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

Rotating EM Flows: From Japan to Emerging Asia

Elias Lisberg Glistrup

Macroeconomics

<ul><li>We see growth trending higher in the cyclical parts of the economy through April on our models and nowcasts, and Korean industries are well-positioned to capitalize on global cyclical tailwinds.</li><li>Especially as Chinese economic activity picks up pace.</li><li>The Caixin PMI suggests expansion, and given trade ties and scarcity of semis this should, all else equal, continue to boost Korean exports.</li></ul>

We see growth trending higher in the cyclical parts of the economy through April on our models and nowcasts, and Korean industries are well-positioned to capitalize on global cyclical tailwinds.Especially as Chinese economic activity picks up pace.The Caixin PMI suggests expansion, and given trade ties and scarcity of semis this should, all else equal, continue to boost Korean exports.

Korea Stock Exchange Kospi Index (KOSPI INDEX)

Emerging Markets: Legs to the Korea case or time to cash in?