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December marked the end of a positive 2025 for global financial markets, but also the emergence of a more cautious attitude on the part of investors. After a year characterized by widespread returns across almost all asset classes, the end-of-year environment shows a growing focus on risk, valuations, and the sustainability of the rally ahead of 2026. Bond markets Yields on major long-term government bonds remained within relatively narrow ranges for months. The US 10-year Treasury closed the year at around 4.19%, the German Bund at 2.90% and the 10-year BTP at 3.57%, with the Italy-Germany spread at its [...]

November 2025 ended in a context of growing caution across global financial markets, marked by elevated volatility and mixed signals among the major economic regions. Investor attention remained focused on monetary policies, particularly on the upcoming decisions of the Federal Reserve, while the slowdown in the technology sector and broader macroeconomic uncertainty weighed on overall sentiment. In this scenario, market performances diverged and defensive assets benefited from a renewed search for protection. United States: sector rotation and technology volatility In the United States, a sector rotation continued, favoring more defensive sectors over technology. The S&P 500 ended the month [...]

General scenario September confirmed the constructive tone of global financial markets, in a context dominated by optimism for more accommodative monetary policies and good corporate results. US stock indices reached new all-time highs, supported by the Federal Reserve's first rate cut, while European and Asian markets closed with positive but more moderate performances. On the commodities front, gold was the real star, recording its best monthly performance in fourteen years and reaffirming its role as a safe haven asset in a still fragile geopolitical environment. United States In the United States, the Fed's decision to cut rates by 25 [...]

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 [...]