Markets are focused on geopolitics and upcoming elections, but are buoyed by the resilience of the economic cycle and rising profits | The Globe 

Eurizon’s positioning for November 2026 in a scenario characterised by the continuation of the global economic cycle, underpinned by investment in technology, defence and infrastructure, and by solid growth in corporate profits. 

Pressures on commodity prices are having a limited impact on core inflation. The Fed and the ECB remain focused on inflation: the markets are pricing in further rate rises for both by the first half of 2027, but expect a pause for reflection at their October meetings. 

The outlook remains positive for the main asset classes. On the bond front, duration and credit spreads offer attractive sources of return. With regard to equities, earnings growth remains a solid source of support, and profit-taking on technology shares has brought valuations back down to more reasonable levels. 

The issues under scrutiny include geopolitical developments, the mid-term elections in the United States and French politics. 

Each month, Andrea Conti, Head of the Macro Markets Analysis Team, illustrates Eurizon’s investment view with a focus on the asset classes of the month in the video The Globe, delving into the main macroeconomic and financial drivers influencing the markets. Also available as a podcast on the main platforms.