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>We see clear downside risks to the consensus forecasts for November inflation in Europe due to small seasonal expectations for price cuts in various seasonally dependent cost categories.</li><li>In our preview, we will assess the scope for surprises in the core countries and on the aggregate Euro area level.</li><li>Especially German inflation looks seasonally high in the consensus forecast.</li></ul>

We see clear downside risks to the consensus forecasts for November inflation in Europe due to small seasonal expectations for price cuts in various seasonally dependent cost categories.In our preview, we will assess the scope for surprises in the core countries and on the aggregate Euro area level.Especially German inflation looks seasonally high in the consensus forecast.

EUR Inflation Watch: Another Dovish Surprise Due to Black Week/Month?