Market Flash of January 13, 2026

In this episode:

• The year opens with a strong start for markets after a challenging December: the historically positive signal from the first days of the S&P 500 reinforces the core message from the end of 2025, namely the transition into a new market phase that is less concentrated and increasingly driven by sector rotation.
• The political and geopolitical backdrop is already complex, as is typical of a mid-term year in Trump’s second term, with fiscal, monetary and regulatory policies seemingly moving in the same direction, supported by an unprecedented push for innovation.
• From a technical perspective, very constructive signals are emerging: upside breakouts across European indices, the S&P 500 approaching the 7,000 level and, above all, a continued broadening of market participation.
• As earnings season gets underway, attention will focus on AI-related capex and guidance, against a backdrop of exceptionally low volatility, elevated positioning and strong retail participation—factors that argue for a more cautious approach.

The key message for 2026 remains constructive but selective: global equities are favored, with strong rotations, regional divergences and risks to monitor, alongside attractive opportunities particularly in Europe and Asia, in infrastructure-related themes, defense and sectors benefiting from productivity gains driven by artificial intelligence.
For more insights, listen to the latest episode of the podcast hosted by Alberto Tocchio, Head of Global Equity and Thematics.