Head of Research, Steno Research

Emil Moller

Head of Research

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>When we last visited the Turkey case, rumors of Simsek’s potential return to office were surfacing as the markets grew increasingly restless due to the escalating economic challenges.</li>
<li>Hyperinflation reached its climax in the autumn of 2022, propelled by soaring energy prices, while the reserves at the Bank of Turkey were rapidly dwindling creating a rather destabilizing cocktail for Erdogan’s administration.</li>
<li>This was the state of the Net International Reserves on the first of June where our last Turkey piece was written.</li>
</ul>


When we last visited the Turkey case, rumors of Simsek’s potential return to office were surfacing as the markets grew increasingly restless due to the escalating economic challenges.
Hyperinflation reached its climax in the autumn of 2022, propelled by soaring energy prices, while the reserves at the Bank of Turkey were rapidly dwindling creating a rather destabilizing cocktail for Erdogan’s administration.
This was the state of the Net International Reserves on the first of June where our last Turkey piece was written.


EM by EM #19 The Simsek Effect kicking in?

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

<ul>
<li>We begin close to our home in Denmark, where the phenomenon of Quran burnings is once again the topic of the hour.</li>
<li>The right wing provocateur and nutjob Rasmus Paludan started the trend before he stood for the Danish Election in 2019 and since took his activites across the Sound to Sweden.</li>
<li>The burning of the Quran is obviously a huge affront to the global muslim population and was a major roadblock for Sweden’s entry into NATO.</li>
</ul>


We begin close to our home in Denmark, where the phenomenon of Quran burnings is once again the topic of the hour.
The right wing provocateur and nutjob Rasmus Paludan started the trend before he stood for the Danish Election in 2019 and since took his activites across the Sound to Sweden.
The burning of the Quran is obviously a huge affront to the global muslim population and was a major roadblock for Sweden’s entry into NATO.


Great Game: Book burnings and Ukrainian peace talks

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

<ul><li>3 main takeaways from the historic summit in Lithuania</li><li>The recent NATO summit held in Lithuania had an array of impactful moments that are set to shape the course of global politics in the coming years.</li><li>The event will be dissected from a multitude of perspectives, but there are a few major developments that stand out, demonstrating the complex tapestry of global alliances, negotiations, and unexpected twists.</li></ul>

3 main takeaways from the historic summit in LithuaniaThe recent NATO summit held in Lithuania had an array of impactful moments that are set to shape the course of global politics in the coming years.The event will be dissected from a multitude of perspectives, but there are a few major developments that stand out, demonstrating the complex tapestry of global alliances, negotiations, and unexpected twists.

The Great Game - Erdogan's Historic Flip-Flop - The Great Game

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

*Strong Man Strikes Again: Lighting has struck again, not five months since his hiring, Central Bank of Turkey (CBT) Governor Agbal has now been dismissed for raising interest rates. President Erdogan handpicked Sahap Kavcioglu as new CBT Governor. He is the fourth CBT Governor in two years, and a banking professor and newspaper columnist who has argued for lower interest rates, after serving a a lawmaker in Erdogan’s AKP party. We all know what happens when academics are in charge; and*Watch Your Risk: The TRL’s decline is troublesome, and the potential for a TRL gray market would NOT be of surprise at this stage. We continue to worry about counterparty risks should defaults rise. It’s probably not a bad time to start thinking about purchasing CDS protection on single name securities and on the Turkish sovereign.

*Strong Man Strikes Again: Lighting has struck again, not five months since his hiring, Central Bank of Turkey (CBT) Governor Agbal has now been dismissed for raising interest rates. President Erdogan handpicked Sahap Kavcioglu as new CBT Governor. He is the fourth CBT Governor in two years, and a banking professor and newspaper columnist who has argued for lower interest rates, after serving a a lawmaker in Erdogan’s AKP party. We all know what happens when academics are in charge; and*Watch Your Risk: The TRL’s decline is troublesome, and the potential for a TRL gray market would NOT be of surprise at this stage. We continue to worry about counterparty risks should defaults rise. It’s probably not a bad time to start thinking about purchasing CDS protection on single name securities and on the Turkish sovereign.

*Strong Man Strikes Again: Central Bank of Turkey (CBT) Governor Murat Uysal has been released from his duties, and Naci Agbal has been appointed as the new CBT governor. President Erdogan abruptly fired former Governor Uysal after just 16 months, after he indicated that interest rates may increase again in 2020; and*Watch Your Risk: The TRY’s decline of 43% YTD is troublesome, and the potential for a TRY gray market would NOT be of surprise at this stage. We continue to worry about counterparty risks should defaults rise. It’s probably not a bad time to start thinking about purchasing CDS protection on single name securities and on the Turkish sovereign.

*Strong Man Strikes Again: Central Bank of Turkey (CBT) Governor Murat Uysal has been released from his duties, and Naci Agbal has been appointed as the new CBT governor. President Erdogan abruptly fired former Governor Uysal after just 16 months, after he indicated that interest rates may increase again in 2020; and*Watch Your Risk: The TRY’s decline of 43% YTD is troublesome, and the potential for a TRY gray market would NOT be of surprise at this stage. We continue to worry about counterparty risks should defaults rise. It’s probably not a bad time to start thinking about purchasing CDS protection on single name securities and on the Turkish sovereign.

Turkey

iShares MSCI Turkey ETF is an exchange-traded fund incorporated in the USA. The ETF seeks investment results that correspond to the performance of the MSCI Turkey Investable Market Index.

iShares MSCI Turkey (TUR US)

EM by EM #19 The Simsek Effect kicking in?

When we last visited the Turkey case, rumors of Simsek’s potential return to office were surfacing as the markets grew increasingly restless due...

Steno Research

Great Game: Book burnings and Ukrainian peace talks

We begin close to our home in Denmark, where the phenomenon of Quran burnings is once again the topic of the hour. The right wing...

Steno Research

The Great Game - Erdogan's Historic Flip-Flop - The Great Game

3 main takeaways from the historic summit in Lithuania The recent NATO summit held in Lithuania had an array of impactful moments that are set to...

Steno Research

Turkey - YELP!

TURKEY: Not five months since his hiring, the CBT Governor has been replaced. The TRL’s decline is troublesome, and a TRL gray market would NOT be...

Thomas J. Monaco

Turkey – Off With His Head…Again

TURKEY: Central Bank of Turkey Has A New Governor As President Erdogan Removes His Previous Hand-picked Successor. Erdogsnomics Are Not Working.

Thomas J. Monaco