In the first part of the year, equity markets continued to deliver positive returns. Year to date, the US market is up around 8%, Europe a little more than 9%, Asia, in US dollar terms, more than 20%, while Italy remains one of the strongest markets, with a return of around 16.6%. Beyond the headline […]

Iran – Neither war nor peace Developments around Iran remain highly uncertain, but the most likely near-term outcome is a continuation of the same fragile “no-war, no-peace” environment, with periodic military exchanges followed by attempts to contain the escalation. The renewed hostilities and Trump’s comments that the agreement with Tehran was effectively over initially triggered […]

Volatility is likely to rise In the second half of 2026, we expect volatility to rise. As a consequence, we are positioning our global credit strategies in a cautious and selective way. Since the beginning of the year, oil prices have increased by 40-50% and global oil supply has fallen by 10%. Historically, these kinds […]