Positioning for August 2025

Eurizon Weekly, 15.09.2025. A positive week overall for equity markets, with US inflation data not altering investor expectations that the Federal Reserve would begin a monetary easing cycle. The upcoming Fed meeting remains the focus for investors, particularly the timing of interest rate cuts and forecasts for the US economy. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 15.09.2025.

Eurizon Weekly, 8 September 2025. US labour market data has again shown signs of a slowdown, leading investors to strengthen expectations that the Fed might resume cuts in September and then continue with cuts at a faster pace than previously estimated. Yields on government bonds, particularly US, are falling, with stock markets remaining at the previous week's levels. We’ll take a deep dive with Stefano Cucchi from Eurizon's Product Specialist & Macro Research team. Audio recorded on 08 September 2025.  

Eurizon Weekly, 02.09.2025. Global stock markets down slightly in a week that saw a renewed focus on political issues. Profit-taking, however, follows three extremely positive weeks in August, with stock markets reaching new highs due to expectations of a Fed rate cut in September. The stock markets also benefited from trade agreements signed by the USA with Japan and the EU, while macro data offered reassuring signs. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 02 September 2025.  

Eurizon Weekly, 04.08.2025. A week characterised by the announcement of new tariffs by the US administration against countries with which an agreement has not yet been reached, surprising markets that had expected a more constructive continuation of the negotiation phase. Positive US quarterly figures and US GDP data supported markets during the first part of the week.  The weakening labour market, however, led to a drop in US government bond yields and consequently in the dollar, which interrupted the phase of rapid consolidation that had begun at the start of the week. Investors now expect the Fed to cut rates as early as September. We’ll take a deep dive with Stefano Cucchi from Eurizon's Product Specialist & Macro Research team. Audio recorded on 04 August 2025.

“The Globe”, Eurizon’s view. The reference scenario sees the continuation of the global economic cycle as a central hypothesis. The macro-impact of the trade agreements between the US and its partners, the evolution of fiscal policy measures in the US and EU, and the impact on monetary policy choices are yet to be assessed. Discover Eurizon’s positioning for August 2025 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 29 July 2025.

Eurizon Weekly, 21.07.2025. US trade tariffs are still at the centre of market dynamics: the as-yet unknown outcome of the negotiation phase is making investors cautious, although the background macro data and the quarterly earnings season are highlighting the impressive resilience of the American economy. The focus is now on the next decisions of the Fed, which will need to define future monetary policy. This week also sees the ECB meeting, which is expected to be an interim session, pending assessment of the advisability of further rate cuts. We’ll take a deep dive with Stefano Cucchi from Eurizon's Product Specialist & Macro Research team. Audio recorded on 21 July 2025.  

Eurizon Weekly, 14.07.2025. The attitude of the Trump administration, thanks to the good performance of the US economy and global financial markets, has returned to being more aggressive, but the reaction of the markets, even in the openings of the new week, has been essentially calm. The general idea is that, once again, the American shock tactics are aimed at accelerating an agreement rather than reigniting the trade conflict. This new phase of temporary uncertainty, however, has led investors to adopt a more cautious attitude. Tariffs, together with the corporate earnings season, have returned to the centre of market dynamics, pending formal agreements to be defined between countries. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 14 July 2025.    

Eurizon Weekly, 07.07.2025. This week saw US price lists continue to gain ground, while the rest of the global price lists remained slightly below previous levels: on the one hand, the strength of the US macro environment is supporting the US indices, while on the other, the prospect of the expiry of the extension for US reciprocal tariffs on 9 July, is inciting greater caution among investors. We’ll take a deep dive with Stefano Cucchi from Eurizon's Product Specialist & Macro Research team. Audio recorded on 07 July 2025.  

‘The Globe’, Eurizon's view. The reference scenario sees the global economic cycle continuing. The finalisation of trade agreements and fiscal policy choices in the US and EU, as well as geopolitical tensions in the Middle East and oil, are to be monitored. Discover Eurizon's positioning for July 2025 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 25 June 2025.

Eurizon Weekly, 23.06.2025. Global financial markets remain at last week’s levels and investors are hanging fire, waiting to assess the developments in the crisis between Israel and Iran which, over the weekend, saw the involvement of the US. The price of oil is rising, while the Fed has confirmed a pause in rate changes, in line with expectations. The mix between growth and inflation, put to the test by trade policies and geopolitical risks, remains the main focus for investors. We’ll take a deep dive with Stefano Cucchi from Eurizon's Product Specialist & Macro Research team. Audio recorded on 23 June 2025.