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

EM by EM #27 Not a Bazooka, but a Pumpgun

EM by EM #28 The Truth Hidden in Plain Sight

EM by EM #29: Biden’s Party, EM’s Hangover & Scholz’s Nightmare

Head of Research, Steno Research

Emil Moller

Head of Research

Cross Asset Strategy

China & United states / Cross Asset Strategy

<ul><li>Both Biden and Xi find themselves walking on thin ice as domestic economic challenges pose a significant challenge to their foreign policy goals.</li><li>Amidst the considerable volatility in risk assets and US Treasury bonds, we believe that commodities could present a favorable risk-reward opportunity.</li><li>Our forecast of a possible recession is further complicated by price pressures arising from the pending restocking and the geopolitical risksIt’s hard to overlook the remarkable resilience of the US economy and the current turbulence in global bond markets.</li></ul>

Both Biden and Xi find themselves walking on thin ice as domestic economic challenges pose a significant challenge to their foreign policy goals.Amidst the considerable volatility in risk assets and US Treasury bonds, we believe that commodities could present a favorable risk-reward opportunity.Our forecast of a possible recession is further complicated by price pressures arising from the pending restocking and the geopolitical risksIt’s hard to overlook the remarkable resilience of the US economy and the current turbulence in global bond markets.

EM by EM #26: Biden, Blinken, Barrels & Beijing