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

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

ishares msci usa equal weighted etf (EUSA US)

<ul><li>Welcome to this fourth release in our “Business Cycle Week”, where, besides addressing the just released Philadelphia Fed Manufacturing Survey, we’ll probe the probability for a cyclical rebound and assess the implications for equities in particular.</li><li>Take away: Divergence in soft and hard data has scared the outlook for earnings in US industrials the most. Equity betas to soft and hard data show an interesting discrepancy. Long US industrials vs short German industrials look interesting here. 2 reasons for PMI bullishness, 2 reasons for PMI bearishness.</li><li>This week has been all about our ‘business cycle week’ here at Steno Research and for this one we’ll zoom in on both soft and hard data from the manufacturing sector and put it into an equity perspective. </li></ul>

Welcome to this fourth release in our “Business Cycle Week”, where, besides addressing the just released Philadelphia Fed Manufacturing Survey, we’ll probe the probability for a cyclical rebound and assess the implications for equities in particular.Take away: Divergence in soft and hard data has scared the outlook for earnings in US industrials the most. Equity betas to soft and hard data show an interesting discrepancy. Long US industrials vs short German industrials look interesting here. 2 reasons for PMI bullishness, 2 reasons for PMI bearishness.This week has been all about our ‘business cycle week’ here at Steno Research and for this one we’ll zoom in on both soft and hard data from the manufacturing sector and put it into an equity perspective. 

Equities Watch: Today’s Philly Fed Figures Make For Bullish Reading