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

1Q23 GDP Roundup and Outlook: Worst Case Scenario Averted

Asian Currencies Remain Stable but China-Led Upsides Are Limited

Inflation Watch: 10 Reasons Why No One Will Talk Inflation in 6 Months from Now

Inflation Watch: Is the Inflation Momentum Back Before It Even Disappeared? 5 Pros and 5 Cons

Inflation Watch: 7 Charts on EUR Inflation After Smoking Hot Prints from Spain and France

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul>
<li>The weakest 2-week change in bank lending on record over the course of March</li>
<li>Banks take extremely conservative decisions on the back of SVB</li>
<li>If bank lending continues to contract, Real Estate will be the first victim </li>
</ul>


The weakest 2-week change in bank lending on record over the course of March
Banks take extremely conservative decisions on the back of SVB
If bank lending continues to contract, Real Estate will be the first victim 


Macro Strategy - Slow Walking into a Recessionary Credit Crunch