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‘The Globe’, Eurizon's view. The reference scenario sees the continuation of the global economic cycle. Investment in technology remains a robust pillar of support for economic activity. The resurgence of tensions in the Middle East and questions over the sustainability of profits in the technology sector are causes for concern. In August, the thinning of trading volumes will expose the market to the risk of increased volatility. Discover Eurizon's positioning for August 2026 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 27.7.2026. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer

‘The Globe’, Eurizon's view. The reference scenario sees the continuation of the global economic cycle. Investment in technology remains a robust pillar of support for economic activity. The fall in oil prices points to a likely further fall in inflation and provides further support for the economic cycle. Discover Eurizon's positioning for July 2026 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 24.6.2026. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/it-IT/analisi-mercati Before listening, please read the warnings outlined on the following page:  https://www.eurizoncapital.com/en/video/promo/disclaimer 

‘The Globe’, Eurizon's view. The scenario assumes the continuation of the global economic cycle, supported by investments in technology. In the event of a US-Iran agreement, there is room for a decline in oil prices; however, central banks remain vigilant to contain any second-round effects on inflation. Discover Eurizon's positioning for June 2026 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 28.5.2016. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/it-IT/analisi-mercati Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer

‘The Globe’, Eurizon's view. The scenario assumes the continuation of the global economic cycle, with a further decline in oil prices. The structural cycle of technological investments is acting as a support, compensating for the political instability. Discover Eurizon's positioning for May 2026 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 28.4.2026. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/it-IT/analisi-mercati Before listening, please read the warnings outlined on the following page:  https://www.eurizoncapital.com/en/video/promo/disclaimer 

‘The Globe’, Eurizon's view. The baseline scenario remains a continuation of the economic cycle, provided that the rise in oil prices is temporary. In the short term, the focus remains on the Middle East and the Strait of Hormuz. Discover Eurizon's positioning for April 2026 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 24.3.2026. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/it-IT/analisi-mercati Before listening, please read the warnings outlined on the following page:  https://www.eurizoncapital.com/it-IT/video/promo/disclaimer 

‘The Globe’, Eurizon's view. The baseline scenario sees the continuation of the global economic cycle as the central hypothesis. In the USA, focus is on consumer resilience. Meanwhile, in the Eurozone, the focus is on Germany’s investment plan. Discover Eurizon's positioning for March 2026 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 24.2.2026. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en-GB/market-analysis Before listening, please read the warnings outlined on the following page:  https://www.eurizoncapital.com/en/video/promo/disclaimer

The week was marked by greater caution in the markets due to tensions in the Middle East and the potential risks to energy flows through the Strait of Hormuz. Oil prices rose without reaching alarming levels, whilst the euro-dollar exchange rate remained stable. The major stock markets closed lower, with weaker performances in Europe and emerging markets, while profit-taking in the technology sector was the main factor in the United States. In the bond market, lower-than-expected US inflation resulted in a slight fall in yields, although geopolitical tensions continue to fuel inflationary concerns. Investors therefore remain focused on geopolitical developments and the next moves of the central banks. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 20.07.2026. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer

It was a volatile week in the markets, influenced by renewed tensions in the Middle East and concerns linked to the Strait of Hormuz. Oil recorded a moderate rise, while the euro/dollar exchange rate remained largely stable, a sign that investors still perceive risk as manageable. European and Asian stock markets have shown greater weakness compared to US markets, supported by the resilience of the US economy and the start of the corporate earnings season. Bond yields also rose slightly, reflecting geopolitical uncertainty and inflationary risks.  In the next few days, market focus will primarily be on data relating to inflation and consumption in the United States. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 13 July 2026.   Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer

Positive week for financial markets, with both the S&P 500 in the US and major European stock exchanges posting gains. The fall in oil prices and expectations of less restrictive monetary policies have boosted investor confidence. In the United States, the economy continues to show solidity, with industrial activity expanding and the labour market remaining resilient. In Europe, June inflation slowed more than expected, while Germany has announced a new reform plan to support growth. Focus remains firmly on the next moves of central banks, inflation trends and the start of the corporate earnings season. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 6 July 2026.   Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer  

The markets have taken a positive turn tone thanks to the easing of tensions in the Middle East following the agreement between the US and Iran, wich contributed to a decline in oil prices. The US economy has confirmed its solidity, with retail sales exceeding expectations and consumer spending remaining robust. The Fed has left interest rates unchanged, whilst maintaining a cautious stance and signalling that any cuts could take more time. Over the next few days, attention will focus on data on business confidence, inflation and US consumer spending data. In-depth analysis with . Audio recorded on 22 June 2026.    Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer

A positive start to the week for financial markets, driven by the nearing of an agreement between the USA and Iran. This has now been confirmed by both parties, though not yet formalised. Equity markets are up, while government bond yields have edged slightly lower, maintaining a cautious approach. The formal signature of the agreement remains a key focus for markets in the coming weeks. Meanwhile, it remains crucial for investors and central banks to assess the impact of the oil shock on inflation and growth. Attention is already shifting to the details of the deal and the resumption of traffic through the Strait of Hormuz, both of which are key elements for the future stability of the region. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 15 June 2026. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer

On the bond front, yields have risen in both the United States and Europe. Oil is also up, returning toward $95 per barrel, along with the dollar against the euro. In the coming days, attention will be focused on the ECB meeting, where a 25-basis-point rate hike is expected. US inflation data will also be very important. In-depth analysis with . Audio recorded on 8 June 2026. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer

The week was positive for the markets, thanks to the absence of new tensions in the Middle East and progress in negotiations, which seem to be moving closer to an agreement. The drop in oil prices, back to around 90 dollars, has supported both equity markets and government rates, with a marginal decline in yields. The dollar has weakened against the euro, reflecting a context of reduced risk aversion. In the United States, the economy remains stable, while in Europe, emerging signs of deterioration are linked to high energy costs. The focus remains on the impact of the Iranian crisis on inflation and future monetary policies. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 25.05.2026. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer

Global equities were weak over the week, following a highly positive earnings season. The lack of developments in Iran and rising inflation expectations, driven by WTI crude oil prices rising again over one hundred dollars per barrel, have resulted in significant increases in government bond yields. Oil prices and the future trajectory of inflation, which, after all, remain the core focus of central banks’ upcoming monetary policy decisions, are currently one of the main points of market attention. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team.Audio recorded on 18 May 2026.  Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer

Global equity indices closed moderately higher, supported by the continuation of talks in the Middle East and the parties’ willingness to avoid further military escalation, at least for now. After the markets initially responded positively to the US proposal, WTI crude oil prices have since quickly rebounded to around $100 per barrel following Iran’s rejection. The uncertainty over the resolution time of the Middle East crisis has had a limited impact on equity markets, which last week focused primarily on corporate earnings and macroeconomic data. The focus remains firmly on the future measures of central banks with regard to inflation expectations, against a geopolitical backdrop which, while free of new military tensions, appears likely to require time for negotiations to consolidate. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 11 May 2026. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer

Investors remain focused on the crisis in the Middle East: anticipation of the outcome of negotiations, combined with the slight rise in oil prices, has marginally weakened European equity markets. In the US, meanwhile, the S&P 500 has reached new highs thanks to the strong performance of quarterly earnings. Emerging markets indices were also positive. Slight rise in government rates, in both the US and Europe. The resilience of the macroeconomic framework, in light of oil prices staying higher than expected for a longer period than anticipated, remains the primary focus for investors and central banks. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 27.4.2026. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer 

Over the past week, news of possible reopenings of the Strait of Hormuz and attempts to breach the US naval blockade have increased media volatility, but without significantly impacting markets. Global equity markets have actually responded positively, with the S&P 500 index reaching new highs. Weaker start to the week due to renewed tensions in the Strait. The government rates market remains uncertain: initially supported by the decline in oil prices (and thus in inflation expectations), it later felt the impact of the renewed closure of the Strait. With the start of the earnings season, which has been solid so far, the evolution of the Iranian crisis remains the primary focus for investors, alongside inflation outlooks and the monetary policies of central banks. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 20.4.2026. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer

The Iran crisis remains at the heart of market dynamics. Attempts to establish a ceasefire have been welcomed. A reduction in attacks and reprisals has enabled negotiations to continue, amid ultimatums and extensions. Despite the uncertainty and a slight rise in oil prices, equity markets ended the week in positive territory, while government bond yields declined. Despite a marginal increase in inflation expectations stemming from the Iranian crisis, the overall macro framework remains resilient and does not appear to be compromised for investors at this stage. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 07.04.2026. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en-GB/market-analysis Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/it-IT/video/promo/disclaimer