Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

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.

Macroeconomics

<ul><li>Welcome to our weekly portfolio watch! In this piece, we look at the developments in our portfolio and try to assess the risk/reward in current markets.</li><li>Earlier this week, we received the monthly fund manager survey, and it seems like Energy remains underweight relative to benchmarks despite the recent performance.</li><li>Managers are also underweight equities in both Europe and the UK relative to benchmark allocations, while they also expect the Chinese economy to weaken further.</li></ul>

Welcome to our weekly portfolio watch! In this piece, we look at the developments in our portfolio and try to assess the risk/reward in current markets.Earlier this week, we received the monthly fund manager survey, and it seems like Energy remains underweight relative to benchmarks despite the recent performance.Managers are also underweight equities in both Europe and the UK relative to benchmark allocations, while they also expect the Chinese economy to weaken further.

Portfolio Watch: Any juice left in the anti-Europe bet?

Global Multi-Asset Investment Strategist, True Insights

Jeroen Blokland

Global Multi-Asset Investment Strategist

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True Insights

Our research helps investors build well-diversified multi-asset portfolios and profit from market developments. In addition, our unique and proven Macro – Sentiment – Valuation (MSV) investment framework ensures a consistent flow of new investment opportunities. Together with our market views, these opportunities will be reflected in our live ETF-based Global Multi-Asset Portfolios.

<ul>
<li>The most recent UK wage growth figures are a big disappointment for Bank of England Governor Bailey and his colleagues. </li>
<li>The Bank of England must choose between battling inflation or anticipating a recession with GDP growth and employment dwindling.</li>
<li>Sooner and deeper rate cuts in the UK compared to the US is what likely takes down the GBPUSD exchange rate further.</li>
</ul>


The most recent UK wage growth figures are a big disappointment for Bank of England Governor Bailey and his colleagues. 
The Bank of England must choose between battling inflation or anticipating a recession with GDP growth and employment dwindling.
Sooner and deeper rate cuts in the UK compared to the US is what likely takes down the GBPUSD exchange rate further.


The Growing Central Bank Dilemma and the FX Trade that Goes with It

<ul>
<li>Welcome to our weekly flagship editorial.</li>
<li>Remember that you can always follow our portfolio live right here.</li>
<li>As per usual, this is where you will get the unbiased and uncensored macro strategy that will hopefully allow you to make profitable investment decisions going forward.</li>
</ul>


Welcome to our weekly flagship editorial.
Remember that you can always follow our portfolio live right here.
As per usual, this is where you will get the unbiased and uncensored macro strategy that will hopefully allow you to make profitable investment decisions going forward.


Steno Signals #64 – The one on ESG-flation, oil and other tangibles

<ul>
<li>Avid readers of our research have likely noted how we have mentioned the US macro superiority to the Euro area in right about every single article this week.</li>
<li>ISM Services rebounded (in sharp contrast to consensus), while Services declined faster than feared in core countries in Europe.</li>
<li>It takes a very stubborn Chinese, German or Frenchman to argue that the US is not in the driver’s seat of economic growth globally, but has the market turned long US bets into the consensus position?</li>
</ul>


Avid readers of our research have likely noted how we have mentioned the US macro superiority to the Euro area in right about every single article this week.
ISM Services rebounded (in sharp contrast to consensus), while Services declined faster than feared in core countries in Europe.
It takes a very stubborn Chinese, German or Frenchman to argue that the US is not in the driver’s seat of economic growth globally, but has the market turned long US bets into the consensus position?


Portfolio Watch: Anyone Still in Doubt of the US Superiority?

Cross Asset Strategy

<ul>
<li>This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. </li>
<li>This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. </li>
<li>We discuss the latest developments surrounding Bitcoin and a spot Bitcoin ETF. While approval odds steadily rise, low attention and trading volumes reveal that investors are preoccupied with AI. </li>
</ul>


This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. 
This week, we look at the skewed US personal income and spending data, concluding that wage growth must take over quickly to keep spending afloat. 
We discuss the latest developments surrounding Bitcoin and a spot Bitcoin ETF. While approval odds steadily rise, low attention and trading volumes reveal that investors are preoccupied with AI. 


The Weekly Market Monitor – Spending Pressure, Labor Lull, and Bitcoin Fatigue

United Kingdom

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Portfolio Watch: Any juice left in the anti-Europe bet?

Welcome to our weekly portfolio watch! In this piece, we look at the developments in our portfolio and try to assess the risk/reward in current...

Steno Research

The Growing Central Bank Dilemma and the FX Trade that Goes with It

The UK has entered stagflation, meaning the Bank of England must choose where to aim monetary policy, growth or inflation.

Jeroen Blokland

Steno Signals #64 – The one on ESG-flation, oil and other tangibles

Welcome to our weekly flagship editorial. Remember that you can always follow our portfolio live right here. As per usual, this is where you will...

Steno Research

Portfolio Watch: Anyone Still in Doubt of the US Superiority?

Avid readers of our research have likely noted how we have mentioned the US macro superiority to the Euro area in right about every single article...

Steno Research

The Weekly Market Monitor – Spending Pressure, Labor Lull, and Bitcoin Fatigue

Wage growth vs. excess savings. Will the US labor market start to weaken and cause a recession? Grayscale vs. the SEC and what it means for Bitcoin.

Jeroen Blokland

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52-week Range

Market Cap (USDm)

P/E

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