Geopolitics remain tricky to trade and we don’t see any strong risk/reward trades on the back of the turbulence in Russia over the weekend. Meanwhile, Europe remains an odd consensus bet, while UK inflation and US housing markets risk wrongfooting everyone.
![Steno Signals #54 – Why Europe remains a wrong consensus call](https://stenoresearch.com/wp-content/uploads/2022/12/Steno-Signals-–-Coverart-b1000.jpg)