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

<ul>
<li>Happy Monday, and welcome to our weekly positioning update!Markets seem to be back to normal dynamics, with US indices slowly drifting higher with S&amp;P 500 passing the historic 5000 USD level, despite most economic data prints surprising to the upside, almost forcing risk-asset investors to believe that the economy has survived higher interest rates for good.</li>
<li>Although rates traders have made what looks like a u-turn in the # of cuts priced in for 2024, the promise from central bankers that policy rates will come down has been anchored in expectations, and the cocktail of slightly better than expected economic data and the perception that central bankers will cut interest rates (albeit slightly slower) anyway produces a perfect environment for risk assets to perform and drift higher.</li>
<li>With USD liquidity looking to continue its upward trajectory, equities are still a buy given the current narrative – momentum is king.</li>
</ul>


Happy Monday, and welcome to our weekly positioning update!Markets seem to be back to normal dynamics, with US indices slowly drifting higher with S&amp;P 500 passing the historic 5000 USD level, despite most economic data prints surprising to the upside, almost forcing risk-asset investors to believe that the economy has survived higher interest rates for good.
Although rates traders have made what looks like a u-turn in the # of cuts priced in for 2024, the promise from central bankers that policy rates will come down has been anchored in expectations, and the cocktail of slightly better than expected economic data and the perception that central bankers will cut interest rates (albeit slightly slower) anyway produces a perfect environment for risk assets to perform and drift higher.
With USD liquidity looking to continue its upward trajectory, equities are still a buy given the current narrative – momentum is king.
