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>Let me start by dwelling on the fact that Macro generalists such as myself and Thorsten Slok of Apollo suddenly spend countless hours watching Copper trends.</li><li>It is probably a red flag in itself, but it just seems like these developments are so INCREDIBLY important for global macro- and geopolitics these months.</li><li>We have been all over the Chinese copper story in recent months and also traded it with good luck, but we have admittedly been wrong in our call for a weaker CNY (so far).</li></ul>

Let me start by dwelling on the fact that Macro generalists such as myself and Thorsten Slok of Apollo suddenly spend countless hours watching Copper trends.It is probably a red flag in itself, but it just seems like these developments are so INCREDIBLY important for global macro- and geopolitics these months.We have been all over the Chinese copper story in recent months and also traded it with good luck, but we have admittedly been wrong in our call for a weaker CNY (so far).

Steno Signals #100 – China’s MAJOR power grab on Copper supply chains

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

FX & Rates

<ul><li>The UK economy has been facing a series of challenges in recent weeks.</li><li>Economic data has been disappointing, with weak unemployment, earnings, GDP, industrial production, manufacturing, services, and trade balance.</li><li>As I write this report, 10-year UK government bond yields have fallen by 20 basis points (bps) in the past two days. </li></ul>

The UK economy has been facing a series of challenges in recent weeks.Economic data has been disappointing, with weak unemployment, earnings, GDP, industrial production, manufacturing, services, and trade balance.As I write this report, 10-year UK government bond yields have fallen by 20 basis points (bps) in the past two days. 

Part Four: The Sharply Slowing UK Economy

<ul><li>Welcome to our short and sweet Fed preview.</li><li>No one expects policy action from the Fed this week, but Powell could decide to reiterate that the dot plot remains intact given the most recent information received.</li><li>We doubt that Powell will bring about a strong guidance for a December hike, but unless the wheels come off, it’s very likely that they will be tempted to deliver that hike come December.</li></ul>

Welcome to our short and sweet Fed preview.No one expects policy action from the Fed this week, but Powell could decide to reiterate that the dot plot remains intact given the most recent information received.We doubt that Powell will bring about a strong guidance for a December hike, but unless the wheels come off, it’s very likely that they will be tempted to deliver that hike come December.

Fed Watch: Why Should the Fed Abandon the Planned Year-End Hike?

Cross Asset Strategy

<ul><li>We hope you have enjoyed our China Week coverage with extensive analysis on the ongoing malaise in Chinese Real Estate.</li><li>Positioning in CNY markets is an underreported angle in the discussion on China as it may help guide asset performance from here, now that everyone and their mother agrees that China is stuck in a mess.</li><li>Are international investors even involved in China anymore?</li></ul>

We hope you have enjoyed our China Week coverage with extensive analysis on the ongoing malaise in Chinese Real Estate.Positioning in CNY markets is an underreported angle in the discussion on China as it may help guide asset performance from here, now that everyone and their mother agrees that China is stuck in a mess.Are international investors even involved in China anymore?

Positioning Watch: Is Anyone Even Invested in China at This Stage?

<div data-attrs='{"url":"https://gordianknot.substack.com/subscribe?","text":"Subscribe"}'><div><form class="subscription-widget-subscribe"><div><ul><li><span style="font-size: var(--content-font-size);">To a 180-degree flip at the End of the Dollar hegemony and reserve system, opinions were pushed aggressively over mainstream CNN, FOX News networks, News Headlines, and fringe opinion makers looking for click baits.</span></li><li>We look at sentiment shift, and is it different from when Dollar peaked in October 2022?</li><li>We cover JPY, CNY, KRW, INR, TWD, AUD, CHF, EUR &amp; GBP charts. We have added equity and rates charts in China, India, and Korea where possible to help corroborate cross-market analysis.</li></ul></div></form></div></div>

To a 180-degree flip at the End of the Dollar hegemony and reserve system, opinions were pushed aggressively over mainstream CNN, FOX News networks, News Headlines, and fringe opinion makers looking for click baits.We look at sentiment shift, and is it different from when Dollar peaked in October 2022?We cover JPY, CNY, KRW, INR, TWD, AUD, CHF, EUR &amp; GBP charts. We have added equity and rates charts in China, India, and Korea where possible to help corroborate cross-market analysis.

United Kingdom

The British Pound Sterling is the official currency of The United Kingdom. 

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Steno Signals #100 – China’s MAJOR power grab on Copper supply chains

Happy Sunday from sunny Greece and welcome to a very special jubilee edition of Steno Signals. Let me start by dwelling on the fact that Macro...

Steno Research

Part Four: The Sharply Slowing UK Economy

The UK economy has been facing a series of challenges in recent weeks. Economic data has been disappointing, with weak unemployment, earnings, GDP,...

Untying The Gordian Knot

Fed Watch: Why Should the Fed Abandon the Planned Year-End Hike?

No one expects policy action from the Fed this week, but Powell could decide to reiterate that the dot plot remains intact given the most recent...

Steno Research

Positioning Watch: Is Anyone Even Invested in China at This Stage?

We hope you have enjoyed our China Week coverage with extensive analysis on the ongoing malaise in Chinese Real Estate. Positioning in CNY markets...

Steno Research

US Dollar is Dead Redux

This note extensively focuses on sentiment as the market is overwhelmed with the Negative Dollar narrative that is mainstream. And it begs the...

Untying The Gordian Knot

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