Positioning for November 2025

‘The Globe’, Eurizon's view. The reference scenario sees the continuation of the global economic cycle as a central hypothesis. We await the end of the shutdown to assess the strength of the US economy. However, indicators coming from corporate profits remain positive. In Europe, the focus is on investment plans in defence and infrastructure. Discover Eurizon's positioning for November 2025 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 28.10.2025.

Eurizon Weekly, 27.10.2025. The mix of positive corporate results, solid macro data and hopes for a US-China détente has reduced volatility in equity markets. All major global indices, particularly those of the US and Emerging Markets, closed the week in positive territory. Market attention is now focused on the Fed meeting, where another rate cut is expected. Attention also remains on the continuation of the earnings season, particularly those of the US technology sector. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 27.10.2025.

Eurizon Weekly, 20.10.2025. In the US, the ongoing shutdown and the subsequent suspension of the publication of key macroeconomic data has led investors to focus on different areas. The revelation of fraud in the US car finance sector generated marginal volatility, which was immediately contained since it was not considered capable of affecting the entire consumer financial system, and also thanks to reassurances from the Fed, which confirmed a process of gradual monetary easing. The Fed's accommodating stance and falling oil prices are supporting the global economy as we await a clearer picture. Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 20.10.2025

Eurizon Weekly, 13.10.2025. During the week, markets remained relatively stable amid the US government shutdown, anticipation of the earnings season and the truce in the Middle East. However, this stability was disrupted on Friday, when the Trump administration renewed its threat to increase tariffs on China. However, statements from the US government over the weekend have sought to soften the tone, following a familiar pattern. In Europe, the issue of the formation of an executive to approve the budget law in France remains key. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 13.10.2025.

Eurizon Weekly, 06.10.2025. Stock markets posted a positive weekly performance despite the start of the shutdown in the USA: at the moment, the market does not seem particularly concerned, instead expecting an agreement to be reached within a reasonable time frame. Investor focus remains on the US labour market, which will determine the timing of the Fed’s rate cuts, and on the next season of quarterly earnings. In-depth analysis with Stefano Cucchi from Eurizon’s Macro Research & Product Specialist team. Audio recorded on 06.10.2025

‘The Globe’, Eurizon's view. The reference scenario sees the continuation of the global economic cycle as a central hypothesis. US employment data and investment plans in Europe will be monitored in the immediate future.The fact that the Fed is once again reducing rates is an element of support for the economic cycle. Discover Eurizon's positioning for October 2025 with Andrea Conti, Head of Macro Markets Analysis. Audio recorded on 25 September 2025.

Eurizon Weekly, 22.09.2025. The week was dominated by the Fed: the US central bank confirmed that, given the modest impact of the trade war on inflation and the slowdown in the labour market, it now considers it appropriate to resume the normalisation of short-term rates. The market expects rate cuts to continue, with a target of 3% during 2026 (Fed rates currently stand at 4.25%). Let's take a closer look with Andrea Conti, Head of Macro Markets Analysis at Eurizon. Audio recorded on 22.09.2025.

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.