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>Conclusions upfront: Stagnation is almost a certainty, while stagflation might only be a reality when looking at core CPI.</li><li>GBP looks like a short from here as the BoE is moving closer to a pivot than more hikes. UK Gilts is starting to look interesting as well.</li><li>A fair risk/reward in UK equities, but we’re still on the sideline</li></ul>

Conclusions upfront: Stagnation is almost a certainty, while stagflation might only be a reality when looking at core CPI.GBP looks like a short from here as the BoE is moving closer to a pivot than more hikes. UK Gilts is starting to look interesting as well.A fair risk/reward in UK equities, but we’re still on the sideline

UK Watch – Are UK assets a go or a nogo?