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.

Macro and Geopolitical Research House

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Equities are NOT expensive in a historical context. They are relatively close to fair value</li>
<li>US equity markets look slightly expensive relative to European or Asian markets.</li>
<li>If we get a recession (our base case for H2), we find no signs that it is already priced in.</li>
</ul>


Equities are NOT expensive in a historical context. They are relatively close to fair value
US equity markets look slightly expensive relative to European or Asian markets.
If we get a recession (our base case for H2), we find no signs that it is already priced in.


Asset Allocation Watch: Are Equities Cheap or Expensive Ahead of the Reporting Season?