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.

Cross Asset Strategy

<ul><li>Welcome to our weekly editorial on everything macro, where we cut through the noise and deliver contrarian takes on macroeconomics, liquidity, tradeable themes, and everything in between.</li><li>Reciprocal tariffs is a concept you’ll need to familiarize yourself with.</li><li>Despite Trump’s press conference last week being a confusing mess, lacking clarity on geographies, products, and specific tariff/VAT rates targeted in this tit-for-tat approach, the aim seems crystal clear: Trump wants a global response, and it could very well lead to globally lower tariffs and VAT rates.</li></ul>

Welcome to our weekly editorial on everything macro, where we cut through the noise and deliver contrarian takes on macroeconomics, liquidity, tradeable themes, and everything in between.Reciprocal tariffs is a concept you’ll need to familiarize yourself with.Despite Trump’s press conference last week being a confusing mess, lacking clarity on geographies, products, and specific tariff/VAT rates targeted in this tit-for-tat approach, the aim seems crystal clear: Trump wants a global response, and it could very well lead to globally lower tariffs and VAT rates.

Steno Signals #185 – Reciprocal Tariffs Are GOOD News! Here Is Why!

Macroeconomics

<ul>
<li>Welcome to our weekly editorial on everything macro, where we aim to paint a medium-term picture of liquidity, growth, and inflation—and how these factors will impact your allocation.</li>
<li>It seems The Donald has a penchant for late Friday tariff announcements, keeping markets on edge for a second consecutive Monday open.</li>
<li>This pattern is starting to take shape, though we likely need a third occurrence before drawing statistical conclusions.</li>
</ul>


Welcome to our weekly editorial on everything macro, where we aim to paint a medium-term picture of liquidity, growth, and inflation—and how these factors will impact your allocation.
It seems The Donald has a penchant for late Friday tariff announcements, keeping markets on edge for a second consecutive Monday open.
This pattern is starting to take shape, though we likely need a third occurrence before drawing statistical conclusions.


Steno Signals #184 – Here is the roadmap for the business cycle in 2025

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Quantitative Analysis

<ul>
<li>In a <a href="https://www.smartkarma.com/insights/gold-may-be-ready-to-restart-its-rally" target="_blank" rel="noopener">previous insight</a> we predicted that <a href="https://www.smartkarma.com/entities/gold" target="_blank" data-smartkarma-citation="entities:22870:1" rel="noopener">Gold (GOLD COMDTY)</a> was about to rally. Since then, <a href="https://www.smartkarma.com/entities/gold" target="_blank" data-smartkarma-citation="entities:22870:1" rel="noopener">Gold</a> has been rising for 6 consecutive weeks. </li>
<li>Our tactical quantitative models indicate that <a href="https://www.smartkarma.com/entities/gold" target="_blank" data-smartkarma-citation="entities:22870:1" rel="noopener">Gold (GOLD COMDTY)</a> is OVERBOUGHT from a WEEKLY perspective, i.e. we expect a pullback that will last 1 or more weeks.</li>
<li>In this insight we will discuss both how much it can still rise and where to buy if there is a pullback, i.e. the support levels.</li>
</ul>


In a previous insight we predicted that Gold (GOLD COMDTY) was about to rally. Since then, Gold has been rising for 6 consecutive weeks. 
Our tactical quantitative models indicate that Gold (GOLD COMDTY) is OVERBOUGHT from a WEEKLY perspective, i.e. we expect a pullback that will last 1 or more weeks.
In this insight we will discuss both how much it can still rise and where to buy if there is a pullback, i.e. the support levels.


Gold Is Extremely OVERBOUGHT—Don't Buy Now, Pullback on the Horizon!

HarmoniQ Insights

William Mann

Independent Insight Provider

At HarmoniQ Insights, we empower investors to enhance their investment strategies by integrating cutting-edge quantitative research processes and technologies. Our solutions provide access to leading quantitative data providers and services, tailored to align with each client’s unique goals. By bridging the gap between traditional investment approaches and advanced data-driven methods, we help clients gain a competitive edge through innovation in both process and technology.

<ul><li>Equities opened down, with futures showing a decline across various markets</li><li>January saw significant gains in gold and Bitcoin, outperforming equities</li><li>European stocks surged 8.2% in a month, surprising many investors and challenging traditional market outlooks</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Equities opened down, with futures showing a decline across various marketsJanuary saw significant gains in gold and Bitcoin, outperforming equitiesEuropean stocks surged 8.2% in a month, surprising many investors and challenging traditional market outlooksThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The Tariff Effect: Economic Uncertainty Unpacked | The New Barbarians #006

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

<ul><li>Welcome to this week’s The Drill, which I will be authoring by myself moving forward.</li><li>This means a continued focus on commodities and energy, but also an increased dosage of geopolitics as many of you have wished for.</li><li>Each week, we’ll cover a couple of key topics as well as provide you with a sneak peak into our data models and what they have to say on commodities.</li></ul>

Welcome to this week’s The Drill, which I will be authoring by myself moving forward.This means a continued focus on commodities and energy, but also an increased dosage of geopolitics as many of you have wished for.Each week, we’ll cover a couple of key topics as well as provide you with a sneak peak into our data models and what they have to say on commodities.

The Drill – Oil down and precious metals UP.. The short USD trade in Geopolitics

United States

Gold is a chemical element with the symbol Au (from Latin: aurum) and the atomic number 79. In its purest form, it is a bright, slightly reddish yellow, dense, soft, malleable and ductile metal. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements, and is solid under standard conditions. The metal therefore occurs often in free elemental (native) form, as nuggets or grains, in rocks, in veins and in alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum) and also naturally alloyed with copper and palladium. Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).

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Gold (GOLD COMDTY)

Steno Signals #185 – Reciprocal Tariffs Are GOOD News! Here Is Why!

Welcome to our weekly editorial on everything macro, where we cut through the noise and deliver contrarian takes on macroeconomics, liquidity,...

Steno Research

Steno Signals #184 – Here is the roadmap for the business cycle in 2025

Welcome to our weekly editorial on everything macro, where we aim to paint a medium-term picture of liquidity, growth, and inflation—and how these...

Steno Research

Gold Is Extremely OVERBOUGHT—Don't Buy Now, Pullback on the Horizon!

Gold has been rallying for 6 weeks and is now overbought, we expect a pullback soon. If you plan to BUY, it's probably better to wait for the...

Nico Rosti

The Tariff Effect: Economic Uncertainty Unpacked | The New Barbarians #006

In January, equities were down while gold, Bitcoin, and European stocks saw positive gains, mirroring economic trends from the 1970s and signaling...

William Mann

The Drill – Oil down and precious metals UP.. The short USD trade in Geopolitics

Welcome to this week’s The Drill, which I will be authoring by myself moving forward. This means a continued focus on commodities and energy, but...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Steno Signals #185 – Reciprocal Tariffs Are GOOD News! Here Is Why!

Welcome to our weekly editorial on everything macro, where we cut through the noise and deliver contrarian takes on macroeconomics, liquidity,...

Steno Research

Steno Signals #184 – Here is the roadmap for the business cycle in 2025

Welcome to our weekly editorial on everything macro, where we aim to paint a medium-term picture of liquidity, growth, and inflation—and how these...

Steno Research

Gold Is Extremely OVERBOUGHT—Don't Buy Now, Pullback on the Horizon!

​Gold has been rallying for 6 weeks and is now overbought, we expect a pullback soon. If you plan to BUY, it's probably better to wait for the...

Nico Rosti

The Tariff Effect: Economic Uncertainty Unpacked | The New Barbarians #006

In January, equities were down while gold, Bitcoin, and European stocks saw positive gains, mirroring economic trends from the 1970s and signaling...

William Mann

The Drill – Oil down and precious metals UP.. The short USD trade in Geopolitics

Welcome to this week’s The Drill, which I will be authoring by myself moving forward. This means a continued focus on commodities and energy, but...

Steno Research

Gold has been rallying for 6 weeks and is now overbought, we expect a pullback soon. If you plan to BUY, it's probably better to wait for the...