Eurizon's podcast

Eurizon Weekly 25 Nov. 2024. Last week US government bond yields were stable, pricing in a still positive macro picture, supported by services. In Europe yields priced in a weaker macro picture, tied to business confidence data. On the stock markets, the strength of the US economy on the one hand, and the weakening of the European on the other, had a positive impact. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team takes a closer look. Audio recorded on 25 Nov. 2024.

Eurizon Weekly 18 Nov. 2024. In the US, the mix of solid macro data and the first rumours on the new Republican administration’s appointments translated into higher US yields and into a further appreciation of the dollar. The global stock markets incurred profit-taking in the week across the board. Andrea Conti, Head of Macro Markets at Eurizon, takes a closer look. Audio recorded on 18 Nov. 2024.

Eurizon Weekly 11 Nov. 2024. The key event of the week were the US elections. Trump’s victory met the expectations of most investors, although such a clear win was not entirely priced in. This translated into very strong gains on the US stock markets. Uncertainty over the actual evolution of the macro picture left European and US interest rate markets close to their previous levels. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team reports. Audio recorded on 11 Nov. 2024.

“The Globe”, November 2024. The baseline scenario combines positive growth in the US and a moderate expansion in the Eurozone. The central banks are removing the monetary restriction put in place to slow inflation. The virtuous scenario seems to be partly priced in by the markets, and the outcome of the vote in the US holds the potential to generate temporary volatility on the markets. Discover Eurizon’s positioning for November 2024 with Andrea Conti, Head of Macro Markets at the AM company. Audio recorded on 30 Oct. 2024.

Eurizon Weekly 28 Oct. 2024. Last week, the mix of macro data and of anticipation ahead of the presidential election in the US translated into an increase of government bond yields and some profit taking on the stock markets. The resilience of the US economy, combined with the outcome of the election and the geopolitical picture, are still in the market spotlight. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team reports. Audio recorded on 28 Oct. 2024.

Eurizon Weekly, 21 Oct. 2024. The markets brought another cautious week to an end, gradually pricing in two distinct macro scenarios for the US and the Eurozone. In the US, in fact, macroeconomic data confirmed once again that the consumption trend is in good health, as also the economy as a whole. In Europe, on the other hand, the ECB implemented a 25bps rate cut, as expected, acknowledging that there may be the risk of a faster-than-expected macro slowdown. This translated into little-changed US yields as opposed to European rates on the decline, in waiting for macro data to provide clearer indications for the central banks to gauge the appropriate pace of rate reduction. Andrea Conti, Head of Macro Markets at Eurizon, takes a closer look. Audio recorded on 21 Oct. 2024.

Eurizon Weekly 14 Oct. 2024. Caution rued on the financial markets last week. In the US, labour market data and inflation once again confirmed the resilience of the US economy, and investors are now waiting for confirmative evidence on the macro front and from the central banks, starting with the ECB meeting on Thursday. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team reports. Audio recorded on 14 Oct. 2024.

Eurizon Weekly 7 Oct. 2024. Volatile week overall, due to the mix of macro data, on the recovery in the US, but weaker in Europe, and mounting geopolitical tensions in the middle East. In macroeconomic terms, the market is now pricing in slightly different rate-cut timelines in the US and Europe. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team reports. Audio recorded on 07 Oct. 2024.

The Globe, October 2024. The scenario combines stable growth in the United States with signs of a loosening of the labour market, and moderate growth in the Eurozone. The central banks are removing monetary restriction. The size of the slowdown in the United States and the run-up to the elections are sources of uncertainty. Discover Eurizon’s positioning for October 2024, with Andrea Conti, Head of the AM company’s Macro Markets team. Audio recorded on 30 Sep. 2024.

Eurizon Weekly 23 Sep. 2024. Government bond rates were stable and the stock markets scored gains following the opening of the Fed’s rate reduction cycle (expected and priced in by the markets), with an initial 50 basis points cut. This marks a recalibration of monetary policy, that does not anticipate a sequence of equally sharp cuts, but takes stock of the decline of inflation. The next set of macro data on the labour market, growth, and inflation, will be decisive in determining the actual pace of rate cuts. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team reports. Audio recorded on 23 Sep. 2024.