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

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul><li>After a load of speculations and postponements, the OPEC group finally delivered a press release, but there are still many uncertainties around the actual outcome of the meeting.</li><li>On the surface, the supply cut deal is intensive, but given early hints of non-compliance from a couple of the African members, the market is not overly convinced.</li><li>We disagree with the market take-away and see this as a strong supply message, but admittedly have to monitor the compliance on an ongoing basis in coming months.</li></ul>

After a load of speculations and postponements, the OPEC group finally delivered a press release, but there are still many uncertainties around the actual outcome of the meeting.On the surface, the supply cut deal is intensive, but given early hints of non-compliance from a couple of the African members, the market is not overly convinced.We disagree with the market take-away and see this as a strong supply message, but admittedly have to monitor the compliance on an ongoing basis in coming months.

Kuwait International Sovereign Bond (KUWIB GOVT)

OPEC, EIA and Nat Gas Watch: A Lukewarm but Bullish Supply Cut