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>Happy Monday from a sunny Copenhagen! We have been banging the drum on the similarities between the tariffs-cycle and the Covid-cycle over the past month, and we are increasingly confident that the playbook holds true.</li><li>The kind of stop/go dynamics look clearly similar as a policy shock nukes the cycle, while the “solution” is to roll back the shock gradually.</li><li>A lockdown before a reopening essentially.</li></ul>

Happy Monday from a sunny Copenhagen! We have been banging the drum on the similarities between the tariffs-cycle and the Covid-cycle over the past month, and we are increasingly confident that the playbook holds true.The kind of stop/go dynamics look clearly similar as a policy shock nukes the cycle, while the “solution” is to roll back the shock gradually.A lockdown before a reopening essentially.

Steno Signals #194 — The March 2020 Parallel Intensifies

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>JCI continued its relief rally, up 2.8% w-w, in line with regional peers.</li><li>Metal sectors (+14% w-w) outperformed, despite the ratification of new royalty scheme by the government (i.e., negative impact for earnings).</li><li>Meanwhile, we also noted outperformance by the laggard sectors such as Cement (+12% ww), Telco (+10% w-w), Infra (+9% w-w), Coal, Property (+8% w-w), indicating that investors have started to search for value within the market. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

JCI continued its relief rally, up 2.8% w-w, in line with regional peers.Metal sectors (+14% w-w) outperformed, despite the ratification of new royalty scheme by the government (i.e., negative impact for earnings).Meanwhile, we also noted outperformance by the laggard sectors such as Cement (+12% ww), Telco (+10% w-w), Infra (+9% w-w), Coal, Property (+8% w-w), indicating that investors have started to search for value within the market. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse: Chart of the Week - Cooper Price Vs. USD

<ul><li>Happy Monday and welcome to my weekly editorial on everything macro.</li><li>Everyone’s talking about the USD meltdown and whether it marks a seismic shift in the international system as we know it.</li><li>Markets are clearly responding to Trump’s list of “non-tariff barriers,” which notably placed FX manipulation at the very top.</li></ul>

Happy Monday and welcome to my weekly editorial on everything macro.Everyone’s talking about the USD meltdown and whether it marks a seismic shift in the international system as we know it.Markets are clearly responding to Trump’s list of “non-tariff barriers,” which notably placed FX manipulation at the very top.

Steno Signals #194 – A Mar-a-Lago Accord- or Meltdown?

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>Gold is now considered the most crowded trade. Should we be worried?</li>
<li>Who is going to buy US government bonds going forward?</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
Gold is now considered the most crowded trade. Should we be worried?
Who is going to buy US government bonds going forward?


<ul><li>Morning from Copenhagen!It’s been a remarkable week—and weekend—in policy space.</li><li>On Friday, the White House released a list of exemptions from the reciprocal tariffs (including, for example, semiconductors).</li><li>Then, on Sunday, Trump “tweeted” that no exemptions were made, leaving Howard Lutnick once again to explain what was actually going on.</li></ul>

Morning from Copenhagen!It’s been a remarkable week—and weekend—in policy space.On Friday, the White House released a list of exemptions from the reciprocal tariffs (including, for example, semiconductors).Then, on Sunday, Trump “tweeted” that no exemptions were made, leaving Howard Lutnick once again to explain what was actually going on.

Steno Signals #193 – The USD Reset Is Underway

United States

The US dollar is the official currency of the United States of America.

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

USD (USD CURNCY)

Steno Signals #194 — The March 2020 Parallel Intensifies

Happy Monday from a sunny Copenhagen! We have been banging the drum on the similarities between the tariffs-cycle and the Covid-cycle over the...

Steno Research

BRIDS Market Pulse: Chart of the Week - Cooper Price Vs. USD

Metal sectors (+14% w-w) outperformed, despite the ratification of new royalty scheme by the government (i.e., negative impact for earnings).

BRI Danareksa Research

Steno Signals #194 – A Mar-a-Lago Accord- or Meltdown?

Happy Monday and welcome to my weekly editorial on everything macro. Everyone’s talking about the USD meltdown and whether it marks a seismic...

Steno Research

Overview #23 Gold, Bonds and the USD

A review of recent events/data impacting our investment themes and outlook. We look at recent investor sentiment towards gold, the USD, bonds and...

Rikki Malik

Steno Signals #193 – The USD Reset Is Underway

Morning from Copenhagen!It’s been a remarkable week—and weekend—in policy space. On Friday, the White House released a list of exemptions from the...

Steno Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)