Political Analyst | Steno Research, Steno Research

Anne Sandager

Political Analyst | Steno Research

Macro and Geopolitical Research House

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.

Macroeconomics

<ul><li>On Dec. 4, Michel Barnier became only the second Prime Minister in French history to be ousted by a no-confidence vote.</li><li>Precisely one week later, the other major EU economy, Germany, submitted a motion of no-confidence of its own to be held on Dec. 16. What the heck is going on in Europe?!</li><li>The political chaos in France and Germany has the same root cause: a sluggish economy and insurmountable debt levels.</li></ul>

On Dec. 4, Michel Barnier became only the second Prime Minister in French history to be ousted by a no-confidence vote.Precisely one week later, the other major EU economy, Germany, submitted a motion of no-confidence of its own to be held on Dec. 16. What the heck is going on in Europe?!The political chaos in France and Germany has the same root cause: a sluggish economy and insurmountable debt levels.

Geopolitical Flash Update: See you later Scholz!

<ul><li>France sovereign debt reached a record €3.228 trillion, amounting to 112% of GDP in June, well above the 60% cap set by EU regulations.</li><li>France growing debt have slowly been chipping away at investors’ confidence in French bonds.</li><li>After Macron called a snap election in June resulting in a hung parliament, risk premiums on French 10-year bonds have shot up.</li></ul>

France sovereign debt reached a record €3.228 trillion, amounting to 112% of GDP in June, well above the 60% cap set by EU regulations.France growing debt have slowly been chipping away at investors’ confidence in French bonds.After Macron called a snap election in June resulting in a hung parliament, risk premiums on French 10-year bonds have shot up.

Geopolitical Flash Update – Bye Bye Barnier

<ul><li>It’s been a busy week in Chicago.</li><li>I am taking over from Mikkel Rosenvold in today’s edition of the Great Game, to give you a rundown of the policy ramifications of a star-studded DNC 2024.</li><li>A week ago, Vice President Kamala Harris provided a brief glimpse of her economic program, when she spoke at a campaign event in Raleigh, North Carolina.</li></ul>

It’s been a busy week in Chicago.I am taking over from Mikkel Rosenvold in today’s edition of the Great Game, to give you a rundown of the policy ramifications of a star-studded DNC 2024.A week ago, Vice President Kamala Harris provided a brief glimpse of her economic program, when she spoke at a campaign event in Raleigh, North Carolina.

Great Game – What we know about Harris’ economic plan after DNC

<ul><li>Cautious but promising signs emerge from China’s consumer demand landscape.</li><li>According to China’s statistics bureau, consumer prices saw a 0.7% increase year-on-year in February, marking the first rise since August.</li><li>The extended Lunar New Year holiday period, spanning 8 days instead of the usual 7, nearly matched pre-pandemic domestic spending levels.</li></ul>

Cautious but promising signs emerge from China’s consumer demand landscape.According to China’s statistics bureau, consumer prices saw a 0.7% increase year-on-year in February, marking the first rise since August.The extended Lunar New Year holiday period, spanning 8 days instead of the usual 7, nearly matched pre-pandemic domestic spending levels.

Explainer: the 3 faces of Chinese consumer pessimism

Cross Asset Strategy

<ul><li>In November 2023, Germany’s constitutional court made a landmark ruling that had significant implications for the country’s budget and investment in green initiatives.</li><li>The court ruled against the government’s plan to reallocate €60 billion in unused pandemic emergency funds to its Climate and Transformation Fund (KTF), deeming this move unconstitutional.</li><li>This decision came at a critical time when Germany, Europe’s largest economy, was already facing an economic slow down.</li></ul>

In November 2023, Germany’s constitutional court made a landmark ruling that had significant implications for the country’s budget and investment in green initiatives.The court ruled against the government’s plan to reallocate €60 billion in unused pandemic emergency funds to its Climate and Transformation Fund (KTF), deeming this move unconstitutional.This decision came at a critical time when Germany, Europe’s largest economy, was already facing an economic slow down.

Policy Watch: The German ‘Debt Brake’ on EU Green Tech Ambitions

Anne holds a degree in Politics and International Relations from University College London. Her knowledge of UK and European affairs has landed her roles with the foreign service and media – now she is part of the team at Steno Research as a political analyst where she contributes to a number of series including Europolitics Watch.