoresearch.com and use the exclusive code Macro30 to get 30% off your annual subscription. 🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe ...

From a technical recession in July-2022 to a widespread acceleration in July-2023. The US economy is not done performing and the interest rate sensitivity seems much smaller than usual. What has changed in the US economy and is the soft landing an actual feasible scenario? We host Darius Dale of 42 Macro for a discussion on the strenght of the US economy and how to trade it. If you want more of ou...

Markets initially panicked after the Bank of Japan decision to move the needle on the yield curve control was leaked. The new yield curve control regime is much more flexible, which can actually be seen as a positive. We discuss the surprise decision by Bank of Japan in this short Breaking edition of “Macro Sunday” If you want more of our transparent and actionable research, you can use the code m...

Why is the EUR so resilient? And will it continue to be so in the wake of renewed geopolitical turmoil in the Eastern parts of the continent? We welcome Claus Vistesen of Pantheon Economics to discuss the European case. A buy or a sell relative to expectations? Remember that you can use macro30 to get 30% off your subscription at https://stenoresearch.com/subscribe/ 🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Visi...

Andreas Steno and Emil Moller of Steno Research host Dario Perkins of TS Lombard for a discussion the recession that never arrived. Steno Research had a tremendous trading week after acing the US Inflation Report. What is ahead for inflation after this dovish report and will central banks pause in a coordinated fashion from August and onwards? Remember that you can use the exclusive code “Macro30”...

What's actually going on in Russia? Is the US taking a softer stance towards China with visits from both Blinken and Yellen? And what's going on with the suggested gold-based BRICS currency? We take a deep-dive into current geopolitics with analyst and director Jacob L. Shapiro of Cognitive Investments. Read our continued geopolitical coverage as well as our 15-20 weekly macro articles a...

The EUR and European equities have proven surprisingly resilient to a string of weak data from Europe. Why is the EUR trade not rolling over? Andreas Steno hosts fellow Dane Jens Nordvig for a discussion on the Euro area. Remember that you can get 30% off your subscription at www.stenoresearch.com with the discount code “Macro30” 🔥 Get 𝗙𝗥𝗘𝗘 𝗔𝗖𝗖𝗘𝗦𝗦 to Real Vision https://rvtv.io/3YOZZUe  Connect w...

Housing is rebounding and all the sudden the central bank hawks are back on parade. Is it time to call off the recession or will the downside risk increase due to central banks misreading the situation? Andreas Steno and Emil Moller of Steno Research hosts Warren Pies of 3Fourteen Research for a discussion on housing and how to trade it. Read more content from Andreas and Emil on Stenoresearch.com...

Welcome to the inaugural episode of Macro Sunday. Each and every Sunday, former Global Chief Strategist of Nordea Bank, Andreas Steno, invites colleagues and friends of Steno Research to share their views on the world of macro and geopolitics with loads of actionable content. We will maintain FULL independence without capital interests in having specific views and provide 100% transparency around...

Welcome to our new podcast - Macro Sunday. Each and every Sunday, former Global Chief Strategist of Nordea Bank, Andreas Steno, invites colleagues and friends of Steno Research to share their views on the world of macro and geopolitics with loads of actionable content. We will maintain FULL independence without capital interests in having specific views and provide 100% transparency around how we...