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>Happy Sunday from Copenhagen, if I am allowed to say that after a horrendous week in markets.</li><li>Markets are heading into a tense week as the U.S.-China trade tensions escalate and Europe appears poised to introduce digital tariffs — likely targeting the Magnificent 7 — in response to Trump’s proposed tariff agenda.</li><li>By late Friday, the U.S. dollar surged sharply, accompanied by early signs of capitulation in traditional safe-haven assets like gold and Treasuries.</li></ul>

Happy Sunday from Copenhagen, if I am allowed to say that after a horrendous week in markets.Markets are heading into a tense week as the U.S.-China trade tensions escalate and Europe appears poised to introduce digital tariffs — likely targeting the Magnificent 7 — in response to Trump’s proposed tariff agenda.By late Friday, the U.S. dollar surged sharply, accompanied by early signs of capitulation in traditional safe-haven assets like gold and Treasuries.

Steno Signals #192 – A March 2020 style reset. Is this a liquidity event?

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

Cross Asset Strategy

<ul><li>Welcome to our weekly editorial on everything geopolitics- and commodities! We are approaching the “Liberation Day” on Apr 2 where we will (hopefully) get more clarity around the tariffs plans from Trump.</li><li>We have recently seen a semi-u-turn from the Trump administration on the severity and depth of the reciprocal tariffs announced next week, and the base-case is a softer stance with some negotiated exemptions for big partners.</li><li>This is also exactly what paves the way for a very decent comeback in US risk assets now, something that we expect to continue into April when the softened USD and slightly lower USD bond yields start feeding through via easier financial conditions.</li></ul>

Welcome to our weekly editorial on everything geopolitics- and commodities! We are approaching the “Liberation Day” on Apr 2 where we will (hopefully) get more clarity around the tariffs plans from Trump.We have recently seen a semi-u-turn from the Trump administration on the severity and depth of the reciprocal tariffs announced next week, and the base-case is a softer stance with some negotiated exemptions for big partners.This is also exactly what paves the way for a very decent comeback in US risk assets now, something that we expect to continue into April when the softened USD and slightly lower USD bond yields start feeding through via easier financial conditions.

The Drill: Approaching the End of the Tariff and Peace Trades?

<ul><li>All across the world, people are worried about Donald Trump and the uncertainty he will bring to the global order.</li><li>For macro investors particularly, Trump has proven a continuing headache with his weekly insistence on pushing out tariffs news or other bombshells late Friday.</li><li>This past week-end was not exception with Trump’s remarks on reciprocal tariffs and potential tariffs on aluminium and steel.</li></ul>

All across the world, people are worried about Donald Trump and the uncertainty he will bring to the global order.For macro investors particularly, Trump has proven a continuing headache with his weekly insistence on pushing out tariffs news or other bombshells late Friday.This past week-end was not exception with Trump’s remarks on reciprocal tariffs and potential tariffs on aluminium and steel.

The Drill – What will world peace mean for markets?

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Steno Signals #192 – A March 2020 style reset. Is this a liquidity event?

Happy Sunday from Copenhagen, if I am allowed to say that after a horrendous week in markets. Markets are heading into a tense week as the...

Steno Research

The Drill: Approaching the End of the Tariff and Peace Trades?

Welcome to our weekly editorial on everything geopolitics- and commodities! We are approaching the “Liberation Day” on Apr 2 where we will...

Steno Research

The Drill – What will world peace mean for markets?

All across the world, people are worried about Donald Trump and the uncertainty he will bring to the global order. For macro investors...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)