Domestic Policy
Crans Montana: The massacre that occurred during the New Year’s Eve party at the Le Constellation venue in Crans Montana has resulted in a provisional toll of 47 dead and 119 injured of various nationalities, including 11 Italians. Six people remain missing, and the first Italian victim has reportedly been identified—a 16-year-old. The fire is believed to have been caused by light fountains igniting flammable materials in the venue; its safety measures are under investigation for serious structural deficiencies and the use of pyrotechnics in an enclosed space. Foreign Minister Antonio Tajani has arrived in Crans-Montana to meet with families and authorities.
Justice: The committee promoting the referendum on separating judicial careers reiterates that setting the vote date before the Supreme Court rules on the validity of the collected signatures would constitute a constitutional violation, subject to legal challenge. Statements by Justice Minister Carlo Nordio, favouring a March vote, have reignited political tensions. The “No” camp aims to postpone the referendum to gain time for campaigning against the reform, while the government pushes for an earlier date. Five Star Movement leader Giuseppe Conte criticises the government’s haste and defends the importance of popular participation.
Foreign Policy
Iran: For six days, Iran has been swept by widespread protests against the ayatollah regime, triggered on 28 December by the sharp devaluation of the currency and rising prices. Clashes between demonstrators and security forces have intensified, resulting in at least seven deaths and numerous arrests. U.S. President Donald Trump has threatened military intervention to defend peaceful protesters. Supreme Leader Ali Khamenei, through adviser Ali Larijani, rejected any American interference, warning that such intervention would destabilise the region and endanger U.S. troops.
Israel: The Israeli military conducted a series of air raids in southern Lebanon and the Bekaa Valley, targeting, according to Israeli forces, Hezbollah terrorist infrastructure, including training sites and weapons depots. Israeli Culture Minister Miki Zohar of the ruling Likud party stated that Gaza belongs to Israel and that Palestinians in the territory are “guests.” Politically, New York’s new mayor, Zohran Mamdani, revoked the adoption of the International Holocaust Remembrance Alliance’s definition of antisemitism and annulled measures protecting the Jewish community introduced by his predecessor.
Economy and Finance
Stock Markets: European stock markets opened strongly positive in their first session of 2026. Milan rose 0.96%, reaching 45,374 points—the highest level since December 2000—driven primarily by defence stocks, with Fincantieri particularly prominent (+5.75%), as well as banking and technology sectors. In contrast, major U.S. tech stocks on Wall Street mostly declined, with only Nvidia closing positively (+1.5%).
Monte dei Paschi: Monte dei Paschi di Siena has called an extraordinary shareholders’ meeting for 4 February to reform its corporate structure in line with European Central Bank guidelines. Changes concern governance, remuneration policies, and profit management, including new limits on re-election of directors and appointment procedures. Modifications to the composition of the supervisory board are also planned. The statute revision aims to reduce shareholder conflicts by limiting the ability of major shareholders such as Caltagirone and Delfin to present majority slates. Delfin has not commented on rumours that UniCredit is interested in acquiring its stake in the Sienese bank.