European markets experienced a modest uptick as investors deliberated over comments made by Fed Chair Powell, causing the pan-European Stoxx 600 to rise by 0.2% by late morning. Despite several sectors slipping into negative territory, food and beverage stocks showed a notable increase of 1.1%, countering a 0.7% decline in autos.

One of the highlights of the day was Unicredit’s remarkable surge, reaching its highest level since 2015 with a 9.8% rise. This surge was triggered by the Italian bank’s announcement of returning a substantial 8.6 billion euros ($9.2 billion) to investors, driven by profits that exceeded expectations.

In an interview on CBS’ “60 Minutes” on Sunday, Powell hinted at a more measured approach by the central bank in terms of rate cuts compared to market expectations, leading to mixed reactions in global markets. Asian markets began the week on a lower note in response to Powell’s comments, while U.S. stock futures remained relatively flat on Sunday evening.

Unicredit’s exceptional performance on Monday followed the release of details about its planned payout, stemming from a robust fourth-quarter performance that saw profits reach 1.9 billion euros, nearly three times higher than analysts had anticipated. The bank outlined that the payout, a combination of buybacks and dividends, was propelled by a prosperous year buoyed by increased interest rates.

However, ongoing political tensions, persistent inflation levels, and uncertainty surrounding the timing of interest rate cuts by the U.S. Federal Reserve have generated concerns about the future performance of various sectors and stocks. Amidst these uncertainties, Unicredit’s strong financial showing and generous payout have positioned it as a standout performer in the banking sector.

As global markets navigate these economic uncertainties, investors are closely monitoring developments and seeking opportunities in resilient stocks. The CEO of Wrise Wealth Management Singapore, Kevin Teng, identified three top stocks that appear promising in the current market conditions. These insights come from a wealth manager catering to ultra-high-net-worth individuals across Asia, the Middle East, and Europe.