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

Positioning Watch: Prepared for a Short Squeeze?

Positioning Watch – Markets betting on lower rates and higher oil prices

Positioning Watch – Hedge Funds are leaning towards increasing growth, but NOT inflation

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>Copper (industrial metal) longs continue to look interesting, while long Energy remains a consensus story</li>
<li>JPY positioning is still WAY too short if BoJ continues to widen the band, while AUD positioning is also TOO negative, if China truly reopens.</li>
<li>Market may still be (clearly) too bearish in the recession doesn’t arrive until Q2 while China reopens. We like to have net equity risk currently. </li>
</ul>


Copper (industrial metal) longs continue to look interesting, while long Energy remains a consensus story
JPY positioning is still WAY too short if BoJ continues to widen the band, while AUD positioning is also TOO negative, if China truly reopens.
Market may still be (clearly) too bearish in the recession doesn’t arrive until Q2 while China reopens. We like to have net equity risk currently. 


Positioning Watch – How Are Traders Positioned?