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>Overall equity positioning remains short but the sentiment is not overly bearish across styles/sectors</li>
<li>EUR seems like the new safe haven. In will likely turn, but as long as the events are centered around the US, the EUR could be a place to hide</li>
<li>Industrial metals are not popular. Copper positioning has quickly went back to being net short again after being net long last week</li>
</ul>


Overall equity positioning remains short but the sentiment is not overly bearish across styles/sectors
EUR seems like the new safe haven. In will likely turn, but as long as the events are centered around the US, the EUR could be a place to hide
Industrial metals are not popular. Copper positioning has quickly went back to being net short again after being net long last week


Positioning Watch: The EUR Is the Only One Left at the Party