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

Macroeconomics

<ul><li>The latter half of 2023 was all about the soft (perfect) landing narrative, which made markets party like there was no tomorrow.</li><li>It almost looked like people forgot about risks, but positioning data has turned a bit at the end of December / start of January, which hints at a risk aversion comeback.</li><li>Could 2024 be the year when asset prices are no longer determined based on interest rates alone?</li></ul>

The latter half of 2023 was all about the soft (perfect) landing narrative, which made markets party like there was no tomorrow.It almost looked like people forgot about risks, but positioning data has turned a bit at the end of December / start of January, which hints at a risk aversion comeback.Could 2024 be the year when asset prices are no longer determined based on interest rates alone?

Positioning Watch – Risk aversion is back?