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

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Head of Research, Steno Research

Emil Moller

Head of Research

Macroeconomics

<ul><li>Main takeaways: Brazilian Equities are on offer and provide solid value for long-only. If commodities are in for a rebound Brazil may be a decent option to seek exposure.</li><li>Plenty of recessionary clouds near mid-term and while fixed income remain the game in town, yields coming down may provide a narrow opportunity for equities. Regular EM readers here would know that we have been bullish on Brazilian Sovereigns since March.</li><li>The fundamental drivers behind this thesis have roughly been two folded: The market being over-pessimistic of the re-ascension of Lula to the office and over-concerned with the inflationary resilience of the Brazilian Economy.</li></ul>

Main takeaways: Brazilian Equities are on offer and provide solid value for long-only. If commodities are in for a rebound Brazil may be a decent option to seek exposure.Plenty of recessionary clouds near mid-term and while fixed income remain the game in town, yields coming down may provide a narrow opportunity for equities. Regular EM readers here would know that we have been bullish on Brazilian Sovereigns since March.The fundamental drivers behind this thesis have roughly been two folded: The market being over-pessimistic of the re-ascension of Lula to the office and over-concerned with the inflationary resilience of the Brazilian Economy.

EM by EM #13 – A sweetspot for Brazilian Equities?