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

<ul>
<li>Expected earnings growth has broadly trended downwards along with the realization that a bill from the Covid-boom had to be paid. Even so, momentum has shifted.</li>
<li>In the current conditions characterized by high-interest rates, borrowing costs are higher, which, all else equal, reduce corporate profits and lead to lower forward earnings expectations</li>
<li>When observing broad market price-earnings Japan does not look cheap as much as the US looks expensive.</li>
</ul>


Expected earnings growth has broadly trended downwards along with the realization that a bill from the Covid-boom had to be paid. Even so, momentum has shifted.
In the current conditions characterized by high-interest rates, borrowing costs are higher, which, all else equal, reduce corporate profits and lead to lower forward earnings expectations
When observing broad market price-earnings Japan does not look cheap as much as the US looks expensive.


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