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>Welcome to this edition of the Watch series where we’ll take a closer look at US manufacturing, see if it can provide some guidance as to where in the business cycle we’re at, and ultimately whether the current momentum across most risk assets can be sustained – or maybe even add further.</li><li>    This is the first release in our “Cycle Week” where we try to assess where all major asset classes see the cycle heading given the current price action.</li><li>We will release pieces on how FX, equities, credit and commodities inter-connects with the current cycle dynamic in the coming days.</li></ul>

Welcome to this edition of the Watch series where we’ll take a closer look at US manufacturing, see if it can provide some guidance as to where in the business cycle we’re at, and ultimately whether the current momentum across most risk assets can be sustained – or maybe even add further.    This is the first release in our “Cycle Week” where we try to assess where all major asset classes see the cycle heading given the current price action.We will release pieces on how FX, equities, credit and commodities inter-connects with the current cycle dynamic in the coming days.

US Manufacturing Watch: Indicators point to a cyclical rebound