Category: Newsletter

Weekly Update: Returns by Cutting Through the Trump Noise!   Dear all,   We continue to navigate incredibly volatile macro markets driven by two key factors: Trump’s flip-flopping on tariffs and the recent AI/semiconductor developments related to the new DeepSeek LLM from China.   On tariffs, we view a 10% universal import tariff as the…

Weekly Update: Continued steady returns into Trump week!    Dear all,   It has been an incredibly choppy week, which we have thankfully navigated well. We have squared the delta in our Nasdaq shorts ahead of a week that is likely to see a relatively large move in either direction, positioning us to capitalize on…

Weekly Update: This is Why We Nowcast! A Solid Rebound   Dear all,   Thank you for your continued support and interest in Asgard-Steno Global Macro. We’ve had a strong start to the year, navigating challenging market conditions through our state-of-the-art nowcasting and return forecasting models.   Last week, our models turned net-negative early on,…

Off to a good start to the year! Happy New Year!    We are off to a strong start this year, as the market appears to have called the bluff on tariffs from the Trump administration. We continue to believe it will be challenging for Trump to impose large-scale tariffs, given the business-oriented nature of…

This week, Jay Powell delivered a surprising pivot on policy expectations that rattled markets, opting not to play the role of “Santa Powell.” While his hawkish tone caught us slightly off guard, our cautious positioning ahead of the meeting allowed us to weather the storm better than most, limiting our losses and outperforming the broader…

Weekly Update from Asgard-Steno Global Macro   Another week in the books, and we’ve successfully navigated the choppy macro markets once again. Early in the week, we made a timely exit from our net-long China tilt (Copper vs. Hang Seng) as Chinese authorities adjusted their monetary policy rhetoric. However, the much-anticipated policy action failed to…

Welcome to the first weekly update from the Asgard-Steno Global Macro portfolio team.   We are off to a picture-perfect start, steadily building our risk profile with high-conviction bets throughout the week.   Our nowcasting technology has detected a downtrend in U.S. growth momentum since mid-November. This week’s U.S. jobs report and service activity data…