Eurizon's podcast

Eurizon Weekly 20 Jan. 2025. US inflation data, and core inflation in particular, restored confidence on the markets, that over the previous weeks had been pricing in concerns of an overheating of the US economy. In fact, in the course of the week, government bond yields dropped back down. The drop of yields, combined with the opening of the 4Q 2024 earnings season (with financial sector names reporting very solid results) boosted the stock markets. The future level of rates in light of the growth-inflation mix is still the markets’ main focus, as Trump takes office and officially begins his mandate as President. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team takes a closer look. Audio recorded on 20 Jan. 2025.

US labour market data, that confirmed the good state of health and resilience of the US economy were at the heart of market dynamics last week. This triggered profit-taking on the US stock markets and pushed up US government bond yields, that priced in the increased likeliness of the Fed slowing its interest rate cut cycle. The  future path of US rates, in light of the growth-inflation mix, remains the markets’ main concern: anticipation is high ahead of the inflation reading this week. Stefano Cucchi, of Eurizon’s Macro Research & Product Specialist team, takes a closer look. Audio recorded on 13 Jan. 2025.

Eurizon Weekly, 7 Jan. 2025. In the opening week of 2025, the main themes at play in the final stages of last year were confirmed.
Investor focus is back on the central banks, as inflation slowed its downtrend and could be affected by the trade tariffs announced by Trump. In this context, government bond yields rose, albeit without compromising the bullish tone of the stock markets, supported by the macroeconomic picture and by expectations for the new Trump administration’s fiscal policy not to prove particularly aggressive. Audio recorded on 7 Jan. 2025.

“The Globe”, January 2025. Positive growth in the US continues, as also the moderate expansion in the Eurozone. The loosening of the monetary restriction implemented by the central banks to curb inflation also continues. Anticipation ahead of the opening of the mandate of the new US administration holds the potential to generate volatility on the markets, although the baseline scenario remains favourable. Find out how Eurizon is positioned for the opening of 2025 with Andrea Conti, Head of the AM company’s Macro Markets department.
Audio recorded on 17 Dec. 2024.

Eurizon Weekly 16 Dec. 2024. The macro picture that is taking shape is outlining a certain divergence between the European Union and the United States. Investor focus is now on the next FOMC meeting, expected to provide indications on the next US monetary policy management moves. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team.
Audio recorded on 16 Dec. 2024.

Eurizon Weekly 9 Dec. 2024. Last week focus was back on macro dataIn the US yields dropped, with labour market data staying positive. In Europe, political uncertainty in France kept German rates stable at the previous week’s levels. However, the fall of the government and anticipation ahead of the appointment of a new prime minister have not generated excessive volatility. The stock markets also performed well in the week, with the S&P 500 index consolidating new all-time highs. Focus is now shift on central bank decisions over the next few weeks. The mix of growth and inflation expectations will be decisive in defining the timeline the two major central banks will follow in lowering rates. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team takes a closer look. Audio recorded on 9 Dec. 2024

“The Globe”, December 2024. The baseline scenario combines positive growth in the US with a moderate expansion in the Eurozone. The central banks are removing the monetary restriction put in place to hold back inflation. The virtuous scenario seems to be in part priced in by the markets, and anticipation ahead of the new US administration’s mandate holds the potential to generate temporary volatility on the markets. Find out how Eurizon is positioned for December 2024 with Andrea Conti, Head of Macro Markets at Eurizon. Audio recorded on 28 Nov. 2024.

Eurizon Weekly 25 Nov. 2024. Last week US government bond yields were stable, pricing in a still positive macro picture, supported by services. In Europe yields priced in a weaker macro picture, tied to business confidence data. On the stock markets, the strength of the US economy on the one hand, and the weakening of the European on the other, had a positive impact. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team takes a closer look. Audio recorded on 25 Nov. 2024.

Eurizon Weekly 18 Nov. 2024. In the US, the mix of solid macro data and the first rumours on the new Republican administration’s appointments translated into higher US yields and into a further appreciation of the dollar. The global stock markets incurred profit-taking in the week across the board. Andrea Conti, Head of Macro Markets at Eurizon, takes a closer look. Audio recorded on 18 Nov. 2024.

Eurizon Weekly 11 Nov. 2024. The key event of the week were the US elections. Trump’s victory met the expectations of most investors, although such a clear win was not entirely priced in. This translated into very strong gains on the US stock markets. Uncertainty over the actual evolution of the macro picture left European and US interest rate markets close to their previous levels. Stefano Cucchi of Eurizon’s Macro Research & Product Specialist team reports. Audio recorded on 11 Nov. 2024.