In this episode:

• The market remains solid but increasingly selective, with rising volatility forcing several funds to cut exposure through ETFs.
• In the United States, signs of stress are emerging in private credit and among regional banks, while retail investors continue to dominate with “buy the dip” strategies and spectacular short squeezes.
• The crypto sector is experiencing a shock in altcoins, while gold is correcting after excessive leverage. The coming earnings season will be a key test for AI, with major players — including OpenAI — introducing the first “agentic” features.
• Meanwhile, the federal shutdown enters its fourth week, weighing on confidence. With half of S&P 500 companies set to report results, a phase begins in which stock picking becomes central again.

To learn more, listen to the latest episode of the podcast series by Alberto Tocchio, Head of Global Equity and Thematics.