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The November rally was extended in December, taking the major stock indices to their highest levels since early 2022. The recovery in financial markets is mainly attributable to central bank communications and macro data. Central bankers seem to be satisfied with the level of normalisation of economic activity and the very fast return of inflation, especially in Europe, and are placing more emphasis on financial conditions. In recent weeks, macroeconomic data have started to signal a slowdown in economic demand on the consumption and manufacturing, includind in the United States. Markets, as usual, have anticipated the cycle of interest [...]

A significant increase in investments in both the stock and bond markets marked the month of November, highlighting changes in the outlook for interest rates and growth. A turning point in the month was the release of US inflation data, which turned out to be lower than analysts had expected. Eurozone inflation also decelerated more than expected to 2.4% year-on-year. The main contribution to this decrease came from the energy sector, benefiting from the current favourable comparison with the higher levels recorded last winter. The moderating inflation trend is expected to persist in the months ahead, supported in part [...]

October usually has a bad reputation and is always approached with some apprehension by investors. In this case, too, it was no less. The major stock markets closed lower, maintaining a certain climate of uncertainty and volatility. The reasons for the worsening market tone were: The outbreak of a new conflict between the Israeli and Palestinian people, which once again highlighted the fragility of the situation in the Middle East. The worsening global economic situation, especially in Europe and China. The high level of bond yields, with the US Treasury reaching a peak of 5%. As said initially the [...]

The third quarter of 2023 closes in an environment still marked by high geopolitical tensions, with the "usual" conflict in Ukraine and aggressive cartel policies implemented by some oil producers, Saudi Arabia above all, which are limiting supply by cutting production. The main economic consequences of these dynamics are significant increases in energy prices, which fuel inflation expectations, leading to restrictive monetary policies and anticipations of interest rate hikes. At the level of financial markets, the correction that began in August continued during the month of September, with an acceleration of the decline after the Fed meeting on 20 [...]

The summer period just past was characterised by volatility on the financial markets. After a positive June, a change of direction was noticed. After months of almost exclusively positive movements, the market entered a correction phase in August, except for recovering some of the losses in the last few days. Over the month, global equities lost -2.5% (MSCI World), and so did bond futures (the Bund lost half a point, while the US ten-year bond lost about 1.5 points). Several factors contributed to this deterioration including the realization that the monetary policies implemented by the major central banks of [...]

The markets breathed a sigh of relief in April, thanks especially to signs of possible monetary policy easing by central banks. As a result, the world's major stock exchanges held up well overall, albeit with varying performances. However, concerns still persist about the high level of inflation and the resilience of the banking sector after the vicissitudes just experienced. At the aggregate level, the MSCI World index performed well for the month, closing at +1.9%. In the United States, the S&P 500 index did well, closing positive by 1.45%. Slightly positive also Nasdaq technology index that closed at +0.30% [...]