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

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

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<li>Amamiya is perceived to be Kurodas lieutenant or internal architect, which will dampen hopes/bets on changes to YCC-control initially. Stay long JPY (but refrain from bets in JGBs for now).</li>
<li>Lower energy-prices and improving sentiment may be enough to reignite the actual production pace in Q1/Q2 relative to expectations.</li>
<li>Savings are slowly but surely evaporating, but on most recent trends, they are likely to hold up a while longer.</li>
</ul>


Amamiya is perceived to be Kurodas lieutenant or internal architect, which will dampen hopes/bets on changes to YCC-control initially. Stay long JPY (but refrain from bets in JGBs for now).
Lower energy-prices and improving sentiment may be enough to reignite the actual production pace in Q1/Q2 relative to expectations.
Savings are slowly but surely evaporating, but on most recent trends, they are likely to hold up a while longer.


5 Things We Watch: Cyclical Upswing, Energy Inv., BOJ Governor, Higher for Longer, the Consumer