The hiatus in the upswing was taken well by the major global stock, that have priced in a normalisation scenario both in terms of the vaccination campaign and of the recovery (as photographed by macroeconomic data). In the USA, the recovery is proving solid, supported by a successful vaccination campaign and by well-coordinated fiscal and monetary stimulus. Europe is still being held back by lockdown measures and restrictions.
Audio recorded on 06.04.2021

In April we’ll maintain a moderately pro-cyclic profile regarding investment choices, reflecting expectations of a macro-recovery continuation. Spread markets have been downgraded to neutral, and the stock market is upgraded to positive.
Audio recorded on 25.03.2021

US yields are acting as a barometer of the recovery in the present phase, together with fiscal stimulus, the Fed’s support, and the advancement of the vaccination campaign. The stock markets remain cautious, trying to prevent volatility caused by an excessively fast recovery. This week, data on business confidence and inflation will be released in the US.
Audio recorded on 22.03.2021

Positive week for the stock markets that are benefiting in particular from a scenario that contemplates a marginal stabilisation of interest rates, that has undoubtedly helped the main stock lists resume their upswing.
Audio recorded on 15.03.2021

In general, the advancement of the vaccination campaign is keeping investors cautious and in search of clarifications on the timeline for the reopenings. However, last week the US market confirmed, mostly through government bond rates, that it is sure-footedly on a recovery path, whereas Europe is lagging behind. This week, data on US inflation and Eurozone industrial output in January will be released.
Audio recorded on 08 Mar. 2021

Analysis of the month - February
A new vaccine deal, Italy: a new government is born, Europe tries to restart. Discover the major economic news marked out the financial markets in the month of February.
Audio registered on March 4th 2021

In our investment view we maintain a moderately pro-cyclic profile, reflecting expectations of continuation with respect to macro-recovery, which also considers a tight movement in the short term period in the stock market.
Audio recorded on 25.02.2021

In the course of the week, the stock markets remained rather cautious, in waiting for greater clarity on the themes that presently seem at risk of causing volatility: the progress in administering vaccines, and fiscal stimulus in the US. Macro data on business confidence in the US (PMIs) were positive; in Europe, on the other hand, the impact is still being felt of the extension of the restrictive measures.
Audio recorded on 22.02.2021

The markets took a breather last week, with indices unchanged. Investors turned more cautious, after scoring gains the previous week on good news on vaccines and US earnings, and on expectations for an economic and political recovery in Europe, also in the wake of Mario Draghi’s appointment as new Italian Premier.
Stefano Cucchi, of Eurizon’s Macro Research team, shares his analysis.
Audio recorded on 15.02.2021

The moderately pro-cyclical profile of investment decisions is confirmed. It reflects the expected economic recovery, but it also consider a slower than expected vaccination campaign and a tightened stock market movement.
Audio recorded on 03.02.2021