Eurizon's podcast

“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.

Eurizon Weekly 16 Sep. 2024. Last week the ECB’s policy meeting confirmed market expectations, cutting rates by 25 basis points. In the US, headline inflation was in line with expectations, whereas the core component grew slightly more than expected in monthly terms. The interest rate market was stable overall, while stocks recovered well, after the previous week’s round of profit-taking. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team takes a closer look.   Audio recorded on 16 Sep. 2024

Eurizon Weekly 9 Sep. 2024. US labour market data came in weaker than expected, but showed that the normalisation phase continues. The data were consistent with soft landing scenario, but start to justify a monetary policy easing. The interest rate market reacted by staying on a downtrend. Profit-taking on the stock markets. Focus is now on the ECB and the Fed. Stefano Cucchi of the Eurizon Macro Research & Product Specialist team reports. Audio recorded on 9 Sep. 2024.

Eurizon Weekly, 2 Sep. 2024. The markets recovered well after volatility had surged in the opening days of August, triggered by the mix of weaker than expected US labour market data, softer than expected quarterly corporate results, and the swift unwinding of financing positions in yens as a result of the Japanese central bank’s rate hike. Fed open to an initial rate cut in September. Andrea Conti, Head of Macro Markets at Eurizon, takes a closer look. Audio recorded on 2 Sep. 2024.