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

Steno Signals #60: Worse than Lehman in China!? The 3 Most Important Questions Right Now!

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

China Deflation Watch – What Happens in China Stays in China

Steno Signals #57 – What on earth is going on with the USD?

Steno Signals #58 – Rebound or recession? Or both?

Steno Signals #56 – The Business Cycle that Everyone Misunderstood! Here Is Why...

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>“Money grows on the tree of persistence.” – Japanese Proverb. Either you do Japan, or Japan will do you! We have been covering Japan extensively throughout the year and it saved us from being run over by a steepener-bus in markets over the past week.</li>
<li>The Bank of Japan is still active in the JGB markets after having moved the needle on the YCC-cap, but they are much less interventionist than just 3 months ago.</li>
<li>Japanese 2yr yields are now trading above 0% and the BoJ has not really been active in the 1-3yr space lately. This could be a signal that Governor Ueda now plans on guiding markets instead of buying them to keep volatility low.</li>
</ul>


“Money grows on the tree of persistence.” – Japanese Proverb. Either you do Japan, or Japan will do you! We have been covering Japan extensively throughout the year and it saved us from being run over by a steepener-bus in markets over the past week.
The Bank of Japan is still active in the JGB markets after having moved the needle on the YCC-cap, but they are much less interventionist than just 3 months ago.
Japanese 2yr yields are now trading above 0% and the BoJ has not really been active in the 1-3yr space lately. This could be a signal that Governor Ueda now plans on guiding markets instead of buying them to keep volatility low.


Lyxor US Curve Steepening 2-10 UCITS ETF (STPU LN)

Steno Signals #59 – When It Rains on Janet Yellen, It Pours!