Geopolitics, inflation and technology once again converged to reshape market expectations in an environment where sentiment shifts quickly and visibility remains limited.

The week was marked by sharp reversals: a brief relief in risk assets was quickly replaced by renewed volatility, reinforcing how sensitive markets have become to event-driven dynamics.

At the same time, inflation reaccelerated driven by energy, while the labor market remains resilient. In Europe, the macro backdrop is becoming more complex, and in technology, the conversation is expanding beyond growth to include risk and regulation.

The takeaway is clear: macro drivers are no longer acting in isolation they are increasingly interconnected, requiring greater selectivity and discipline in capital allocation.

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