Alberto Poli @pino428: "Dear copiers and follower, welcome..."

Italy

Dear copiers and follower, welcome back. 𝙄𝙣𝙛𝙡𝙖𝙩𝙞𝙤𝙣, 𝙀𝙘𝙤𝙣𝙤𝙢𝙞𝙘 𝙂𝙧𝙤𝙬𝙩𝙝 𝙖𝙣𝙙 𝙈𝙖𝙧𝙠𝙚𝙩𝙨: 𝙏𝙝𝙚 𝙇𝙖𝙩𝙚-𝙎𝙪𝙢𝙢𝙚𝙧 𝙊𝙪𝙩𝙡𝙤𝙤𝙠 𝙄𝙣𝙛𝙡𝙖𝙩𝙞𝙤𝙣 𝙧𝙚𝙢𝙖𝙞𝙣𝙨 𝙨𝙩𝙞𝙘𝙠𝙮 𝙞𝙣 𝙩𝙝𝙚 𝙐.𝙎. The latest data confirm that U.S. inflation remains above the Federal Reserve’s target, while the economy continues to show resilience. In July, the “core” PCE index – the Fed’s preferred gauge, excluding food and energy – rose to 2.9% year-on-year, the highest since February. On a monthly basis, the increase was 0.3%, in line with market expectations. Although these figures remain under control, inflation is still well above the Fed’s 2% comfort zone. Nevertheless, investors are betting on an imminent rate cut: the September FOMC meeting will therefore be crucial. Recent comments from Christopher Waller and Jerome Powell have suggested that an easing move is likely, though its magnitude will depend on labor market developments, which are showing signs of weakening. 𝙎𝙩𝙧𝙤𝙣𝙜𝙚𝙧-𝙩𝙝𝙖𝙣-𝙚𝙭𝙥𝙚𝙘𝙩𝙚𝙙 𝙐.𝙎. 𝙜𝙧𝙤𝙬𝙩𝙝 On the macro front, U.S. Q2 GDP was revised upward to +3.3% annualized, compared with the initial +3.0% estimate. The momentum came from consumer spending, up 1.6%, and a sharp drop in imports linked to tariff effects. Overall, domestic demand remains solid, making the prospect of a soft landing more tangible. However, analysts expect growth to slow in the second half of the year, with a pace around 2%. 𝙂𝙚𝙤𝙥𝙤𝙡𝙞𝙩𝙞𝙘𝙨 𝙖𝙣𝙙 𝙞𝙣𝙩𝙚𝙧𝙣𝙖𝙩𝙞𝙤𝙣𝙖𝙡 𝙩𝙧𝙖𝙙𝙚 While Washington doubles down on tariffs, the global stage is being reshaped by new dynamics: the recent India-China summit marked an attempt at rapprochement between the two Asian giants, united by the desire to counter Western pressures and expand bilateral trade. Although border tensions remain a critical variable, both economies are seeking to reduce trade imbalances and strengthen multilateral cooperation. 𝙁𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙢𝙖𝙧𝙠𝙚𝙩𝙨: 𝙗𝙚𝙩𝙬𝙚𝙚𝙣 𝙤𝙥𝙩𝙞𝙢𝙞𝙨𝙢 𝙖𝙣𝙙 𝙘𝙖𝙪𝙩𝙞𝙤𝙣 August proved positive for equities: the S&P 500 and Dow Jones hit fresh highs, while in Europe the Stoxx 600 extended its upward trend. However, September is shaping up to be tricky: historically, it is the weakest month for global markets. Many investors point to the “psychological” effect of past autumn sell-offs and seasonal factors such as portfolio rebalancing and profit-taking. Some analysts said, the equity bull cycle is not over: solid earnings prospects, gradually declining interest rates and expectations of a soft landing should support markets over the next 12 months. Others, however, urge caution, warning that tariffs and Fed decisions could weigh on valuations. 𝘾𝙧𝙮𝙥𝙩𝙤𝙘𝙪𝙧𝙧𝙚𝙣𝙘𝙞𝙚𝙨: 𝙖 𝙫𝙤𝙡𝙖𝙩𝙞𝙡𝙚 𝘼𝙪𝙜𝙪𝙨𝙩 On the digital front, Bitcoin reached a new all-time high above $124,000 in mid-August, only to retrace to around $110,000 by month-end. Despite the correction (-7% MoM), the fundamental picture remains solid, supported by expectations of monetary easing. Ethereum regained momentum, rising 14% over the month and nearing the $5,000 mark again. Notable was Cronos (CRO), which surged over 100% in August following its partnership with Trump Media Group, though volatility was extreme in the final weeks of the month. Solana also advanced, but continues to struggle in breaking through key resistance levels. 𝙄𝙣 𝙨𝙪𝙢𝙢𝙖𝙧𝙮 The global economic and financial backdrop remains characterized by contrasts: on the one hand, resilient consumption and employment; on the other, persistent inflation and trade frictions complicating monetary policy decisions. September will bring decisive signals from the Federal Reserve and equity markets, while cryptocurrencies confirm both their volatility and their appeal to capital flows. All this could translate into higher volatility in September. Our recent short positions, together with exposure to the bond market, should help contain portfolio swings in the short term. At the same time, available liquidity will allow us to maintain a proactive stance toward medium- to long-term opportunities, in a context of likely rate cuts and gradual economic stabilization. Thank you for your support. $BTC $SOL $ETH $SPX500

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