Eurizon's positioning for February 2026 | The Globe ‘The Globe’, Eurizon's view. The baseline scenario assumes, as its central hypothesis, the continuation of the global economic cycle.
Geopolitical tensions could generate temporary volatility, without undermining the global cycle.
In the US, attention is on consumer resilience amid a slowdown in employment.
In the Eurozone, the focus is on Germany’s investment plan.
Audio recorded on 28.1.2026.

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The increased volatility on stock exchanges, caused by geopolitical tensions linked to the US’ designs on Greenland, was limited and calmed down during the week, following the reaching of a preliminary agreement between NATO and the US. The potential use of new tariffs as a negotiating lever by the Trump administration was already known by the markets and did not generate significant fears but only moderate profit taking. The main global markets thus ended the week slightly below previous levels. The focus remains on the cyclical resilience in Europe and the US, on the decisions of the central banks and on the quarterly results, all key elements for market trends. Deep dive with Stefano Cucchi from the Eurizon’s Macro Research & Product Specialist team. Audio recorded on 26.01.2026. Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/it-IT/video/promo/disclaimer

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The US indices remain slightly below last week’s highs, weighed down by uncertainty over the Supreme Court’s ruling on tariffs, tensions between the White House and the Fed and a more aggressive foreign policy stance, which is causing investor caution. European indices, while continuing to play a role of diversification against the US, have been partially affected by American volatility. Better performance in emerging markets, supported by China, with Japan as the best-performing market. As the quarterly earnings season is yet to gather momentum, the outlook remains supported by the stability of oil prices at around $65 per barrel, despite tensions in the Middle East. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 19.01.2026. Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer  
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Positive week for the major global equity markets, supported by resilient US macro data and European inflation nearing the ECB target. In the US, the business confidence indicators, or ISM indices, show a slight decline in the manufacturing sector and a strong rebound in services, with a moderate recovery in the labour market and falling unemployment; short-term yields have risen slightly, while longer-term yields remain stable. In Europe, German yields have fallen. Investors continue to focus on the medium-term cyclical outlook and the upcoming corporate earnings season. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 12.01.2026.

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‘The Globe’, Eurizon's view. The reference scenario sees the continuation of the global economic cycle as a central hypothesis.
With the end of the shutdown, we will be able to assess the health of the United States economy after a month and a half when releases of macro data were suspended. In Europe, the focus is on investment plans in defence and infrastructure. Discover Eurizon's positioning for January 2026 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 16.12.2026.

Stay up to date on market trends and financial market outlooks with Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights

Eurizon Weekly, 15.12.2025. Over the course of the week, market attention focused on the Fed meeting, which decided on a 25bps rate cut. However, it also signalled a possible pause in early 2026 due to the resilience of the economic recovery and persistently high inflation. The below-expectations results of a major US company linked to artificial intelligence (AI) have reignited concerns about the sector; however, global markets have shown substantial stability overall. The themes of returns on AI investments and the resilience of the global macroeconomic framework remain central for investors. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 15.12.2025.  
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Eurizon Weekly, 09.12.2025. During the week, global equity markets remained stable, with investors taking a cautious stance ahead of the next Fed meeting. Government yields have risen thanks to stronger-than-expected US macro data, despite delays caused by the shutdown. In the absence of a comprehensive picture of the US economy, investor attention is on the next Fed meeting, with a rate cut already priced in and the focus on future monetary policy decisions. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team.
Audio recorded on 9.12.2025

‘The Globe’, Eurizon's view. The reference scenario sees the continuation of the global economic cycle as a central hypothesis. Following the shutdown, the resumption of macro data releases will enable an assessment of the US economy, which is showing signs of a labour market slowdown, while consumer spending and investment remain resilient. In the Eurozone, growth is stabilising, consumer spending remains resilient and investment is growing, providing a basis for further support in 2026, in view of the defence and infrastructure plans. Discover Eurizon's positioning for December 2025 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 26.11.2025.

Eurizon Weekly, 24.11.2025. The week saw a slight increase in equity market volatility, driven by uncertainty over the sustainability of margins linked to investments in the US technology sector and expectations regarding the Fed’s future policy decisions in light of US labour market data. This has all resulted in a decline in US government bond yields, while European government rates have remained stable.
While the US macroeconomic outlook remains unclear, investor focus remains on the Fed’s next moves, particularly the possibility of a further rate cut in December, which does not yet appear to be fully priced in. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 24.11.2025.

Eurizon Weekly, 17.11.2025. The US Congress has finally approved the extension of the spending bill until 30 January, ending the shutdown and allowing the publication of economic data that had been suspended in previous weeks. The wait for labour market data – expected to provide clarity on the true health of the US economy – combined with statements from several Fed officials, which have contributed to tempering expectations of a rate cut in December, has led investors to adopt a cautious stance. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 17.11.2025.