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, Steno Research

Emil Moller

Head of Research

Macroeconomics

<ul><li>Hello everybody, and welcome back to our weekly Portfolio Watch!</li><li>The Hamas attack on October 7th coincided with a material repricing and a crash in oil prices, marking the peak in inflation expectations and the subsequent collapse of oil prices as 2023 came to an end.</li><li>Given our contrarian nature, we were far from convinced by this swift market move. We believed it was only a matter of time before reality would set in, and it appears that 2024 has indeed brought a harsh awakening for complacent optimists. </li></ul>

Hello everybody, and welcome back to our weekly Portfolio Watch!The Hamas attack on October 7th coincided with a material repricing and a crash in oil prices, marking the peak in inflation expectations and the subsequent collapse of oil prices as 2023 came to an end.Given our contrarian nature, we were far from convinced by this swift market move. We believed it was only a matter of time before reality would set in, and it appears that 2024 has indeed brought a harsh awakening for complacent optimists.  

Portfolio Watch: Chasing ships and fading narratives