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

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Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>We have been banging the drum on a cyclical rotation due to improving Manufacturing dynamics, and the PMIs released today mostly underpinned our view.</li><li>French and US Manufacturing PMIs surprised on the topside, while German Manufacturing remained stuck in the abyss, but the anecdotal evidence supported the rise in the orders book relative to inventories that we have noted lately.</li><li>From the US PMI release:“Goods producers signaled the steepest rise in new orders since May 2022, as customer demand improved for a second month running”From the French PMI release:“That said, there were reports of demand conditions improving, with production at some manufacturers being boosted by restocking efforts”Both conventional (orders to inventories) and unconventional leading indicators (Semi Exports) rhyme with an improving Manufacturing cycle short-term.</li></ul>

We have been banging the drum on a cyclical rotation due to improving Manufacturing dynamics, and the PMIs released today mostly underpinned our view.French and US Manufacturing PMIs surprised on the topside, while German Manufacturing remained stuck in the abyss, but the anecdotal evidence supported the rise in the orders book relative to inventories that we have noted lately.From the US PMI release:“Goods producers signaled the steepest rise in new orders since May 2022, as customer demand improved for a second month running”From the French PMI release:“That said, there were reports of demand conditions improving, with production at some manufacturers being boosted by restocking efforts”Both conventional (orders to inventories) and unconventional leading indicators (Semi Exports) rhyme with an improving Manufacturing cycle short-term.

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