Markets supported by banks and technology, while commodities and Bitcoin rise again

The week on the financial markets ended with an overall positive picture, supported by solid corporate earnings, the recovery of raw materials, and renewed interest in riskier assets. Investors continue to navigate a climate characterized by robust earnings, expectations of monetary stability, and a growing importance of the technology sector.

Wall Street showed signs of strength, with the Dow Jones rising to 49,846.50 points, while the S&P 500 reached 6,902.82 points. The Nasdaq closed at 22,937.32 points, confirming the dominant role of technology stocks in supporting the US market.

European stock markets also recorded positive momentum. The German DAX rose to 24,719.80 points, while the Euro Stoxx 50 reached 5,996.80 points, supported primarily by the banking and industrial sectors.

Italian banks lead the way thanks to rising profits

The Italian banking sector was among the main drivers of the market. Intesa Sanpaolo confirmed the solidity of its business model, recording earnings growth and having its ratings affirmed by the agencies, strengthening investors' confidence in the sustainability of its results over the medium term.

BPER Banca also reported a significant increase in profits for 2025, accompanied by a doubling of its dividend, while Banco BPM confirmed its solid shareholder remuneration policy after a year marked by strong profitability growth.

BP Sondrio recorded the best result in its history, confirming the extremely favorable moment for the domestic banking sector, supported by still high interest margins and stable credit quality.

At the same time, the market remains vigilant about potential extraordinary transactions. Rumors of a possible strategic alliance between UniCredit and Generali in the asset management sector have fueled interest in the European financial sector. Mediobanca has also seen strong stock market gains, buoyed by speculation about extraordinary capital transactions.

Technology between growth and increased investments

The technology sector continues to be the main driver of global markets, but there are also signs of growing pressure on margins. Alphabet reported record results, but increased investment in artificial intelligence has raised questions about the sustainability of profits in the short term.

Amazon has shown a similar dynamic: despite operational growth, increased spending on technology development has weighed on its profitability outlook, contributing to greater stock volatility.

Tesla, on the other hand, benefited from sales growth in China, confirming the strategic role of the Asian market for the electric vehicle sector. Nvidia attracted investors' attention after clarifying that its planned investment in OpenAI was not a binding commitment, helping to dampen some speculative expectations.

Commodities and Bitcoin Rebound After Volatility

The commodity sector showed signs of recovery. Brent crude oil settled at $67.55 a barrel, supported by stronger demand expectations.

Precious metals also rebounded. Gold rose to $4,953.93, while silver reached $76.75, reflecting renewed interest in defensive assets.

Bitcoin's movement was particularly significant, rising to $70,912, a sign of a renewed appetite for risk and growing confidence in the cryptocurrency market.

Currencies and the macro-financial context

On the currency market, the euro strengthened to 1.1819 against the dollar, while the British pound reached 1.3617. The dollar, however, showed relative weakness against some major currencies, reflecting expectations of a possible stabilization of U.S. monetary policy.

At the same time, central bank expectations remain a key driver for markets. Investors continue to closely monitor the ECB's guidance, with rates expected to remain stable in the short term and increasing attention on future monetary policy decisions.

Industrial and energy sectors between growth and crisis

In the industrial sector, Stellantis recorded a January sales increase above the Italian market average, confirming signs of operational resilience. However, the group announced no dividend for 2026, following €22 billion in write-downs, highlighting the structural challenges facing the automotive sector.

In the energy sector, Enel indicated that 2025 profit should be at the high end of the guidance range, supported by growth in renewable energy and stable operating cash flows.

A phase of balance between growth and caution

Overall, the week highlighted the resilience of financial markets, supported by solid earnings and the recovery in commodities. The banking sector continues to be one of the main strengths, while technology remains the engine of global growth.

Despite the positive picture, the environment remains delicately balanced, with the outlook dependent on the evolution of monetary policy, the sustainability of earnings, and the ability of the global economy to maintain a stable pace of expansion.