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

Elias Lisberg Glistrup

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul><li>The net tightening of credit standards amongst Euro Area banks moderated slightly compared with the previous quarter, but the main impact of the tightening still stems from banks’ risk perception.</li><li>Banks’ reportedly still see risks linked to a gloomy economic outlook (as do we), and they also remain attentive to company- and situation specific risk when providing or extending credit.</li><li>All adding to the tightening lending standards.</li></ul>

The net tightening of credit standards amongst Euro Area banks moderated slightly compared with the previous quarter, but the main impact of the tightening still stems from banks’ risk perception.Banks’ reportedly still see risks linked to a gloomy economic outlook (as do we), and they also remain attentive to company- and situation specific risk when providing or extending credit.All adding to the tightening lending standards.

ECB Bank Loan Survey Nugget: Tight Supply and Even Less Demand