Eurizon's podcast

Eurizon Weekly, 24 Mar. 2025. Last week’s main events were the Fed’s policy meeting (that left rates unchanged), still solid macro data in the US and, in Europe, the approval in Germany of the constitutional changes required to approve the massive financial defence and infrastructural spending plan. However, the markets remained cautious overall, as focus is presently on the actual size of the tariffs announced by the US administration. Andrea Conti, Head of Macro Markets Analysis at Eurizon, takes a closer look. Audio recorded on 24 Mar. 2025.

Eurizon Weekly 17 mar. 2025. Last week the stock markets continued to prove rather volatile, due to uncertainty generated by the erratic approach of the US to its new trade policies. Business and consumer confidence, that has driven the US economic cycle over the past few years, remains the greatest source of concern for investors. The FOMC meeting this week is expected to shed light on the future course of monetary policy. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team takes a closer look. Audio recorded on 17 Mar. 2025

Eurizon Weekly 10 Mar. 2025. Volatile week on the financial markets, as in the US the Trump administration acted confusedly on trade tariffs and macro data stopped strengthening, while in Europe the announced fiscal expansion in Germany came swiftly and unexpectedly, together with new defence spending in the EU, prompting the markets to price in a very different scenario from the previous. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team takes a closer look. Audio recorded on 10 Mar. 2025

“The Globe”, March 2025. Once again, positive growth in the US and a more moderate expansion in the Eurozone are confirmed. The Federal Reserve is on hold in its rate cut cycle, while the European Central Bank’s loosening continues. Trump administration’s hitherto moderate (in concrete terms) is reassuring for the financial markets. Discover Eurizon’s positioning for March 2025 with Andrea Conti, Head of Eurizon’s Macro Markets Analysis. Audio recorded on 25 Feb. 2025.

Eurizon Weekly 24 Feb. 2025. Rather cautious week on the markets, with macro data in the US outlining a slowdown of services, and Europe focused on the elections in Germany, the results of which were not excessively fragmented, but will have to translate into a new government coalition. Government bond yields down marginally, and volatility on the stock markets, in the US in particular. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team takes a closer look. Audio recorded on 24 Feb. 2025

Eurizon Weekly 17 Feb. 2025. The mix of still solid macro data, positive corporate earnings, and an improving geopolitical picture on the prospect of talks beginning to end the war between Russia and Ukraine, supported the markets: in the week, government bond yields were stable and stock indices rose back, with Europe still emerging as the top-performing market since the beginning of the year. Therefore, the macro picture seems to be supportive of ongoing growth, and data confirm that the US cycle is normalising, avoiding an excessive overheating for the time being. As regards monetary policy, the strengthening of inflation implies the Fed staying on hold, also in waiting for greater clarity on the Trump administration’s future policies. Stefano Cucchi of the Eurizon Macro Research & Product Specialist team takes a closer look. Audio recorded on 17 Feb. 2025

Eurizon Weekly 10 Feb. 2025. With the trade tariffs theme set to remain crucial for investors, caution prevailed among investors last week in the wake of US labour market data and quarterly earnings reports, that are confirmed solid albeit essentially in line with analyst expectations. This week’s inflation reading will provide clearer indications on the price dynamic in the United States, and therefore on the macro picture the Fed will consider in making its next decisions on rates. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team takes a closer look. Audio recorded on 10 Feb. 2025

Eurizon Weekly, 3 Feb. 2025. Last week was a positive one overall: solid US macro data and the ability of technology sector companies to reassure investors with strong quarterly results, that helped reduce the volatility triggered by potential new developments on the low-cost AI front in China. The Fed and the ECB also lived up to expectations. However, focus is now on the new trade tariffs announced over the weekend by the Trump administration, and most importantly, on immigration control. On the macro front, with the US economy in good health, focus is back on the mix of labour market and inflation data, although the main source of volatility will be the United States’ trade policy. Andrea Conti, Head of Macro Markets at Eurizon, takes a closer look. Audio recorded on 3 Feb. 2025.

“The Globe”, February 2025. Positive growth continues in the US, as opposed to a moderate expansion in the Eurozone. The main theme, and source of potential volatility, is the impact of the measures the new US administration is putting in place. The Fed is on hold, whereas the ECB should continue to cut rates. Discover Eurizon’s positioning for February 2025 with Andrea Conti, Head of Macro Markets Analysis .Audio recorded on 28 Jan. 2025

Eurizon Weekly, 27 Jan. 2025. Positive week for the global stock markets, that benefited from the less aggressive tones used by President Trump on trade tariffs, and from US macro data, that confirmed the solidity of the US economy. Caution ruled on the government bond market, with US and European rates at levels in line with the previous week’s. The dollar weakened. In waiting for the Fed’s decisions, focus remains on corporate earnings, in the technology sector in particular, grappling with the volatility triggered by Chinese competitors. Andrea Conti, Head of Market Macro Analysis at Eurizon takes a closer look. Audio recorded on 27 Jan- 2025.