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

Ifo Nugget: Confirmed.. The only inflation you’ll get in Germany is supply driven

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Macroeconomics

<ul><li>Looking at short-term price expectations we note that price expectations in manufacturing were almost unchanged from last month while still pointing towards headline HICP printing at around or even below 2% YoY.</li><li>In services ex real estate the reacceleration we had seen over the last 4-6 months turned.</li><li>Moving over to the breakdown of the order to inventory numbers, we find a small uptick in chemicals which was expected on the back of lower natural gas prices, but it still hasn’t nearly caught up to the muted levels in implied natural gas volatility which we have seen over the last year.</li></ul>

Looking at short-term price expectations we note that price expectations in manufacturing were almost unchanged from last month while still pointing towards headline HICP printing at around or even below 2% YoY.In services ex real estate the reacceleration we had seen over the last 4-6 months turned.Moving over to the breakdown of the order to inventory numbers, we find a small uptick in chemicals which was expected on the back of lower natural gas prices, but it still hasn’t nearly caught up to the muted levels in implied natural gas volatility which we have seen over the last year.

Ifo Nugget: Smells like disinflation