Monthly letter December 2024

Key events December is a month devoted to assessing both what happened in the year that is coming to an end and what might happen in the new one. What was written 12 months ago in this monthly letter in terms of geopolitics can be largely reiterated for the current one as well. The worsening … Read more

Monthly letter Novembre 2024

Key events The U.S. presidential election, the most anticipated political event of 2024, did not disappoint expectations, catalyzing international public attention. The magnitude of the Republican Party’s victory went far beyond expectations, radically transforming the political landscape. The new arrangement, with the opposition having a decidedly limited voice, offers a scenario in which the world … Read more

Monthly letter October 2024

Key events The geopolitical situation is becoming increasingly tense; however, financial markets remain mostly impassive, continuing to focus on the outlook for cyclical growth, inflation trends and corporate earnings. Only gold, a traditional safe haven asset, seems to be affected by events. The stationing of North Korean troops in Ukraine and the cross-air raids between … Read more

Monthly letter September 2024

KEY EVENTS The most relevant news in September came from central banks and geopolitics, with a particular focus on conflicts and the approaching U.S. presidential election. The confrontation between the two U.S. presidential candidates remains heated. In their only televised debate, it was confirmed that neither has a chance to gain a clear advantage over … Read more

Monthly letter August 2024

KEY EVENTS The month of August saw financial markets focus more on news from central banks and macroeconomics, rather than geopolitical news. However, the situation remains particularly tense both in the Middle East and between Ukraine and Russia. In the former, on the one hand, efforts to reach a truce continue, but on the other, … Read more