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

Macroeconomics

<ul>
<li>We still keep a watchful eye on copper which, in our opinion, still possesses all the fundamentals for further upside. </li>
<li>JPY positioning is way too SHORT, should the BoJ further widen the band. AUD is too NEGATIVE, if China is to fully reopen.</li>
<li>We perceive the near future somewhat optimistically – relatively to consensus. We believe that the market is a bit too bearish, and we favor some net equity exposure</li>
</ul>


We still keep a watchful eye on copper which, in our opinion, still possesses all the fundamentals for further upside. 
JPY positioning is way too SHORT, should the BoJ further widen the band. AUD is too NEGATIVE, if China is to fully reopen.
We perceive the near future somewhat optimistically – relatively to consensus. We believe that the market is a bit too bearish, and we favor some net equity exposure


Positioning Watch – a Sentiment-Gauge Across Asset Classes