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In April, financial markets staged a strong recovery following the weakness seen in the previous month, although they remained within a complex global environment marked by significant geopolitical tensions. Investor sentiment improved significantly thanks to an earnings season that generally exceeded expectations, the continued resilience of the U.S. economy, and a temporary easing of tensions in the Middle East. In the United States, major stock indices posted particularly strong performances. The S&P 500 closed the month at record highs, marking one of its best monthly performances in recent years, while the Nasdaq continued to benefit from strong momentum in [...]

March marked a clear shift compared to the beginning of the year, highlighting a market environment that has become significantly more complex and unstable. While in previous months attention had been focused primarily on inflation and monetary policy, in recent weeks geopolitics has returned to the forefront, becoming the main driver of financial markets. In the United States, equity markets were characterized by high volatility and an overall negative direction. The S&P 500 closed the month lower, interrupting the sideways phase that had defined previous months and showing signs of weakening from a technical perspective as well. The Nasdaq [...]

February developed in continuity with the start of the year, albeit with increased volatility and growing selectivity among investors. The environment remains driven by the trajectory of inflation, the evolution of monetary policies, and the resilience of global growth, to which a significant deterioration in the geopolitical backdrop was added towards the end of the month. In the United States, the month was characterized by a less linear trend compared to January. The S&P 500 recorded alternating movements, with periods of gains followed by profit-taking, while the Nasdaq Composite showed greater sensitivity to bond yield movements and revisions in [...]

The year 2026 opened with global markets broadly positive, albeit with higher volatility compared to the end of 2025. The overall backdrop remains constructive, with investors still oriented toward risk, but increasingly selective across sectors, regions, and asset classes, in an environment shaped by interest-rate dynamics, inflation trends, and global growth prospects. In the United States, equity indices posted moderate gains alongside a clear sector rotation. Market leadership broadened beyond mega-cap technology stocks toward more cyclical and traditional sectors such as industrials, financials, and consumer staples. Small caps outperformed large caps, and value stocks continued to outperform growth, signaling [...]

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 [...]