Last week was about geopolitics, safe haven assets, and sector rotation.

The week opened with a decisive return of geopolitics to the forefront of markets, following the US intervention in Venezuela and the ouster of Nicolás Maduro. The initial reaction was seen primarily in energy and precious metals, while global equities demonstrated a faster-than-expected ability to absorb the shock. As the trading sessions progressed, investors' attention shifted to artificial intelligence technology, the European banking crisis, and defense spending prospects, all the way to US labor market data and new risk fronts in the Middle East and international trade.

Overall, stock markets closed the week in positive territory. At the Milan Stock Exchange, the FTSE MIB closed at 45,719 points, a modest gain consistent with a consolidation phase following a strong start to the year. Europe performed better, with the Euro Stoxx 50 rising to 5,997 points, while on Wall Street, sentiment remained constructive: the Dow Jones closed at 49,521 points, the S&P 500 at 6,976 points, and the Nasdaq at 23,708 points, once again supported by the technology sector.

Venezuela: Oil prices fluctuate, Eni under special observation

News from Venezuela fueled volatility in oil prices. Initially, the market reacted as if the event could reduce tail risk, with the idea that, in the medium term, clearer export channels and more "predictable" governance could translate into increased supply. At the same time, however, the geopolitical aftermath supported demand for hedges and kept attention focused on possible operational and diplomatic developments.

Brent crude closed the week higher at $62.35 a barrel, after hitting an intraday high of $62.63, recovering ground in the final part of the week, partly thanks to tensions in the Middle East. On the Milan stock exchange, the energy sector showed a more robust reaction than the commodity. Eni remained in the spotlight following the company's statements that operations in the country are continuing as expected and that the group is monitoring the situation. The Venezuela issue remains relevant due to the international authorization framework and the credit situation, with operators focused on supply continuity and the prospects for normalization.

Gold and silver: the return of the "safe haven"

Among precious metals, gold and silver benefited from the increased perceived uncertainty. The market interpreted the Venezuelan episode as a sign that geopolitical risks could quickly resurface, strengthening demand for assets considered more defensive.

By the end of the week, spot gold had returned above $4,500 an ounce, closing around $4,500.4, while the February 2026 gold futures contract rose to $4,509.6. Silver's movement was even more pronounced, closing at $79.97 an ounce, a daily gain of more than 3.8%. A search for protection dominated trading for much of the week, although the intensity of the movement varied as the day's stocks changed.

Wall Street: Shock digested and technology once again in the spotlight

In New York, the reaction to the Venezuelan episode was measured. Attention quickly shifted to technology and semiconductors, buoyed by optimism about artificial intelligence and corporate signals interpreted as signs of improving demand. The Nasdaq, in particular, outperformed other indices, closing the week with a gain of nearly 1%, confirming a sector rotation that continues to favor growth stocks.

On the currency front, the dollar remained stable, with the euro/dollar exchange rate in the 1.1635 area, while the yen continued to weaken, with the dollar/yen rising to 157.9.

Auto: Stellantis amid signs of resilience and structural challenges

In the automotive sector, Stellantis has been viewed on two levels. In Italy, recent performance has shown signs of relative resilience, but the overall picture remains that of a market struggling to return to pre-pandemic levels. In the United States, however, the final part of the year confirmed an improvement in pace, interpreted by analysts as an important step in the group's recovery. The key for investors remains the ability to consolidate momentum throughout 2026.

Banks, telecommunications, and defense: structural issues at the center

The Italian banking sector remained in the spotlight, amid positive reviews of BPER, UniCredit's strategic move in Greece, and the political and financial debate surrounding MPS. In the telecommunications sector, TIM attracted attention both for its clarifications regarding its concession fee and for its preliminary network-sharing agreement with Fastweb and Vodafone, seen as a step toward greater operational efficiency.

Finally, the defense sector benefited from Donald Trump's remarks about increased military spending, with widespread purchases in Europe and Leonardo among the most closely watched stocks. Many investors believe that, regardless of individual geopolitical crises, the trajectory of security spending will remain structurally high in the coming years.

Weekly close: oil, US jobs and tariffs

Lately, oil found further support from tensions in Iran, while US jobs data were judged overall neutral for the outlook for monetary policy. Attention now shifts to the US Supreme Court's decision on tariffs, a potential catalyst for volatility in global markets in the coming sessions.