The increased volatility on stock exchanges, caused by geopolitical tensions linked to the US’ designs on Greenland, was limited and calmed down during the week, following the reaching of a preliminary agreement between NATO and the US. The potential use of new tariffs as a negotiating lever by the Trump administration was already known by the markets and did not generate significant fears but only moderate profit taking. The main global markets thus ended the week slightly below previous levels. The focus remains on the cyclical resilience in Europe and the US, on the decisions of the central banks and on the quarterly results, all key elements for market trends. Deep dive with Stefano Cucchi from the Eurizon’s Macro Research & Product Specialist team. Audio recorded on 26.01.2026. Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/it-IT/video/promo/disclaimer

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