Whether it is a new joke or not, but the new threats of Trump to Iran, added to all the other geopolitical tensions, have pushed for new safe haven purchases on precious metals, with the which approached $5.600 and thesilver which is close to 120 dollars, while the dollar It started to fall again. Government bonds collapsed due to fears that rising commodity prices could increase inflation. The prices of the Petroleum they reached the highest level in the last four months
Trump changes his tone with Iran: now he's talking about nuclear weapons
President Donald Trump warned Iran to reach a nuclear agreement with the United States, otherwise it will have to face military attacks far more serious than the one he ordered last June. Trump said that the fleet of US ships, his “beautiful armada,” which he ordered to head towards Iran, led by the aircraft carrier USS Abraham Lincoln, is “ready, willing and able to carry out its mission swiftly, with speed and violence, if necessary.”
Trump has repeatedly Iran warned that the United States might launch another attack, but these threats have recently been linked to the deadly crackdown on protests from Iran rather than to his atomic activities. The US leader has previously claimed that Iran's nuclear program was "annihilated" in the attacks last June that targeted three facilities across the country. Analysts say concerns are growing, but caution is needed.
Precious metals soar as the dollar falls
The record-breaking rally in commodities gained new momentum as thegold, copper and silver that they have achieved all-time highs, in a context of dollar weak and growing geopolitical tensions.
Il price of gold continued its extraordinary rise, reaching an all-time high near $5.600 an ounceAs investors seek refuge amid geopolitical and economic uncertainty, spot gold prices rose 2,6% this morning to $5.538,69 per ounce, but in the hours before, they peaked at $5.591,61, bringing their gains this month to about 28%.
The silver Silver rose 0,6% to $117,30 per ounce, extending this year's gain to 65% after a 148% surge in 2025, driven by demand for cheaper alternatives to gold and supply shortages. Analysts at Standard Chartered forecast a further shortfall in the silver market this year.
Il Platinum rose 1,6% to $2.739,48, while the palladium recorded a decline of 1,3% to 2.047 dollars. The Copper jumped 5% on the London Metal Exchange and Brent crude hit its highest level since September.
Dollar remains weak as ECB fears for euro
All these assets are quoted in dollars, so they have benefited from the fall of the greenbackThe Bloomberg Dollar Spot Index lost 0,3%, declining for the seventh time in nine sessions, marking its worst month since April. The greenback still appears vulnerable, despite Treasury Secretary Besent insisted that the United States maintain a policy of “strong dollar“, regardless of what Trump said the day before, applauding the level of the US currency. More significant may be the murmurs of the EU and ECB officials according to which theappreciation of the euro on the dollar could damage exports and pose a downside risk for inflation. An effective intervention by the serious ECB seems highly unlikely, also because currency control is not among Frankfurt's missions, but for the Swiss central bank It's different and the flight from the dollar is pushing the franc on the rise, even against the euro. The franc fell below a huge chart support level, which must have worried the Swiss. The SNB's intervention can be problematic for markets, as it typically sells francs for euros, then distributes part of those euros between dollars, pounds, etc., causing cross-currents in a number of currencies.
Instead the Australian dollar, a commodity indicator, gained for the ninth consecutive day, the longest stretch since 2015.
More exorbitant spending on artificial intelligence
Yesterday the results of Microsoft and Meta they showed truly exorbitant figures in terms of capital expenditures, The former spent nearly $38 billion in the quarter, up two-thirds from the previous year. Meta increased its capital spending plans for this year by 73%, to a range of $115 billion to $135 billion.
Investors they reacted very differently to those plans, reducing Microsoft's market value by $240 billion and increasing Meta's value by $140 billion. Meta's earnings forecast update appears to have truly thrilled investors, while the Redmond giant struggled to allay concerns that costs would eventually outpace earnings growth. The Wall Street session ended without a clear direction. Dow Jones closed up 0,02%, S & P 500 down 0,01%, Nasdaq up 0,17%. The biggest boost came from AI chip leader Nvidia, up 1,6%, followed by Micron, which rose 6%, and then Intel, which jumped 11%.
Tesla Inc. revealed plans to invest $2 billion in Chief Executive Officer Elon Musk's artificial intelligence company, xAI, while reporting better-than-expected fourth-quarter profit. Nvidia Corp., Microsoft and Amazon.com Inc. are in talks to invest up to $60 billion in OpenAI, as reported by Information.
Powell repeatedly said yesterday that the US economy is "on solid footing" and improving
Always yesterday the Federal Reserve meeting It did not have any effect on the market, although the president Jerome Powell He appeared quite cheerful in his press conference. The economy is "on solid footing," he said repeatedly, with "a markedly improving outlook." There was "broad support" on the committee for keeping rates steady, with the obvious exception of two who voted for a cut. The Fed had already "normalized" rates significantly, he added, and policy was now only "mildly restrictive," or even "mildly neutral." Markets interpreted this as confirmation that an April cut was out of the question, with the June cut remaining at 61%, partly because investors assume President Trump will have found a substitute more dovish as chairman by that date. Powell, however, declined to say whether he will step down as Fed chairman in May or remain in office until 2028.
Tech rally continues in Asia, with expectations high for Apple
Asian tech stocks are still rising, extending a month-long rally, with earnings optimism remaining intact ahead of Apple's results.
South Korea's Kospi index is up 1%. Major chipmakers Samsung Electronics e SK Hynix They posted solid results and outlooks. Samsung, in particular, tripled its operating profit, while the rush to develop artificial intelligence capabilities sent chip prices soaring.
Il Nikkei Japanese recorded a 0,2% increase, however held back by strong yen fluctuations and a sharp rise in domestic bond yields. The broadest MSCI index of Asia-Pacific equities excluding Japan is virtually unchanged.
La China It's mixed: Hong Kong's Hang Seng is up, while the Shanghai Composite is slightly down. Chinese real estate stocks rose after a local media outlet reported that developers are no longer required by regulators to submit a series of key metrics designed to curb debt accumulation.
In the automotive sector, for the sixth consecutive year the Toyota Motor Corp. retained its title as the world's largest automaker, widening its lead over Volkswagen AG. The company's earnings Hyundai Motor Co. missed estimates, as the automaker faces persistent pressure from U.S. tariffs and a slowing transition to electric vehicles in some markets.
European stock markets saw a higher opening. At the Milan Stock Exchange, eyes are on TIM and DiaSorin.
Futures indicate an opening above par for European stock markets. The Euro Stoxx 50 Index is up 0,2%.
Azimuth – Barclays raised its target price to 36,80 euros, from 32,30 euros previously, maintaining its Equalweight rating.
Banca Mediolanum – Barclays raised its target price to 22,1 euros from 21,6 euros.
Monte dei Paschi Bank – The Board of Directors has approved the regulation for submitting its own slate of candidates for board renewal. All serving directors, including CEO Luigi Lovaglio, will participate in the decisions.
banks The Interbank Deposit Protection Fund has reached a new agreement with five banks for the restructuring of Banca Progetto. The transaction involves the Fund and the banks (MPS, Banco BPM, BPER, Intesa Sanpaolo, and UniCredit) participating in the derisking of Banca Progetto, including the provision of guarantees and a €750 million recapitalization.
Campari – Competitor Rémy Cointreau returned to growth in the third quarter. Sales increased 2,8% organically; guidance for the 2025-26 fiscal year was confirmed.
Diasorin – Received US approval for the first fully automated laboratory test for Hepatitis Delta Virus on the LIAISON XL system. CEO Carlo Rosa continues to buy back shares (7.500 shares on January 27).
Fineco – Barclays raised its target price to 28 euros from 25 euros.
Leonardo – Oddo BHF raised its target price to 61 euros, from 53 euros previously, with a Neutral rating unchanged.
Intesa Sanpaolo – He ruled out any interest in the Romanian bank Garanti Bank. He confirmed that he is not interested in M&A.
Saipem – UBS raised its target price to 3,40 euros, from 2,90 euros previously. Buy rating confirmed.
stmicroelectronics – It closed the fourth quarter of 2025 with growing revenues and declining margins. Revenue reached $3,33 billion, up 0,2% year-over-year, above the guidance of €3,28 billion. Gross margin reached 35,2%, down from 37,7% the previous year.
Telecom Italy – Shareholders approve the conversion of savings shares and the voluntary capital reduction. Intesa Sanpaolo raises its target price to €0,57, from €0,50 previously. Buy confirmed.
Brembo – Board of Directors announces preliminary financial results.
De 'Longhi – It closed 2025 with a turnover of 3,8 billion euros, +8,7% on an annual basis, +10,4% at constant exchange rates.
