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

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

Elias Lisberg Glistrup

Macroeconomics

<ul><li>Welcome to the Emerging Market Series, this week covering the rotating capital flows away from Japan and its significance for China and Emerging AsiaWatch a condensed version of the key findings from this article on video.</li><li><span style="font-weight: 400;">Recovering from the ‘lost decades’ Japanese equities have been out of favor and continuously underperforming global benchmarks. </span></li><li><span style="font-weight: 400;">For 2023 however, the Nikkei 225 actually outperformed the S&amp;P 500, returning 28% vs. 24% respectively, and the euphoria around Japan returning to normalcy in terms of structural inflation, growth and its feasibility as an investment has continued into 2024 (Nikkei vs. SPX ≈ 15% vs. 8.5%). </span></li></ul>

Welcome to the Emerging Market Series, this week covering the rotating capital flows away from Japan and its significance for China and Emerging AsiaWatch a condensed version of the key findings from this article on video.Recovering from the ‘lost decades’ Japanese equities have been out of favor and continuously underperforming global benchmarks. For 2023 however, the Nikkei 225 actually outperformed the S&amp;P 500, returning 28% vs. 24% respectively, and the euphoria around Japan returning to normalcy in terms of structural inflation, growth and its feasibility as an investment has continued into 2024 (Nikkei vs. SPX ≈ 15% vs. 8.5%). 

Korea Stock Exchange Kospi Index (KOSPI INDEX)

Rotating EM Flows: From Japan to Emerging Asia