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>Markets are pricing in heavy cuts for next year as inflation keeps coming in soft, making a soft landing the base case for the bulls, but everything comes at a price.</li><li>But how are assets likely to perform if the market narrative is correct and yields will indeed come down in a continued bull-steepening fashion, which in our view is the most likely scenario in H1 2024?</li><li>We have pulled out some of our cross-asset beta studies from our data-library to provide you with an overview of how assets perform during various yield curve regimes.</li></ul>

Markets are pricing in heavy cuts for next year as inflation keeps coming in soft, making a soft landing the base case for the bulls, but everything comes at a price.But how are assets likely to perform if the market narrative is correct and yields will indeed come down in a continued bull-steepening fashion, which in our view is the most likely scenario in H1 2024?We have pulled out some of our cross-asset beta studies from our data-library to provide you with an overview of how assets perform during various yield curve regimes.

Bull Steepening Watch – Is Lower Yields Really What Risk Assets Want?

Head of Research, Steno Research

Emil Moller

Head of Research

Macroeconomics

<ul><li>The early hikers club comprising e.g. Brazil and Mexico could be a decent steepener trade from here as long as FX vol remains relatively muted</li><li>Receiving rates in Brazil, Poland or India amidst this global bond party makes sense</li><li>As markets have outpaced central banks and vanilla economists in pricing in future rate cuts while eagerly purchasing bonds, the question that arises is how to effectively navigate this transition from a period of rapid buying to an anticipated rate cutting cycle in the emerging markets.</li></ul>

The early hikers club comprising e.g. Brazil and Mexico could be a decent steepener trade from here as long as FX vol remains relatively mutedReceiving rates in Brazil, Poland or India amidst this global bond party makes senseAs markets have outpaced central banks and vanilla economists in pricing in future rate cuts while eagerly purchasing bonds, the question that arises is how to effectively navigate this transition from a period of rapid buying to an anticipated rate cutting cycle in the emerging markets.

EM by EM #33: Early Hikers = Early Steepeners?

<ul><li>Happy Sunday and welcome to our weekly flagship editorial.</li><li>The soft landing narrative has seen material tailwinds over the past 6-8 weeks, while the recession narrative is fading fast.</li><li>This is the first prerequisite for an actual recession as a recession never arrives when everyone plans for one.</li></ul>

Happy Sunday and welcome to our weekly flagship editorial.The soft landing narrative has seen material tailwinds over the past 6-8 weeks, while the recession narrative is fading fast.This is the first prerequisite for an actual recession as a recession never arrives when everyone plans for one.

Steno Signals #75 – The 2007/2008 Playbook Is Useful Again

<ul>
<li>EM’s are desperate for a weaker USD and may see some brief yet necessary breathing room from the pending US Government Shutdown.</li>
<li>But don’t count on it making much of a difference.</li>
<li>A bottoming in China may present some relief to relevant trade partners</li>
</ul>


EM’s are desperate for a weaker USD and may see some brief yet necessary breathing room from the pending US Government Shutdown.
But don’t count on it making much of a difference.
A bottoming in China may present some relief to relevant trade partners


EM by EM #22 The Good, the bad and the ugly

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

<ul><li>Welcome to this week’s Great Game! Now, I know that we have been quite critical of the U.S. Administration and Joe Biden in particular.</li><li>While it’s still fair to have some concerns about the well-being of the Commander-in-Chief, I think it’s time to heap some praise on his team and administration for their foreign policy work over the past months.</li><li>This week was particularly bright for U.S. interests – let’s go over events one by one – and finish up with how Kim Kardashian might be the most popular woman in Iran!</li></ul>

Welcome to this week’s Great Game! Now, I know that we have been quite critical of the U.S. Administration and Joe Biden in particular.While it’s still fair to have some concerns about the well-being of the Commander-in-Chief, I think it’s time to heap some praise on his team and administration for their foreign policy work over the past months.This week was particularly bright for U.S. interests – let’s go over events one by one – and finish up with how Kim Kardashian might be the most popular woman in Iran!

The Great Game – Who’s more powerful, Joe Biden or Kim Kardashian?

India

The Indian rupee is the official currency of India. 

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

INR (USDINR CURNCY)

Bull Steepening Watch – Is Lower Yields Really What Risk Assets Want?

Let’s run through each asset class to see where to put your eggs if a bull-steepening of the yield curve continues into 2024.

Steno Research

EM by EM #33: Early Hikers = Early Steepeners?

Conclusions up front:– The early hikers club comprising e.g. Brazil and Mexico could be a decent steepener trade from here as long as FX vol...

Steno Research

Steno Signals #75 – The 2007/2008 Playbook Is Useful Again

The soft landing narrative has seen material tailwinds over the past 6-8 weeks, while the recession narrative is fading fast.

Steno Research

EM by EM #22 The Good, the bad and the ugly

EM’s are desperate for a weaker USD and may see some brief yet necessary breathing room from the pending US Government Shutdown.

Steno Research

The Great Game – Who’s more powerful, Joe Biden or Kim Kardashian?

Welcome to this week’s Great Game! Now, I know that we have been quite critical of the U.S. Administration and Joe Biden in particular. While it’s...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)