Andreas Steno

CEO at Steno Research. Macro afficionado, investment analyst and Madridista. Host/Editor @ Real Vision. Hosting "The Macro Trading Floor" podcast @ Blockworks.
Andreas Steno Larsen
Energy Cable #12 – Banking crisis seeping into energy

Energy Cable #12 – Banking crisis seeping into energy

Energy prices- and stocks have suffered due to the banking crisis as it flows through to the real economy. Was this the actual recession trigger? If so, it may be too early to tilt positive on Energy and underlyingly our models have rather turned more bearish than they already were over the past weeks.

Find out what to expect from Gas, electricity and oil markets below!

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Fed Watch: 25bps that they will woefully regret

Fed Watch: 25bps that they will woefully regret

The FOMC will likely decide to raise the Fed Funds target range by 25bps and regret it soon thereafter on Wednesday. Everything but the banking sector stress screams higher interest rates, why the Fed will attempt to regain control of the narrative.

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Something for your Espresso: 3 take-aways from Powell

Something for your Espresso: Bye bye to AT1 investors

Another hectic week is in the making and we don’t find risks to be contained yet. The Fed is likely to hike on Wednesday even if markets are screaming that they should rather cut. The first stages of the crisis playbook are playing out. The next will be true pivots from central banks.

Steno Signals #40 – The banking crisis is likely to accelerate in coming weeks

Steno Signals #40 – The banking crisis is likely to accelerate in coming weeks

The banking crisis will continue to rage until the Fed and the ECB accept the underlying reason for the deposit flight. Banks cannot cope with an über-inverted yield curve, why cuts are needed asap to contain the situation. It will likely get worse before it gets better.

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5 Things We Watch: Five Aspects Surrounding the Banking Turmoil

5 Things We Watch: Five Aspects Surrounding the Banking Turmoil

This week really has been one for the books. On Friday, markets sounded the alarm as we experienced the second largest bank-failure in US history. Naturally, this behemoth event swept magazine covers and blew up our phones and inboxes leaving not much room for other things to watch – hence this peculiar edition of the recurring ‘5 Things We Watch’, where all five things relate to the banking frenzy.

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Money Watch: Have people forgotten that everything is about money? Also the SVB case..

Money Watch: Have people forgotten that everything is about money? Also the SVB case..

Most people tend to agree that the amount of money in an economy affects economic conditions. More money makes consumers buy more goods and services, and the excess demand leads to increasing prices.. but what happens when we destroy USDs as we currently do? More SVB cases show up!

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China Week: The reopening play vol 2

China Week: The reopening play vol 2

The abiding tale of a Chinese reopening has been about as labile as pundits’ conviction of a soft landing. In fact the two may very well be tightly correlated. Now, it seems data has finally arrived to firmly lay to rest the debate whether a reopening would show. What better time then to unwrap and examine the implications?

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