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>Welcome to our weekly EM watch, which typically centers around developments in Asia and Latin America.</li><li>We continue to see signs of Chinese efforts to balance global metals markets by exporting local excesses, while the export-sector driven growth in China limits the probability of major local fiscal stimulus to fuel domestic consumption.</li><li>The softening of the USD side of the equation will likely leave local monetary authorities in a wait-and-see mode despite continued weakness in both CNY and JPY.</li></ul>

Welcome to our weekly EM watch, which typically centers around developments in Asia and Latin America.We continue to see signs of Chinese efforts to balance global metals markets by exporting local excesses, while the export-sector driven growth in China limits the probability of major local fiscal stimulus to fuel domestic consumption.The softening of the USD side of the equation will likely leave local monetary authorities in a wait-and-see mode despite continued weakness in both CNY and JPY.

EM Watch – No fiscal stimulus from China as long as export-business is thriving!