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June was characterised by two clearly distinct phases. During the first half of the month, the escalation of the conflict in the Middle East and tensions in the Strait of Hormuz increased pressure on energy prices and heightened the risk of a stagflationary scenario. In the second half, diplomatic progress between the United States and Iran, followed by the suspension of hostilities in the Gulf, led to a significant reduction in the geopolitical risk premium, supporting financial markets and triggering a sharp correction in oil prices. Despite the still uncertain backdrop, global equity markets showed a strong ability to [...]

May was marked by a strong recovery across global financial markets, supported by renewed risk appetite and an overall positive corporate earnings season. After an initial phase still influenced by geopolitical tensions in the Middle East, the gradual improvement in diplomatic relations between the United States and Iran helped reduce the geopolitical risk premium, allowing investors to refocus on economic fundamentals and the growth prospects linked to artificial intelligence. In the United States, the main equity indices reached new all-time highs, once again driven by the technology sector and, in particular, by the semiconductor industry. The substantial investments being [...]

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 [...]