Key events May was a month marked by the contradictions of our time. The tone of the trade conflict eased, encouraging a more constructive dialogue. Conversely, on the military front, hope gave way to anxiety. Fighting intensified in Ukraine, and the situation in the Gaza Strip became simply heartbreaking. From the perspective of the trade … Read more
KEY EVENTS April was an intense month, far beyond all expectations—even though those expectations were already particularly high. The two photographs included in this letter refer to events that took place at the beginning and end of the month; in reality, there are many images received almost daily that will continue to stay with us … Read more
Key events Donald Trump once again confirmed in March his consistency with a communication style and strategic vision that remain true to themselves: direct, unsettling, and deeply unconventional. Yet, despite the passage of time and the repetition of his approach, the world continues to be surprised with the U.S. president actions that are so far … Read more
Key events This month, rather than talking about key events, it is more appropriate to speak of a single, undisputed protagonist. The global stage has been dominated by Donald Trump, who has monopolized discussions in the markets, international politics, traditional media, and social media (which he extensively uses). Since his return to the White House … Read more
KEY EVENTS The early months of 2025 have been dominated by the return of J.D. Trump to the White House. That this topic would capture everyone’s attention was predictable, as was the likelihood that the tone of discussions would be more heated than usual. However, the rhetorical peaks reached by the new/old President of the … Read more
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
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
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
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
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