The US indices remain slightly below last week’s highs, weighed down by uncertainty over the Supreme Court’s ruling on tariffs, tensions between the White House and the Fed and a more aggressive foreign policy stance, which is causing investor caution. European indices, while continuing to play a role of diversification against the US, have been partially affected by American volatility. Better performance in emerging markets, supported by China, with Japan as the best-performing market. As the quarterly earnings season is yet to gather momentum, the outlook remains supported by the stability of oil prices at around $65 per barrel, despite tensions in the Middle East. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 19.01.2026. Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer  
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