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

Energy Cable: More pain to come in copper, while Nat Gas is a long trade?

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

China & United states / Cross Asset Strategy

<ul>
<li>China could be the disinflationistas big hope from here. The export price index is not yet picking up in China despite some signs of early increases.</li>
<li>The potential re-inflation story will likely be forewarned in the Chinese PPI again. There are some early signs of improvement in Shipping to be seen.</li>
<li>The bottom-line is that we are still playing the metals space from the short side, while we don’t hold any energy longs despite it being increasingly attractive from a risk/reward perspective.</li>
</ul>


China could be the disinflationistas big hope from here. The export price index is not yet picking up in China despite some signs of early increases.
The potential re-inflation story will likely be forewarned in the Chinese PPI again. There are some early signs of improvement in Shipping to be seen.
The bottom-line is that we are still playing the metals space from the short side, while we don’t hold any energy longs despite it being increasingly attractive from a risk/reward perspective.


Energy Cable: The demand outlook in China is dreadful to say the least …