Eurizon Weekly 6 Nov. 2023. Last week the markets found support in the Fed meeting, that confirmed the hiatus in the rate hike cycle, and in a mix of data that reported a sharper decline of inflation than expected in Europe and a slowdown of the US labour market. In Europe, in addition to confirmation from the ECB last week of the pause in the rate hike cycle, the sharp drop of inflation led to a significant decline of yields on the longer end of the curve.
Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team takes a closer look.
Audio recorded on 6 Nov. 2023.

Andrea Conti, Head of Eurizon’s Macro Research & Product Specialist team, explains the AM company’s positioning going forward, considering a scenario that combines declining inflation – but still above target – with slowing economic activity in the Eurozone, but not in the United States. The central banks have put their rate hike cycles on hold, but are set on keeping a restrictive stance in waiting for inflation to drop further. Modest impact on the markets of the geopolitical tensions in the Middle East.
Audio recorded on 26 Oct. 2023.

Eurizon Weekly 23.10.23. Markets focused on the situation in the Middle East and on macro data, that beat expectations by confirming the strength of the US economy, and cast doubts over the slowdown scenario. Stefano Cucchi, of Eurizon’s Macro Research & Product Specialist team, takes a closer look. Audio recorded on 23 Oct. 2023.

Eurizon Weekly, 16 Oct. 2023. The uncertain macro picture, with two wars under way near the borders of the European continent, is advising caution on the markets. Andrea Conti, Head of Eurizon’s Macro Research & Product Specialist team, takes a closer look.
Audio recorded on 16 Oct. 2023.

Eurizon Weekly 09.10.23. In the course of last week, data on business confidence and the labour market confirmed the solidity of US growth, despite the sharp monetary restriction under way. The easing of the labour market is one of the main conditions the Fed needs to verify before reviewing its monetary policy in a less restrictive mode, together with a reduction of inflation. Therefore, focus is now on the inflation reading, due out on Thursday. Over the weekend the underlying scenario saw the addition of a new crisis in the Middle East. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team takes a closer look. Audio recorded on 09.10.23

Andrea Conti, Head of Eurizo’s Macro Research & Product Specialist team explains Eurizon’s positioning going forward, faced with a scenario that combines declining inflation – but still above target – with resilient economic activity to the monetary restriction, that leaves the central banks in no rush to announce the end of the rate hike cycle, although the restriction effectively seems to be on hold.
Audio recorded on 27 Sep. 2023.

Eurizon Weekly 25 Sep. 2023. The outcome of the Fed’s policy meeting was at the heart of market dynamics: although the Fed lived up to expectations by leaving interest rates unchanged, at the same time it announced that a further hike could be necessary in 2023, depending on the trend of inflation, and confirmed its intention to consolidate the present level of fed funds rates for several months, in waiting for macro conditions to offer clearer evidence of a slowdown. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team takes a closer.
Audio recorded on 25 Sep. 2023.

Eurizon Weekly, 18 Sep. 2023. In the course of last week, the stock markets turned bullish again, albeit cautiously, in the wake of the US inflation reading, essentially in line with expectations, and of the ECB’s policy meeting, that left open the option of a hiatus on rates. The spotlight is now on the upcoming Fed meeting on Wednesday. Andrea Conti, Head of Eurzion’s Macro Research & Product team, takes a closer look.
Audio recorded on 18 Sep. 2023.

Eurizon Weekly, 11 Sep. 2023. The mix of still solid macro data in the US, and consolidating oil prices at high levels translated into profit taking on the markets. Stefano Cucchi of Eurizon’s Macro Research team takes a closer look. Audio recorded on 11 Sep. 2023.

Eurizon Weekly, 4 Sep 2023. August confirmed the cautious approach of investors to the markets, in waiting for a clearer turn of the macroeconomic picture. Andrea Conti, Head of Eurizon’s Macro Research & Product Specialist team takes a closer look.
Audio recorded on 04 September 2023.