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

Macroeconomics

<ul><li>Welcome to our Weekly EM editorial.</li><li>In light of a likely Fed cutting cycle commencing in September, we will analyze why this cycle is anything but ordinary and how the EM price cycle may disrupt standard playbooks on trading a US cutting cycle.</li><li>Key Takeaways: Gold is likely to perform (much) worse than during a typical Fed cutting cycle. China is actively trying to cool down the gold market. The EM inflation cycle is indicative of what’s upcoming in DM markets into 2025. The Copper to Gold ratio is a screaming “buy” given this context.</li></ul>

Welcome to our Weekly EM editorial.In light of a likely Fed cutting cycle commencing in September, we will analyze why this cycle is anything but ordinary and how the EM price cycle may disrupt standard playbooks on trading a US cutting cycle.Key Takeaways: Gold is likely to perform (much) worse than during a typical Fed cutting cycle. China is actively trying to cool down the gold market. The EM inflation cycle is indicative of what’s upcoming in DM markets into 2025. The Copper to Gold ratio is a screaming “buy” given this context.

EM Watch: Why China is trying to wreak havoc on your Gold longs