Gaetano Bonfiglio @GaetanoBonfiglio: "𝐖𝐄𝐄𝐊𝐋𝐘 𝐎𝐔𝐓𝐋𝐎𝐎𝐊 Welcome to our regular..."

Italy

𝐖𝐄𝐄𝐊𝐋𝐘 𝐎𝐔𝐓𝐋𝐎𝐎𝐊 Welcome to our regular weekly review of global markets. 𝐌𝐚𝐫𝐤𝐞𝐭 𝐂𝐨𝐧𝐭𝐞𝐱𝐭 We are currently navigating a challenging macroeconomic landscape, highlighted by strong stagflationary signals in the United States and Canada, contrasted by a reflationary phase in Europe. Despite this divergence, overall risk appetite remains resilient, hovering firmly in "Risk On" territory. To safely steer through this complexity without exposing ourselves to unexpected shocks, our strategy strictly follows a balanced and rotational multi-asset approach. We constantly monitor macroeconomic volatility, maintaining active portfolio management geared toward capital preservation and methodical, medium-to-long-term growth. 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐂𝐚𝐥𝐞𝐧𝐝𝐚𝐫 Here are the 5 key macroeconomic events I will be monitoring closely this week: • 𝐖𝐞𝐝𝐧𝐞𝐬𝐝𝐚𝐲, 𝐉𝐮𝐥𝐲 𝟐𝟐 (𝟎𝟖:𝟎𝟎) – 𝐔𝐊: 𝐂𝐏𝐈 𝐘𝐨𝐘 (𝐉𝐮𝐧) 𝐼𝑚𝑝𝑎𝑐𝑡: Measures UK inflation. Higher-than-expected data could push the Bank of England toward a hawkish stance, increasing volatility across European capital markets. • 𝐓𝐡𝐮𝐫𝐬𝐝𝐚𝐲, 𝐉𝐮𝐥𝐲 𝟐𝟑 (𝟏𝟒:𝟏𝟓) – 𝐄𝐔: 𝐄𝐂𝐁 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐑𝐚𝐭𝐞 𝐃𝐞𝐜𝐢𝐬𝐢𝐨𝐧 (𝐉𝐮𝐥) 𝐼𝑚𝑝𝑎𝑐𝑡: The ECB's decision determines European monetary policy. Any shift will redirect capital flows between defensive assets and continental equities. • 𝐓𝐡𝐮𝐫𝐬𝐝𝐚𝐲, 𝐉𝐮𝐥𝐲 𝟐𝟑 (𝟏𝟒:𝟑𝟎) – 𝐔𝐒: 𝐈𝐧𝐢𝐭𝐢𝐚𝐥 𝐉𝐨𝐛𝐥𝐞𝐬𝐬 𝐂𝐥𝐚𝐢𝐦𝐬 𝐼𝑚𝑝𝑎𝑐𝑡: A crucial indicator of US labor market health. It reflects American economic resilience and shapes future Federal Reserve monetary policy decisions. • 𝐅𝐫𝐢𝐝𝐚𝐲, 𝐉𝐮𝐥𝐲 𝟐𝟒 (𝟎𝟗:𝟑𝟎) – 𝐃𝐄: 𝐌𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐏𝐌𝐈 (𝐉𝐮𝐥) 𝐼𝑚𝑝𝑎𝑐𝑡: Provides an early look at the health of Germany's industrial sector and the wider Eurozone. Weak figures would exacerbate global slowdown fears. • 𝐅𝐫𝐢𝐝𝐚𝐲, 𝐉𝐮𝐥𝐲 𝟐𝟒 (𝟏𝟓:𝟒𝟓) – 𝐔𝐒: 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐏𝐌𝐈 (𝐉𝐮𝐥) 𝐼𝑚𝑝𝑎𝑐𝑡: Evaluates the performance of the US service sector, the main engine of American GDP. Disappointing data would intensify stagflation concerns. 𝐏𝐎𝐑𝐓𝐅𝐎𝐋𝐈𝐎 𝐈𝐌𝐏𝐀𝐂𝐓 The outcome of these macroeconomic data releases will directly drive the tactical adjustments of our rotational portfolio. The relevance of European updates (ECB and German PMI) will impact our exposure to European cyclical and corporate stocks like $ISP.MI (Intesa Sanpaolo Group) , $BMPS.MI (Banca Monte Dei Paschi Di Siena S.P.A) , and $PRY.MI (Prysmian Group) . Concurrently, US data on unemployment and services will test the resilience of our high-growth technology holdings, including $AMD (Advanced Micro Devices Inc) , $CRWD (Crowdstrike Holdings) , and $MRVL (Marvell Technology Group Ltd) . We maintain robust protection against inflationary and global economic risks through our strategic allocation to physical gold (8PSG.DE), inflation-linked bonds (IUST.DE), and Bitcoin (BTC). 𝐊𝐞𝐲 𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲 A market split between Risk On and stagflation requires absolute discipline. We use a targeted sector rotation across US tech and European equities, hedged by gold and inflation-linked bonds, to guarantee stability and controlled growth. Best, Gae (@GaetanoBonfiglio)

Not investment advice. The author may have financial interests in the mentioned instruments.