Markets positive but cautious in response to Iran, earnings and macro data

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

Macro Markets Special. Investors’ attention remains entirely focused on the war in Iran, its impact on energy prices and, in the longer term, on economic growth and inflation. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 23.03.2026. 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 evolving Iranian crisis has led to the gradual closure of the Strait of Hormuz and a rapid spike in oil prices, although markets view this as merely temporary, with futures indicating a return to normality in the medium term. The high oil price has fuelled volatility, with equity markets declining, albeit in an orderly manner. Government bond yields have also risen, pricing in greater inflationary pressures. Geopolitical uncertainty has strengthened the dollar, trading at around 1.14 against the euro, with investor expectations also influenced with regard to future monetary policy decisions by central banks. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 16.3.2026.  Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer  

Macro Markets Special. A week in which global markets were tested by the Iranian crisis and the closure of the Strait of Hormuz, a crucial chokepoint for the transport of oil from the Middle East to the rest of the world. Equity market volatility has risen but not yet reached the extremes seen last year during the introduction of trade tariffs. The rates market has experienced a general increase in yields, with widespread rises in corporate and emerging market spreads, albeit without excessive movements. Dollar strengthening. The duration of the crisis and the time frame of any potential reopening of the Strait of Hormuz remain the key focus for investors. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 09.03.2026. 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 markets closed in positive territory, as mixed macroeconomic data were offset by the US Supreme Court’s ruling to block the implementation of trade tariffs. In the United States, short-term yields have decreased slightly, while long-term yields remain unchanged; European yields are stable. The solidity of the cyclical recovery, along with labour market and consumer trends, remains central to the upcoming monetary policy decisions of central banks. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 23.2.2026. Stay up to date with the latest trends and outlooks in financial markets through Eurizon’s analysis and insights: https://www.eurizoncapital.com/en/market-insights Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer

Divergent trends in global markets this week: the weakness in US equities persists, whereas other global indices confirm they can provide effective diversification. Solid quarterly earnings but without any surprises, combined with weak consumption and employment data have resulted in investors adopting a cautious approach to the US, despite growth remaining solid. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 16/02/2026.   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 course of the week, the quarterly earnings results of key US technology sector players have been at the centre of market dynamics. The results, while still solid, fell slightly short of investor expectations, leading to marginal profit-taking. Thanks to the resilience of the US macroeconomic backdrop, however, the S&P 500 index ended the week largely unchanged. Positive returns for European equity markets, benefiting from their ability to provide good diversification compared to US technology and AI investments. With the earnings season drawing to a close, US monetary policy, along with consumer spending and labour, are once again at the centre of market dynamics. In-depth analysis with . Audio recorded on 9.2.2026.   Before listening, please read the warnings outlined on the following page: https://www.eurizoncapital.com/en/video/promo/disclaimer   Explore news and our in-depth analysis on economics, finance and current affairs: https://www.eurizoncapital.com/en/market-insights