Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

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.

Macroeconomics

<ul><li>The outlook for the economy, rates, fx and other assets apparently never fails to surprise!</li><li>We have thankfully made very decent returns through a tough trading week as some of our cyclical rotations had a tremendous start to the week before taking a minor hit when the change of the yield curve regime in Japan was announced.</li><li>First things first. <span style="font-weight: 400;">The decision to move the cap in the 10yr point of the Japanese Government Bond (JGB) curve from 0.5% to 1.0% was a big surprise to many timing-wise. </span></li></ul>

The outlook for the economy, rates, fx and other assets apparently never fails to surprise!We have thankfully made very decent returns through a tough trading week as some of our cyclical rotations had a tremendous start to the week before taking a minor hit when the change of the yield curve regime in Japan was announced.First things first. The decision to move the cap in the 10yr point of the Japanese Government Bond (JGB) curve from 0.5% to 1.0% was a big surprise to many timing-wise. 

Steno Signals #58 – The One on Banana Republics, Yield Curve Controls and the Yuge EUR Consensus

<ul><li>We have spent the last week studying the business cycle intensively to gauge how various asset classes look at the cycle right now.</li><li>It is safe to say that nothing has been normal in this post-Covid “cycle” and that is probably exactly the reason why we are currently stuck in a debate on whether the economy rebounds or goes into a recession.</li><li>Let’s have a look at the evidence.</li></ul>

We have spent the last week studying the business cycle intensively to gauge how various asset classes look at the cycle right now.It is safe to say that nothing has been normal in this post-Covid “cycle” and that is probably exactly the reason why we are currently stuck in a debate on whether the economy rebounds or goes into a recession.Let’s have a look at the evidence.

Steno Signals #58 – Rebound or recession? Or both?

United States

The abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF is an exchange-traded fund incorporated in the USA.  The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Commodity Index 3 Month Forward Total Return.

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abrdn Bloomberg All Commodity (BCD US)

Steno Signals #58 – The One on Banana Republics, Yield Curve Controls and the Yuge EUR Consensus

The outlook for the economy, rates, fx and other assets apparently never fails to surprise! We have thankfully made very decent returns through a...

Steno Research

Steno Signals #58 – Rebound or recession? Or both?

We have spent the last week studying the business cycle intensively to gauge how various asset classes look at the cycle right now.

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)