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: Steep, Steeper, Steepest!

Asset Allocation Watch: Country Garden Melt-Down? 5 Charts on Cross-Asset Spill-Overs!

Head of Research, Steno Research

Emil Moller

Head of Research

Macroeconomics

<ul><li>Good Friday everyone!We are back with our Portfolio Watch here as we embark on the week’s last trading day!We are not surprised by this week’s bounce nor are we unhappy with the profits we’ve made on the back of it.</li><li>As I wrote in last week’s Portfolio Watch: “(…)We have been taking in some water in our longs in bonds and equities and while we won’t be surprised by a rebound next week, we may be entering a phase where adding shorts is a prudent risk/reward option” and here we are with what looks like the best week for global stocks since NovemberChart 1: Global Equity PerformanceWe accurately anticipated and benefited from the release of the CPI data, as our long bonds and equity beta allocations proved fruitful.</li><li>Our models indicated a CPI reading below market consensus, leading us to maintain our long exposure and anticipate potential difficulties for bond shorts.</li></ul>

Good Friday everyone!We are back with our Portfolio Watch here as we embark on the week’s last trading day!We are not surprised by this week’s bounce nor are we unhappy with the profits we’ve made on the back of it.As I wrote in last week’s Portfolio Watch: “(…)We have been taking in some water in our longs in bonds and equities and while we won’t be surprised by a rebound next week, we may be entering a phase where adding shorts is a prudent risk/reward option” and here we are with what looks like the best week for global stocks since NovemberChart 1: Global Equity PerformanceWe accurately anticipated and benefited from the release of the CPI data, as our long bonds and equity beta allocations proved fruitful.Our models indicated a CPI reading below market consensus, leading us to maintain our long exposure and anticipate potential difficulties for bond shorts.

Portfolio Watch: From a bond bear bonanza to a stock rally