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It is with deep gratitude and sincere emotion that we bid farewell to Erico Grassi, who is leaving our company after many years of service. Since 2006, Erico has accompanied Stelinvest SA on an important journey of growth, offering his expertise, professionalism and dedication on a daily basis. Thanks to his contribution, our company has been able to consolidate its position, face new challenges and become what it is today. Throughout these years, he has not only been a valuable colleague, but also a human and professional reference point, capable of instilling confidence, cohesion and team spirit. His presence [...]

In August, global markets continued their upward trajectory, albeit in a context marked by contrasting signals. In the United States, equity indices reached new all-time highs, supported by the strength of the technology sector, solid corporate earnings, and expectations of monetary easing before year-end. In Europe, performance was more uneven: while some macroeconomic data improved, political uncertainty weighed on sentiment. Meanwhile, Asian markets delivered particularly strong results, boosted by capital inflows and government stimulus, despite ongoing weakness in manufacturing. At the same time, gold consolidated its role as a safe-haven asset. In the U.S., the S&P 500 advanced by [...]

In July, global financial markets extended their upward momentum, supported by solid corporate earnings, accommodative monetary policies, and expectations of new fiscal stimulus. However, behind Wall Street’s record highs and the resilience of global indices, there remain signs of vulnerability linked to elevated valuations, geopolitical tensions, and uncertainty over U.S. trade policy. Equity Markets U.S. indices reached new all-time highs: the S&P 500 closed the month up more than 2%, while the Nasdaq gained +3.7%, driven by technology leaders, with Microsoft and NVIDIA setting fresh market-cap records. Emerging markets also delivered solid performance, supported by stronger industrial production and [...]

Macro Outlook: Trade Escalation and Market Impact In May, the Trump administration adopted a notably aggressive stance on tariffs, alternating between new impositions and temporary suspensions. This approach has heightened volatility in financial markets and raised concerns about the direction of U.S. trade policy. The stated objectives include increasing fiscal revenues, protecting manufacturing jobs, promoting economic self-sufficiency, and reducing trade deficits. However, recent market reactions have highlighted the challenge of pursuing all these goals simultaneously. Investors are increasingly concerned that tariffs may exacerbate certain vulnerabilities and inflict short-term economic damage. While signs of openness to dialogue have emerged, the [...]

April 2025 proved to be an extremely turbulent month for global financial markets, marked by sharp instability driven by the escalation of the U.S.–China trade war. The announcement by President Donald Trump on April 2 of a new round of tariffs—referred to as “Liberation Day”—triggered a wave of panic selling across markets, with sharp moves in equities, bonds, currencies, and commodities. Equities: A Volatile Month Between Sell-Offs and Technical Rebounds Following a dramatic start, with the S&P 500 plunging 10.5% in just two days and the Nasdaq 100 entering bear market territory, equities staged a partial recovery in the [...]

The month of March brought with it a mix of uncertainty, volatility and mixed signals from major financial markets. The common thread? Pressure, geopolitics, inflation, divergent economic policies, and investor reactions contributed to a challenging environment where caution and selectivity became watchwords. Global scenario: instability and divergence In the United States, the new wave of tariffs imposed by the Trump Administration has triggered a correction in stock markets and fueled fears about inflation, now at 5%. The labor market shows signs of slowing, while the administration has initiated structural reform with the creation of the D.O.G.E., a task force [...]