Markets cautious amid Iran, US data and German elections | Eurizon Weekly

The markets have maintained a cautious approach, influenced by geopolitical tensions in the Middle East, the resilience of US macroeconomic data and rising political uncertainty in Germany following the Saxony state election. In this context, US and emerging market equities have shown a largely stable trend, while European indices have recorded a decline. On the bonds front, government bond yields have risen moderately, supported by the resilience of the American economy and persistent inflationary pressures. Oil prices have continued to rise, approaching the $90 per barrel mark, while the euro-dollar exchange rate has remained largely unchanged, at around 1.16. In the United States, the solidity of economic indicators and the labour market have confirmed the good pace of growth, keeping investor focus firmly on the next moves by central banks. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 7 July 2026.

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