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

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<li>Europe and China offer the best risk compensation in equity space, while the US is running at levels below 1% in extra “yield” from equities relative to risk-free rates</li>
<li>Even if European equities look relatively cheap compared to US or Indian stocks, it is worth noting that risk premia are almost at record lows.</li>
<li>We prefer US cyclicals over European as the repricing of US cyclicals looks lukewarm relative to what we have seen elsewhere around the world.</li>
</ul>


Europe and China offer the best risk compensation in equity space, while the US is running at levels below 1% in extra “yield” from equities relative to risk-free rates
Even if European equities look relatively cheap compared to US or Indian stocks, it is worth noting that risk premia are almost at record lows.
We prefer US cyclicals over European as the repricing of US cyclicals looks lukewarm relative to what we have seen elsewhere around the world.


Valuation Watch – Are Equities Worth the Risk? a Look at Risk Premia