A tense week for the markets: energy, Wall Street, and the Italian game of risk.

The week ended with a global market still dominated by uncertainty, where the difference was not so much macroeconomic data as geopolitical dynamics and extraordinary transactions. The conflict in the Middle East continued to generate sharp movements in oil, gold, and Wall Street, while in Europe, and particularly on the Milan Stock Exchange, the financial game of risk returned to the forefront, with transactions and rumors rekindling investor interest.

The European picture remains weak overall, but less dramatic than in the United States. In Milan, the FTSE Italia All Share closed at 45,646.15 points, down 0.71%, reflecting a market divided between profit-taking and selective targeting of individual stocks. The correction was more pronounced in Germany, with the DAX falling to 22,315.24 points (-1.32%), while the Euro Stoxx 50 closed at 5,499.70 points (-1.19%), signaling widespread but not disorderly weakness.

The flow of corporate news has primarily drawn market participants' attention. The TIM issue has returned to the forefront following Poste Italiane's takeover bid, aimed at delisting it, reopening the issue of the reorganization of Italian telecommunications. At the same time, the Monte dei Paschi case has become further complicated, with tensions between the board and the CEO spilling over into legal matters, fueling uncertainty about the bank's future.

However, there were some positive signs. Fincantieri attracted market attention after reporting its best profit in recent history, while Stellantis outperformed the European market in February, confirming the group's resilience in a still-fragile industrial environment. The situation at Inwit is more complex, having initially seen sharp increases following rumors of a takeover bid and then a price rebound, with some analysts considering the correction consistent with fundamentals. Recordati has also come under scrutiny for potential private equity deals, contributing to the high speculative component of the stock market.

In the United States, the week's tone was decidedly more tense. The Dow Jones closed at 45,092.73 points (-1.89%), the S&P 500 at 6,360.25 points (-1.80%), and the Nasdaq at 20,936.19 points (-2.20%), highlighting increased pressure on the technology sector. The clearest sign of deteriorating sentiment, however, came from the VIX, which rose to 31.43 points, indicating a significant return of risk aversion.

US volatility was closely tied to geopolitical news. Donald Trump's statements, announcements of possible attacks, and subsequent Iranian denials generated a sequence of incoherent movements, with Wall Street unable to find a stable direction. In some sessions, there was a temporary return of risk appetite, which was quickly reabsorbed when the international situation deteriorated again.

The true barometer of the week, however, remains oil. WTI closed at $100.11 a barrel, while Brent settled at $106.46, up 5.96% and 4.49%, respectively. This movement reflects the market's growing sensitivity to the dynamics of the Strait of Hormuz and tensions between the United States and Iran. The risk of supply disruptions, even if only potential, was enough to push traders to revise their energy price expectations upward.

This environment also had a direct impact on the safe-haven commodity sector. After weeks of weakness, gold closed at $4,507.44, up 2.94%, while silver rose to $69.7750 (+2.65%). The rebound follows a sharp correction that had brought the yellow metal to four-month lows, signaling how the market is rapidly alternating between periods of seeking safety and periods of increased risk appetite.

Overall, the week paints a picture of a market increasingly dependent on external factors. While macroeconomic fundamentals continue to show mixed but relatively stable signals, geopolitical dynamics and extraordinary transactions are driving short-term movements. The interplay between energy, politics, and finance remains the true driver of this phase, where any news item can rapidly shift investors' positioning.

In this scenario, the key for the coming weeks will be whether international tensions will translate into a lasting shock to energy prices or remain a source of temporary volatility. This response will determine not only the performance of stock markets, but also the next moves by central banks and the overall balance of the global economy.