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 Watch: China is preparing something BIG!

Head of Research, Steno Research

Emil Moller

Head of Research

Cross Asset Strategy

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<li>
<p>Last week was far from boring, but just when I thought we’d hit calm waters last Friday, the CBRT had me on edge. Another Governor jumping ship, signaling a return to Erdoganomics? Thankfully, no.</p>
</li>
<li>
<p>Surprisingly, the markets remained pretty chill, considering everything. Maybe the prepared statement did its job in calming nerves. But it was the quick and ready appointment of Karahan that really threw water on any doubts about the future of the disinflation effort.</p>
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<li>The latest leaks from the infamous anonymous sources in the know unveil that disagreements about the policy path were essentially Erkan’s undoing (see <a href="https://www.bloomberg.com/news/articles/2024-02-07/what-triggered-turkish-central-bank-governor-erkan-s-exit?srnd=premium-europe" target="_blank" rel="noopener">here</a>) and perhaps that is why many observers are growing even more optimistic about Turkey</li>
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Last week was far from boring, but just when I thought we’d hit calm waters last Friday, the CBRT had me on edge. Another Governor jumping ship, signaling a return to Erdoganomics? Thankfully, no.


Surprisingly, the markets remained pretty chill, considering everything. Maybe the prepared statement did its job in calming nerves. But it was the quick and ready appointment of Karahan that really threw water on any doubts about the future of the disinflation effort.

The latest leaks from the infamous anonymous sources in the know unveil that disagreements about the policy path were essentially Erkan’s undoing (see here) and perhaps that is why many observers are growing even more optimistic about Turkey


EM by EM #42 China Could Do with a Cold Turkey