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>Happy Friday! Every week, we dive deep into macro trends, analyze asset movements, and uncover the best value plays in the world of macro.</li><li>These insights are shared with hedge funds and institutional clients, and each Friday, we’re bringing them directly to you.</li><li>While the macro landscape can be complex, we believe it doesn’t have to be intimidating.</li></ul>

Happy Friday! Every week, we dive deep into macro trends, analyze asset movements, and uncover the best value plays in the world of macro.These insights are shared with hedge funds and institutional clients, and each Friday, we’re bringing them directly to you.While the macro landscape can be complex, we believe it doesn’t have to be intimidating.

Here is what we told Hedge Funds this week – and how we’re trading it!

Political Analyst | Steno Research, Steno Research

Anne Sandager

Political Analyst | Steno Research

<ul><li>France sovereign debt reached a record €3.228 trillion, amounting to 112% of GDP in June, well above the 60% cap set by EU regulations.</li><li>France growing debt have slowly been chipping away at investors’ confidence in French bonds.</li><li>After Macron called a snap election in June resulting in a hung parliament, risk premiums on French 10-year bonds have shot up.</li></ul>

France sovereign debt reached a record €3.228 trillion, amounting to 112% of GDP in June, well above the 60% cap set by EU regulations.France growing debt have slowly been chipping away at investors’ confidence in French bonds.After Macron called a snap election in June resulting in a hung parliament, risk premiums on French 10-year bonds have shot up.

Geopolitical Flash Update – Bye Bye Barnier

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

<ul><li>Welcome to another election-heavy Great Game as we continue the 2024 ballot bonanza.</li><li>This week saw the pivotal elections in both the UK and France as well as a very different, but also very interesting presidential election in Iran.</li><li>We’ll cover all three and what they might mean for investors.</li></ul>

Welcome to another election-heavy Great Game as we continue the 2024 ballot bonanza.This week saw the pivotal elections in both the UK and France as well as a very different, but also very interesting presidential election in Iran.We’ll cover all three and what they might mean for investors.

Great Game – Election Analysis for UK, France and Iran

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>Despite the success of his economic reforms (which enabled France to beat Germany on growth, and building a financial centre), immigration has tripped President Macron up since Dec'23. </li>
<li>Le Pen's nationalist, anti-immigrant and anti-"Islamists" RN party won the first round of the parliamentary election and is likely to be emerge with a slim plurality after the second round. </li>
<li>Macron will either have to pick a RN- or extreme-left-backed prime minister -- or choose to run a minority government incapable of passing legislation. A looser EU, weaker France likely. </li>
</ul>


Despite the success of his economic reforms (which enabled France to beat Germany on growth, and building a financial centre), immigration has tripped President Macron up since Dec'23. 
Le Pen's nationalist, anti-immigrant and anti-"Islamists" RN party won the first round of the parliamentary election and is likely to be emerge with a slim plurality after the second round. 
Macron will either have to pick a RN- or extreme-left-backed prime minister -- or choose to run a minority government incapable of passing legislation. A looser EU, weaker France likely. 


EU: Rise of the Ultra-Nationalist Right (Eg, in France) And Its Consequences

Cross Asset Strategy

<ul>
<li>Hello and welcome to this week’s Great Game.</li>
<li>The First Round of the French Legislative Election was held on Sunday and the initial results suggested a clear win for Marine Le Pen’s far-right coalition around her <em>National Rally</em> party</li>
<li>Biden is starting to drop rapidly in polls after the US presidential debate.</li>
</ul>


Hello and welcome to this week’s Great Game.
The First Round of the French Legislative Election was held on Sunday and the initial results suggested a clear win for Marine Le Pen’s far-right coalition around her National Rally party
Biden is starting to drop rapidly in polls after the US presidential debate.


Great Game – Biden in Free-Fall and a French Ménage À Trois

France

iShares MSCI France ETF is an exchange-traded fund incorporated in the USA. The ETF's objective seeks to provide investment results that correspond to the performance of publicly traded securities in the French market, as measured by the MSCI France Index. The ETF invests in a representative sample of index stocks using a "portfolio sampling" technique and weighting based on market cap.

ishares msci france etf (EWQ US)

Here is what we told Hedge Funds this week – and how we’re trading it!

Happy Friday! Every week, we dive deep into macro trends, analyze asset movements, and uncover the best value plays in the world of macro. These...

Steno Research

Geopolitical Flash Update – Bye Bye Barnier

France sovereign debt reached a record €3.228 trillion, amounting to 112% of GDP in June, well above the 60% cap set by EU regulations. France...

Steno Research

Great Game – Election Analysis for UK, France and Iran

Welcome to another election-heavy Great Game as we continue the 2024 ballot bonanza. This week saw the pivotal elections in both the UK and France...

Steno Research

EU: Rise of the Ultra-Nationalist Right (Eg, in France) And Its Consequences

Macron's French assimilation vs anti-Islamist RN (with roots to the Battle of Tours won by Charlemagne's grandpa in 732CE) at existential heart of...

Prasenjit K. Basu

Great Game – Biden in Free-Fall and a French Ménage À Trois

Biden is starting to drop rapidly in polls after the US presidential debate. Many polls show Trump to have opened a 2-4 point lead nationally,...

Steno Research