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 #77 – Oil Demand Is ALL TIME HIGH

Steno Signals #78 – Santa Powell Handing Out Gifts Even to the Naughty!

Steno Signals #74 – Did King USD Just Break?

Steno Signals #75 – The 2007/2008 Playbook Is Useful Again

Steno Signals #73 – An Abysmal Impulse for 2024

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>Happy Sunday from frosty Copenhagen and welcome to our flagship editorial! The underlying demand trends are not strong.</li><li>Running credit card data has been weak in October/November, the credit impulse is worsening and there are signs of actual labour market softening around the otherwise sticky service sectors in the West, yet markets are partying like there is no tomorrow.</li><li>What is causing this disconnect and could it continue into the year-end?</li></ul>

Happy Sunday from frosty Copenhagen and welcome to our flagship editorial! The underlying demand trends are not strong.Running credit card data has been weak in October/November, the credit impulse is worsening and there are signs of actual labour market softening around the otherwise sticky service sectors in the West, yet markets are partying like there is no tomorrow.What is causing this disconnect and could it continue into the year-end?

iShares 20+ Year Treasury Bond ETF (TLT US)

Steno Signals #76: The Fed Has Lost Control of Liquidity Trends