Gold prices reached a new all-time high of over $2,220 an ounce in March 2024, marking the best monthly performance since July 2020 with an 8.5% increase. The surge has positively impacted gold mining stocks, with significant gains in both the VanEck Gold Miners ETF and the VanEck Junior Gold Miners ETF. Top performers included Equinox Gold Corp., Coeur Mining, Inc., and Argonaut Gold Inc. Central banks are increasing gold purchases due to medium-term debt dynamics and domestic political polarization, with Bank of America strategist Francisco Blanch comparing the situation to the end of USD-gold convertibility in 1971 and highlighting the geopolitical rift between the U.S./EU and China/Russia.

Italy's economy has experienced a 'soft landing' with a significant slowdown in economic activity compared to the high growth rates post-pandemic in 2021 and 2022, effectively reducing inflation without triggering a recession. The annual consumer inflation rate in Italy was 1.3% in March 2024, according to preliminary data from Istat. This is lower than the Eurozone average, which was 2.6% in February 2024. Factors contributing to the lower inflation include a significant decrease in energy prices and the impact of demand influenced by the European Central Bank's increased interest rates. The total volume of loans to Italian households and businesses continues to decrease. Forecasts by the European Commission predict Italy's inflation to be 2.0% in 2024 and 2.3% in 2025. The unemployment rate in Italy reached a 16-year low of 7.2% in January 2024. Italy's service sector is showing signs of expansion, and there is optimism regarding industrial companies in Southern European countries.

On Tuesday, Wall Street saw a cautious trend in major equity indices with the Nasdaq 100 slightly up and the S&P 500 and Dow Jones down, ahead of key inflation data and earnings season. Nvidia's stock hit a new high, while AMD also gained. The Federal Reserve's Michelle Bowman indicated a shift to a less hawkish stance on monetary policy, and the SEC's decision on a Bitcoin ETF is awaited. Tech was the only sector to avoid losses, and semiconductors outperformed, while oil and gas downstream industries fell.

The U.S. labor market outperformed expectations in December 2023, with non-farm payrolls increasing by 216,000, surpassing the anticipated 170,000. The unemployment rate remained steady at 3.7%, and annual wage growth accelerated to 4.1%. These robust indicators led to a rally in the U.S. dollar index and a spike in Treasury yields, while equity futures saw a decline before the trading session.

The World Economic Forum in Davos commenced with discussions on artificial intelligence, climate change, labor markets, and geopolitical tensions. Former President Donald Trump was a topic of conversation despite his absence, with Al Gore questioning his inevitability as a Republican candidate. BlackRock's Philipp Hildebrand expressed concerns about persistent inflation and the possibility of Trump's return. IMF Chief Kristalina Georgieva emphasized the need for economic buffers against shocks. Switzerland's Ignazio Cassis called for global cooperation on peace, particularly regarding Ukraine. Ukrainian President Zelenskyy is seeking financial support for the conflict against Russia and will meet with Swiss President Viola Amherd and JPMorgan's Jamie Dimon. Turkish President Erdogan boycotted the WEF over its stance on Israel and Hamas. Oxfam reported on wealth inequality, urging governments to address corporate power and promote employee ownership.

Wall Street experienced a positive start to the week with gains in all major stock indices except the Dow Jones, driven by a drop in energy commodity prices and a rally in the tech sector, particularly semiconductors. The Nasdaq 100 and S&P 500 saw significant advances, while the Dow was weighed down by Boeing's stock price drop following an FAA grounding order. Small-cap stocks rebounded, and the U.S. dollar depreciated. Bitcoin's value increased, while gold declined. Notable stock movements included gains for NVIDIA, AMD, American Airlines, Crocs, and Abercrombie & Fitch, and losses for energy companies Schlumberger, Halliburton, and Baker Hughes.

Major banks including JP Morgan Chase, Bank of America, Wells Fargo, Citigroup, and Bank of New York Mellon are set to report their fourth-quarter results, with Wells Fargo and Bank of New York Mellon expected to show an increase in both EPS and revenue. BlackRock also introduced its first Bitcoin ETF and will disclose earnings. Analysts from Wedbush and Bank of America provided insights, noting potential sell-offs and opportunities in bank stocks. Bank stocks have rallied and trade at a discount compared to the S&P 500, with regional banks like New York Community Bancorp, KeyCorp, and Truist Financial tipped to perform well in 2024.

The European luxury sector has started 2024 on a challenging note, with most luxury stocks declining. LVMH has lost its position as Europe's largest company to Novo Nordisk, and Bernard Arnault is no longer the world's richest person. Bank of America analysts caution that the sector may face further revenue and earnings downgrades and advise a focus on brand investment. The sector's growth is heavily reliant on Chinese consumer behavior, which is expected to continue driving revenue. Brands like Kering and Burberry are facing turnaround challenges, while Hermes and LVMH are favored by Bank of America. The sector is at a crossroads, presenting both risks and opportunities for investors.

Shares of European maritime shippers Maersk and Hapag-Lloyd have rallied due to logistical disruptions in the Red Sea caused by Houthi militant activities. The risks have led to rerouting around the Cape of Good Hope, increasing transit times and operational costs, and resulting in higher freight rates. Financial analysts are divided on the long-term impact, with Goldman Sachs expecting further rate increases and J.P. Morgan downgrading Maersk, predicting a return to pre-disruption conditions. The situation's evolution is critical for investors and could affect Europe's economic growth and inflation.

On Monday, the U.S. oil and gas sector experienced a significant downturn, with energy stocks and commodity prices falling. The Energy Select Sector SPDR Fund dropped nearly 3%, and WTI crude prices fell by nearly 5% to $70 per barrel, partly due to Saudi Arabia cutting crude prices. OPEC's production increased, and U.S. natural gas prices declined due to warmer weather forecasts and high reserves. Despite this, Jeff Currie, former Goldman Sachs commodity chief, predicted a strong commodity market in 2024 if central banks cut interest rates, citing high demand, low inventories, and maxed-out production capacity.

Argentine President Javier Milei announced intentions to dismantle the Central Bank, a move consistent with his ultra-libertarian views and campaign promises. Amidst Argentina's worst inflation in 30 years, with a 211.4% annual increase, Milei's Finance Minister Luis Caputo devalued the peso by 50% against the dollar. Despite the economic turmoil, the Global X MSCI Argentina ETF saw a slight rise. The IMF has reached a $44 billion agreement with Argentina and commended Milei's policies, expecting eventual macroeconomic stability and recovery. Milei will attend the World Economic Forum in Davos to present his economic strategies.

Goldman Sachs' equity research team, led by Ben Snider, predicts a strong performance for U.S. small-cap stocks in 2024, with the Russell 2000 small-cap index expected to return about 9% in six months and 15% for the year. This outpaces their forecast for the S&P 500, which is projected to rise 7% by the end of 2024. The Russell 2000's growth is attributed to low valuations, a healthy economic outlook, and historical performance in presidential election years. However, risks include potential economic slowdown and rising interest rates, which could particularly impact sectors like Biotech, Banks, and Real Estate.

The U.S. stock market ended the year on a high note, with major indices reaching record levels, largely due to the AI revolution and a shift in Federal Reserve policy. The Nasdaq 100 experienced its best performance since 1999, and the SPDR S&P 500 ETF Trust is poised to be the first ETF to hit $500 billion. Public interest has shifted towards AI, as evidenced by Google searches surpassing those for Bitcoin. The New York Times sued OpenAI and Microsoft over the use of its articles to train AI. Market expert Ed Yardeni predicted a bullish S&P 500 for 2024, while Apple is expected to focus more on wearable technology. Elon Musk praised a $25,000 Tesla compact car design, which could significantly impact the electric vehicle market.

Houthi rebel attacks in the Red Sea have led to approximately half of the container-ship fleet rerouting to avoid the area, affecting 18% of global shipping capacity. This has increased travel time by 25% and operational costs, potentially inflating consumer prices. The U.S.-led task force is increasing security efforts. Shipping stocks like A.P. Moller-Maersk and Hapag-Lloyd have seen significant share price increases, and the SonicShares Global Shipping ETF has also risen.

The article discusses the recent increase in interest rates by the Central Bank of Turkey (CBT) and its implications for the Turkish lira. It suggests that the aggressive tightening of monetary policy could be a pivotal moment for the currency if continued in the future. The article highlights the challenges faced by Turkey, including macroeconomic imbalances, and the need for careful policy management. It also introduces Hafize Gaye Erkan, the new governor of the CBT, noting her Wall Street background and the pressure she faces to restore confidence among foreign investors after years of currency devaluation and unconventional economic policies.

Gold has seen a significant resurgence in 2023, with prices reaching over $2000 per ounce. This rally is attributed to geopolitical tensions, particularly in the Middle East, and a decline in US inflation rates, leading to expectations of Federal Reserve rate cuts. The CME Group's Fed Watch tool indicates a high probability of rate cuts by 2024. Gold is considered a hedge against economic stress and has seen increased investment demand, with significant inflows into the SPDR Gold Trust ETF. Experts like John Hathaway and Paul Tudor Jones suggest gold could perform strongly in the coming months, with Bank of America predicting a potential price of $2,400 per ounce by year-end if rate cuts occur.

The article by Piero Cingari for Euronews Business discusses Italy's economic situation, highlighting the slight upward revision of Italy's GDP growth to 0.1% for the third quarter of 2023, which helps the country avoid a technical recession. Despite a decrease in consumption expenditure, gross fixed capital formation, imports, and exports, the stock market has surged by 25% in the first eleven months of the year. The manufacturing sector is contracting, with the PMI indicating an eighth consecutive month of contraction. Dr. Tariq Kamal Chaudhry from Hamburg Commercial Bank comments on the challenges faced by Italy's manufacturing industry. The government has revised its GDP growth forecast for 2023 and 2024 and expects a budget deficit of 4.3% of GDP. Inflation has also fallen to its lowest rate since March 2021.

U.S. GDP for Q4 2023 was revised to a 3.4% annualized pace, a deceleration from Q3's 4.9% but still solid. Consumer spending, nonresidential fixed investment, and state and local government spending were revised up, while private inventory investment and exports were revised down. The PCE price index was revised to 1.8%, and nominal GDP was revised to $27.96 trillion. Disposable personal income rose by 3.8%. Jobless claims were lower than expected at 210,000. The dollar index rose after Fed Governor Waller's hawkish remarks, and the SPDR S&P 500 ETF reached a record high.

Italy is working to meet EU targets under its National Recovery and Resilience Plan (PNRR), with the European Commission closely monitoring its progress. The country is preparing to receive the fourth tranche of the PNRR, valued at €16.5 billion, but faces challenges in meeting the associated 28 project targets. Italy's recovery plan includes €69 billion in grants and €122.6 billion in loans, which is crucial for its economic revival. The country must meet 377 investment-related and 150 reform-related milestones and targets, with 72% still unmet. Digital transformation is a key goal, with Italy having received $6.4 billion for this purpose. Moody's recently upgraded Italy's credit outlook to stable, acknowledging the PNRR's positive impact on the economy. Italy's GDP is expected to grow in the coming years, driven by investments funded through the RRF.

Novo Nordisk, a Danish pharmaceutical company, has seen its stock price soar due to high demand for its weight-loss medication, Wegovy. Celebrating its centennial, Novo Nordisk has become Europe's most valuable company, surpassing LVMH. The company's revenue is projected to continue growing, with significant sales in the diabetes and obesity care segment. Wegovy, which is priced differently across countries, has been a major contributor to this success. The obesity medication market is rapidly expanding, with Novo Nordisk and Eli Lilly poised to control a significant share. Despite concerns about overvaluation, Novo Nordisk's forward P/E ratio aligns with historical trends, and the company is well-positioned in the pharmaceutical industry as it expands production and maintains its product portfolio.