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>We’ve generally experienced a “softer” September than anticipated in terms of interest rates.</li><li>The typical September issuance seasonality takes a back seat to the upcoming first Fed cut in this cycle.</li><li>Nick Timiraos has hinted that some officials are seriously considering going big already next week, so we may be in for a ride.</li></ul>

We’ve generally experienced a “softer” September than anticipated in terms of interest rates.The typical September issuance seasonality takes a back seat to the upcoming first Fed cut in this cycle.Nick Timiraos has hinted that some officials are seriously considering going big already next week, so we may be in for a ride.

Portfolio Watch: Buy Bonds, Wear Diamonds (or Gold)?

<ul><li>Hello everyone, and welcome back to our weekly positioning watch, now moved to Wednesdays.</li><li>Global macro has truly been a rollercoaster these past few weeks, and market narratives have constantly changed, making it somewhat difficult to navigate.</li><li>Everyone has been juggling around between the growth party and recession stories, and markets have increasingly been leading into cyclical trades after the July NFP dust settled, believing that the signs we saw from the labor market was a one off.</li></ul>

Hello everyone, and welcome back to our weekly positioning watch, now moved to Wednesdays.Global macro has truly been a rollercoaster these past few weeks, and market narratives have constantly changed, making it somewhat difficult to navigate.Everyone has been juggling around between the growth party and recession stories, and markets have increasingly been leading into cyclical trades after the July NFP dust settled, believing that the signs we saw from the labor market was a one off.

Positioning Watch – Markets are begging for a rebound in growth

Macroeconomics

<ul>
<li>Happy Sunday from Copenhagen.</li>
<li>Almost exactly a year ago, we wrote about the “roadmap to a recession” and how the market wrongly anticipated a near-term recession going into 2025.</li>
<li>We also labeled the increasing re-inflation and manufacturing momentum a head-fake during the spring as the credit growth never truly supported a comeback to the most cyclical parts of the economy.</li>
</ul>


Happy Sunday from Copenhagen.
Almost exactly a year ago, we wrote about the “roadmap to a recession” and how the market wrongly anticipated a near-term recession going into 2025.
We also labeled the increasing re-inflation and manufacturing momentum a head-fake during the spring as the credit growth never truly supported a comeback to the most cyclical parts of the economy.


Steno Signals #115 – The head-fake business cycle strikes again

Podcast by Joe Weisenthal & Tracy Alloway, Odd Lots

Odd Lots

Podcast by Joe Weisenthal & Tracy Alloway

Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.

FX & Rates

<ul><li>The carry trade involves borrowing in lower yielding currencies like the yen and investing in higher yielding assets</li><li>The recent unwind of the carry trade caused temporary market stress, but quickly settled down</li><li>The actors involved in the carry trade range from speculators to institutions, making it a diverse ecosystem with varying motivations and impacts</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>

The carry trade involves borrowing in lower yielding currencies like the yen and investing in higher yielding assetsThe recent unwind of the carry trade caused temporary market stress, but quickly settled downThe actors involved in the carry trade range from speculators to institutions, making it a diverse ecosystem with varying motivations and impactsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Hyun Song Shin on How Big the Yen Carry Trade Really Is

<ul>
<li>Happy Monday from Europe.</li>
<li>Powell is cutting, Ueda is hiking and USDJPY is heading lower.</li>
<li>It sounds like a tune we have heard before, and while we are NOT on imminent recession watch, we need to be aware of the potential slippery slope once the revised cat is let out of the bag.</li>
</ul>


Happy Monday from Europe.
Powell is cutting, Ueda is hiking and USDJPY is heading lower.
It sounds like a tune we have heard before, and while we are NOT on imminent recession watch, we need to be aware of the potential slippery slope once the revised cat is let out of the bag.


The Week At A Glance: The slippery slope of data revisions

Japan

The Japanese yen is the official currency of Japan. 

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Portfolio Watch: Buy Bonds, Wear Diamonds (or Gold)?

We’ve generally experienced a “softer” September than anticipated in terms of interest rates. The typical September issuance seasonality takes a...

Steno Research

Positioning Watch – Markets are begging for a rebound in growth

Hello everyone, and welcome back to our weekly positioning watch, now moved to Wednesdays. Global macro has truly been a rollercoaster these past...

Steno Research

Steno Signals #115 – The head-fake business cycle strikes again

Happy Sunday from Copenhagen. Almost exactly a year ago, we wrote about the “roadmap to a recession” and how the market wrongly anticipated a...

Steno Research

Hyun Song Shin on How Big the Yen Carry Trade Really Is

The recent carry trade unwind caused temporary market stress but was quickly recovered from, highlighting the importance of understanding and...

Odd Lots

The Week At A Glance: The slippery slope of data revisions

Happy Monday from Europe. Powell is cutting, Ueda is hiking and USDJPY is heading lower. It sounds like a tune we have heard before, and while we...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)