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

Portfolio Watch: Short metals and Europe but long (US) liquidity sensitive assets

Portfolio Watch: Good news = no cuts = bad news (for metals)

Portfolio Watch – Adjusting equity and commodity risks as the reflation story stalls

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macroeconomics

<ul><li>Our bet on the US consumer is off to a flying start.</li><li>We have generally assumed that we can write off much of the weakness in May data due to severe weather incidents, which reached a 13-year high in May.</li><li>The weather has been much more benign in June, and we will likely see the first signs of this next week in the non-farm payroll report.</li></ul>

Our bet on the US consumer is off to a flying start.We have generally assumed that we can write off much of the weakness in May data due to severe weather incidents, which reached a 13-year high in May.The weather has been much more benign in June, and we will likely see the first signs of this next week in the non-farm payroll report.

Portfolio Watch: Don’t underestimate the US consumer