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: Liquidity the Name of the Game

Head of Research, Steno Research

Emil Moller

Head of Research

Macroeconomics

<ul><li>Conclusions up front:1) A long USD bet is a good way to express 1) strong US data seasonality compared to peers until year-end and a bet on extreme help from spreadsheets / seasonal adjustments in the ISMs, 2) The oil market is the only cyclical market not responding to the current positivity.</li><li>Will we see a ketchup effect should OPEC+ deliver next week?</li><li>3) EUR-duration continues to look attractive ahead of a likely soft CPI print next week.</li></ul>

Conclusions up front:1) A long USD bet is a good way to express 1) strong US data seasonality compared to peers until year-end and a bet on extreme help from spreadsheets / seasonal adjustments in the ISMs, 2) The oil market is the only cyclical market not responding to the current positivity.Will we see a ketchup effect should OPEC+ deliver next week?3) EUR-duration continues to look attractive ahead of a likely soft CPI print next week.

Portfolio Watch: The last dance?