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

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Commodities

<ul>
<li>Before we begin, let’s discuss the Trump tariffs, as he increasingly sounds serious about them.</li>
<li>His recent message on Truth Social suggests he is ready to roll out a series of initiatives next week, including those on trade, cryptocurrency, and a range of other topics.</li>
<li>Every counterpart we speak to expects Trump to take action over the course of his presidency but also anticipates him backing down if the market pushes back against tariffs with a stronger USD, higher bond yields, and weaker risk sentiment.</li>
</ul>


Before we begin, let’s discuss the Trump tariffs, as he increasingly sounds serious about them.
His recent message on Truth Social suggests he is ready to roll out a series of initiatives next week, including those on trade, cryptocurrency, and a range of other topics.
Every counterpart we speak to expects Trump to take action over the course of his presidency but also anticipates him backing down if the market pushes back against tariffs with a stronger USD, higher bond yields, and weaker risk sentiment.


The Drill: What if Trump is not bluffing ahead of next week?

Crude Oil

The Drill: What if Trump is not bluffing ahead of next week?