The Credit Cycle Is Just Getting Started | Andreas Steno Larsen – Forward Guidance

The Credit Cycle Is Just Getting Started | Andreas Steno Larsen – Forward Guidance — Transcript

Market views

Bullish

BANKS— Banks are expected to thrive in an environment of increased private credit creation and potential deregulation, particularly in the US and Europe. The European banking sector has shown strong recent performance.
EUROZONE— Positive outlook on Europe, particularly due to improved export competitiveness since the pandemic.
MATERIALS— Materials sector is expected to have a strong performance in early 2025, aligning with a shift from a 'data center economy to a real life economy'.
MANUF— Expectation of a rapid increase in manufacturing PMI, potentially reaching above 60 by summer, indicating strong economic growth.

Bearish

XAU— Gold prices appear to be reaching a top, though timing the peak remains uncertain.
USBONDS— High conviction that long bond yields will decrease, based on inflation measures, despite past difficulties in timing this trade.

Not investment advice.