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

Cross Asset Strategy

Multiple Countries / Cross Asset Strategy

<ul>
<li>The macroeconomic environment has left us confident that spill-overs from financial turmoil are to further impact markets. </li>
<li>The below relationship between USD liquidity and SPX further strengthens our conviction for rotating towards defensives as well as net decreasing overall exposure to mitigate portfolio risk.</li>
<li>The reallocation towards defensives makes sense, but the question is, whether that narrative is already fairly exhausted and the upside thus likewise.</li>
</ul>


The macroeconomic environment has left us confident that spill-overs from financial turmoil are to further impact markets. 
The below relationship between USD liquidity and SPX further strengthens our conviction for rotating towards defensives as well as net decreasing overall exposure to mitigate portfolio risk.
The reallocation towards defensives makes sense, but the question is, whether that narrative is already fairly exhausted and the upside thus likewise.


US Equity Watch: A Rotations Game