A week of tension on the markets: oil, banks, and tech are reshaping the global balance.

The financial week ended with a more fragile picture for global markets, impacted by a combination of factors that shifted investors' attention from macroeconomic dynamics alone to an increasingly complex intertwining of geopolitics, energy, and corporate strategies. Rising oil prices, tensions in the Middle East, and moves by major industrial and financial groups contributed to a climate of heightened uncertainty, reflected in a widespread correction in stock indices.

In Europe, the week ended with a broad-based decline in stock markets. The FTSE MIB closed at 42,840.90 points, down 1.97%, primarily impacted by the sell-off in industrial and financial stocks. The weakness was shared by other major continental indices: the German DAX lost more than 2.01%, while the Euro Stoxx 50 fell 2.14%, confirming a widespread climate of risk aversion.

At the Milan Stock Exchange, the banking sector was a key player this week. UniCredit attracted market attention with its launch of a transaction in Commerzbank, aiming to surpass the 30% threshold. The move, also supported by positive ratings from rating agencies, represents one of the most significant attempts at European banking consolidation in recent years and could pave the way for further transactions in the sector.

Also in Italy, utilities and energy stood out. Enel benefited from better-than-expected results and the announcement of a rising dividend, while Eni continued to rally in the wake of rising oil prices, supported by the prospect of new discoveries and the possibility of a special dividend. Amplifon, on the other hand, was weaker, disappointing the market, fueling profit-taking after a strong rally in recent months.

The European technology sector has shown mixed signals. STMicroelectronics has strengthened its strategic positioning thanks to its artificial intelligence agreement with Nvidia, at a time when global demand for advanced chips continues to be a major market driver.

Across the pond, Wall Street closed the week in negative territory, reflecting both geopolitical tensions and rising volatility in the tech sector. The Dow Jones Industrial Average settled at 45,576.83 points, while the S&P 500 closed at 6,506.67 and the Nasdaq at 21,647.61, with the tech index declining more than 2%. The volatility index, however, rose, with the VIX rising to 26.78, signaling increased caution among investors.

Despite weak indices, the tech sector remains a major player. Nvidia continues to dominate the artificial intelligence narrative, thanks in part to China's green light to resume sales of AI chips, while new initiatives such as the robotaxis developed in collaboration with Uber show that the sector is entering a phase of global expansion. At the same time, tensions between giants like Microsoft, Amazon, and OpenAI highlight increased competition within the tech ecosystem.

On the macroeconomic front, the market continues to question the Federal Reserve's next moves. Expectations remain skewed toward unchanged rates in the short term, while investors are seeking clearer signals regarding the timing of any future interventions.

The real star of the week, however, was the energy sector. Brent crude oil held above $108.20, while WTI settled around $94.74, supported by geopolitical tensions and uncertainties about global supply. Crude oil prices continue to represent a major risk factor for inflation and central bank decisions, particularly the ECB.

The precious metals market also showed significant movements. Gold fell below the $5,000 mark, settling at $4,494.44, while silver experienced a more marked correction, trading around $67.90, signaling a rebalancing phase after recent gains.

In the currency market, the euro/dollar remained at around 1.1571, reflecting a balance between the monetary policies of the two major economies, while the dollar continued to strengthen against the yen, trading around 159.23, supported by the interest rate differential.

Overall, the week confirms a shift in market sentiment. After months dominated by the artificial intelligence narrative and the resilience of US growth, investors are gradually returning to focus on systemic risks: energy, geopolitics, and monetary policy.