Has the anti-Europe trade become the consensus or is there still juice in the story? We discuss the prospects of European gas storages and the ongoing recession in the North of the continent. Can Europe surprise negatively and will that surprise the ECB? Should you actually watch Southern Europe and not Northern Europe from here on? We also discuss the differences between the U.S. and European labour markest post-pandemic. Why are we not seeing ghost towns in Europe and what does this mean for markets? Use the exclusive offer Macro30 to get 30% off your subscription at www.stenoresearch.com  Hosts: Andreas Steno Larsen and Mikkel Rosenvold