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

Steno Signals #71 – A First Taste of the Recession Sell-Off?

Steno Signals #72 – When a Recession Meets a Melt-Up in Equities and Bonds

Steno Signals #73 – An Abysmal Impulse for 2024

Steno Signals #66: Buckle up for the energy crisis 2.0

Steno Signals #68: There is NOT enough buyers for bonds amidst all this

Steno Signals #67 – 150bps Higher 10yr Yields and Parity up Next in EURUSD?

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>We have now formalized our recession call for Q1-2024 (in the US) as we have patiently waited all year and called for better than feared performance in the US economy.</li><li>Interestingly, we see a diverging path for Manufacturing and Services ahead short-term, which will likely wrongfoot many economists and traders.</li><li>Manufacturing is currently restocking, while services are on the decline.</li></ul>

We have now formalized our recession call for Q1-2024 (in the US) as we have patiently waited all year and called for better than feared performance in the US economy.Interestingly, we see a diverging path for Manufacturing and Services ahead short-term, which will likely wrongfoot many economists and traders.Manufacturing is currently restocking, while services are on the decline.

Steno Signals #69 – The recession playbook