Economic and Banking Monitor

Specialist/CB Equity Morning Watch

Interest Rate Strategy - Green Bond Brief

Interest Rate Strategy - Green Bond Brief

Focus Commodity - Quarterly Outlook - June 2026

Focus Commodity - Scenario commodity trimestrale - Giugno 2026

Specialist/CB Equity Morning Watch

Macro Rapid Response - La BoJ alza i tassi in linea con le attese, ma resta cauta sul ritmo dei prossimi rialzi

Macro Rapid Response

Specialist/CB Equity Morning Watch

Focus United States - FOMC: the Warsh era begins, amid uncertainty

Focus Stati Uniti - FOMC: inizia l’era Warsh, nel segno dell’incertezza

I tassi di interesse

Specialist/CB Equity Morning Watch

Weekly Economic Monitor

Weekly Economic Monitor

Turkey Pause on rates amid domestic slowdown and persistent price risks

Spanish Government Issuance

Italian Government Issuance

Euro Area Government Issuance

Forex Flash - The market remains skeptical about de-escalation

Calendar of macroeconomic data and events

Calendario dei dati macroeconomici e degli eventi

Forex Flash - Il mercato resta dubbioso sulla de-escalation

Turchia Pausa sui tassi in un contesto di rallentamento interno e persistenti rischi sui prezzi

Specialist/CB Equity Morning Watch

Macro Rapid Response

Macro Rapid Response - La BCE torna ad alzare i tassi: prospettive incerte

Focus Japan - BoJ Preview: June’s Meeting is a Further Step in Rate Normalisation

Focus Giappone - BoJ Preview: la riunione di giugno è un ulteriore passo verso la normalizzazione dei tassi

CEE and SEE countries - Loan portfolio fairly diversified

Specialist/CB Equity Morning Watch

Economic and Banking Outlook - June 2026

Commodity Flash

Macro Rapid Response - Italia: cresce ancora a sorpresa la produzione industriale

Macro Rapid Response - Italy: Industrial production continues to surprise on the upside

Egypt - Outlook 2026-2027 - Consolidating growth and vulnerability to external shocks

Specialist/CB Equity Morning Watch

CEE SEE - La diversificazione settoriale rimane modesta

Egitto - Outlook 2026-27 - Crescita in consolidamento e vulnerabilità agli shock esterni

Interest Rate Forecasts - Inflation steering interest rates

Specialist/CB Equity Morning Watch

Macro Rapid Response - Germania: timida crescita per l’industria ad aprile

Macro Rapid Response - Germany: industrial output rose modestly in April

I tassi di interesse

Specialist/CB Equity Morning Watch

Weekly Economic Monitor

Weekly Economic Monitor

Calendar of macroeconomic data and events

Calendario dei dati macroeconomici e degli eventi

Forex Flash - A turning point in Tokyo: Ueda hints at a rate hike in June

Forex Flash - Svolta a Tokyo: Ueda apre ad un rialzo a giugno

Euro Area Government Issuance

Spanish Government Issuance

Italian Government Issuance

Focus United States - Consumption between fiscal stimulus and oil shock

Focus Stati Uniti - I consumi tra impulso fiscale e shock petrolifero

Specialist/CB Equity Morning Watch

I tassi di interesse

Focus Euro Area - Taking the pulse of core inflation: what do data and surveys say

Focus Area Euro - Il “polso” dell’inflazione core: cosa dicono dati e indagini

Specialist/CB Equity Morning Watch

Weekly Economic Monitor

Weekly Economic Monitor

Spanish Government Issuance

Italian Government Issuance

Euro Area Government Issuance

Calendar of macroeconomics data and events

Calendario dei dati macroeconomici e degli eventi

Interest Rate Strategy - BTP: come cambiare la base d’investitori con un upgrade

Interest Rate Strategy - BTPs: how to reshape the investor base with an upgrade

Macro Rapid Response - Italy: inflation rises slightly more than expected

Macro Rapid Response

Macro Rapid Response - Italy: the unemployment rate fell further in April

Macro Rapid Response - Italia: cala ancora il tasso di disoccupazione

South Africa: cautious start to monetary tightening

Sud Africa: cauto avvio dell’inasprimento monetario

Forex Flash - Iran, Central Banks, and Pre-GATT Policies

Forex Flash - Iran, banche centrali e politiche pre-GATT

Specialist/CB Equity Morning Watch

TraWell (BUY/New TP EUR 8.2) - Possible Traffic Headwinds, but Long-Term Story Remains Intact

Macro Rapid Response - Italia: rimbalza la fiducia delle famiglie, peggiora ancora quella delle imprese

Macro Rapid Response

Sicily By Car (BUY/New TP EUR 5.4) - Journey Continues at a Solid Pace, Despite One-Offs

Specialist/CB Equity Morning Watch

Views on the Italian Economy - May 2026

Termination of Coverage: Digital Value

I tassi di interesse

Specialist/CB Equity Morning Watch

La Bussola dell'Economia Italiana - Maggio 2026

Specialist/CB Equity Morning Watch

Weekly Economic Monitor

Weekly Economic Monitor

Forex Flash - The Art of the Beijing Deal: divergent dialogues

Forex Flash - The Art of the Beijing Deal: dialoghi divergenti

Spanish Government Issuance

Italian Government Issuance

Euro Area Government Issuance

Calendar of macroeconomics data and events

Calendario dei dati macroeconomici e degli eventi

Interest Rate Strategy - 10Y inflation swap: impact of the energy shock

Macro Rapid Response - Germany: IFO rises slightly after two months

Interest Rate Strategy - Inflation swap 10Y: impatto dello shock energetico

Macro Rapid Response - Germania: risale leggermente l’IFO dopo due mesi

Nigeria: policy rate stable at 26.5%

Nigeria: tasso di policy stabile al 26,5%

Macro Rapid Response - France: a weak INSEE survey

Macro Rapid Response - Francia: una debole indagine INSEE

Egypt Policy rate unchanged at 20%, CBE remains cautious over risks linked to the conflict in Iran

Specialist/CB Equity Morning Watch

Egitto Invariato il policy rate al 20%, prevale la cautela della CBE per i rischi legati al conflitto in Iran

doValue (BUY/TP EUR 3.4) - Soft 1Q26, Awaiting coeo Contribution

Macro Rapid Response - Eurozone PMIs: activity and prices affected by the war

Macro Rapid Response - PMI Eurozona: attività e prezzi risentono del conflitto

SEE Countries - Households vs corporates

Specialist/CB Equity Morning Watch

Altea Green Power (BUY/New TP EUR 10.2) - Transition Weighs on Results, Visibility Still Constrained

China: policy rate unchanged at 3%

Cina: tasso di policy invariato al 3%

Specialist/CB Equity Morning Watch

Biesse (BUY/New TP EUR 7.6) - Initial Positive Signals from Order Intake

Irce (BUY/TP EUR 2.9) - 1Q26 Results: A Good Start to 2026

EuroGroup Laminations (NEUTRAL/TP EUR 1.20) - A Weak 1Q26, Guidance Confirmed. Still a Tough Year Ahead

I tassi di interesse

SYS-DAT (BUY/New TP EUR 9.0) - New Plan Points to Doubling the Group’s Scale

Equita Group (NEUTRAL/TP EUR 5.8) - Robust Start Driven by Global Markets

Specialist/CB Equity Morning Watch

Xi Jinping-Trump Summit: a structural meeting

Summit Xi Jinping-Trump: un confronto strutturale

FNM (BUY/New TP EUR 0.67) - Traffic Growth and Leasing Support Results

F.I.L.A. (BUY/New TP EUR 14.3) - Guidance Confirmed on the Back of Solid Orders

LU-VE (BUY/New TP EUR 70.0) - Entering a New League

Turkey - Macroeconomic outlook and risk factors related to the war in Iran

Turchia - Outlook macroeconomico e fattori di rischio connessi alla guerra in Iran

MARR (NEUTRAL/New TP EUR 9.2) - EBITDA Margin Recovery Expected in 2H26

Eurotech (BUY/New TP EUR 1.10) - Turnaround Process Gaining Strength

Specialist/CB Equity Morning Watch

Orsero (BUY/TP EUR 25.5) - Resilient Distribution and Solid Cash Generation

Weekly Economic Monitor

Weekly Economic Monitor

Forex Flash - Dollar Shines as Inflation Continues to Rise

Forex Flash - Dollaro super star mentre l’inflazione continua a salire

Peru: policy rate unchanged at 4.25%

Perù: tasso di policy invariato al 4,25%

Calendar of macroeconomic data and events

Calendario dei dati macroeconomici e degli eventi

Commodity Flash

Datalogic (NEUTRAL from BUY/New TP EUR 5.4) - Low Visibility on EBITDA Margin Until 2H26

Specialist/CB Equity Morning Watch

SYS-DAT (BUY/TP EUR 8.7) - Solid Organic Growth and Margin Expansion

Esprinet (BUY/New TP EUR 8.5) - Positive Start to the Year

SECO (BUY/New TP EUR 3.6) - Strong Order Momentum Amid Short-Term Softness

Specialist/CB Equity Morning Watch

Wiit (BUY/New TP EUR 35.0) - Strong Margin Expansion

Mondadori (BUY/TP EUR 2.6) - 1Q26 Results: Seasonal Softness and Timing Effect

Economic and Banking Monitor - May 2026

Generalfinance (BUY/New TP EUR 30.6) - Moderating Momentum, Fundamentals Remain Strong

Banca Profilo (BUY/TP EUR 0.35) - Stabilisation Underway, Execution Strengthens

Specialist/CB Equity Morning Watch

Valsoia (BUY/TP EUR 13.5) - International Growth and Brand Resilience Support Equity Story

I tassi di interesse

Macro Rapid Response - Italy: industrial output rises more than expected in March

Macro Rapid Response - Italia: sale più del previsto la produzione industriale a marzo

Sanlorenzo (BUY/New TP EUR 48.5) - Strong 1Q26 and Commitment to Solid Profitable Growth

Focus Commodity - Metalli preziosi: vittime del loro stesso successo

Focus Commodity - Precious metals: victims of their own success

Cellularline (BUY/TP EUR 3.9) - Stronger Domestic Mix and Further Deleveraging

Specialist/CB Equity Morning Watch

Financial inclusion and financial education should go hand in hand

Fine Foods & Pharmaceuticals N.T.M. (BUY/New TP EUR 12.8) - Diversification Driving Resilience and Growth

Specialist/CB Equity Morning Watch

Weekly Economic Monitor

Weekly Economic Monitor

Mexico: last rate cut (-25bp) to 6.50%

Messico: ultimo taglio dei tassi (-25pb) al 6,50%

Calendario dei dati macroeconomici e degli eventi

Calendar of macroeconomic data and events

Spanish Government Issuance

Italian Government Issuance

Euro Area Government Issuance

Forex Flash - The Middle East at a Crossroads

Forex Flash - Medio Oriente al bivio: il controllo di Hormuz

Macro Rapid Response - Germany: industrial production fell also in March

Zignago Vetro (BUY from NEUTRAL/TP EUR 8.5) - Positive Demand at Quarter-End, to Continue in Next Months

Macro Rapid Response - Germania: produzione industriale in calo a marzo

Specialist/CB Equity Morning Watch

Moldova Monetary tightening, policy rate at 6.50% (+1.5 pp) due to energy shocks and inflation

Moldova Stretta monetaria, tasso di policy al 6,50% (+1,5 pp) per shock energetici e inflazione

Specialist/CB Equity Morning Watch

Triboo (NEUTRAL/New TP EUR 0.43) - Early Recovery Signs, but Further Evidence Needed

Specialist/CB Equity Morning Watch

Interest Rate Strategy - Interest Rate Forecasts - From anchor to premium

Interest Rate Forecasts - From anchor to premium

Middle East - Beyond the war: how the Middle East economy is changing

Specialist/CB Equity Morning Watch

Medio Oriente - Oltre la guerra: come cambia l’economia del Medio Oriente

Elica (NEUTRAL/New TP EUR 1.55) - A Weak Start, but Transformation Works

I tassi di interesse

doValue (BUY/TP EUR 3.4) - Weak 1Q Expected, with no Change in Outlook

Specialist/CB Equity Morning Watch

Weekly Economic Monitor

Weekly Economic Monitor

Ukraine: policy rate unchanged at 15.0%

Ucraina: tasso di policy invariato al 15,0%

Brazil: monetary easing continues (-25bp)

2026 Spanish Government Issuance

2026 Euro Area Government Issuance

Brasile: prosegue l’allentamento monetario (-25pb)

2026 Italian Government Issuance

Forex Flash - Central banks on hold with hawkish undertones

Forex Flash - Banche Centrali in attesa con sfumature hawkish

Calendar of macroeconomic data and events

Calendario dei dati macroeconomici e degli eventi

Macro Rapid Response - Inflation rises in line with expectations in the Eurozone, higher than expected in Italy

Macro Rapid Response - L’inflazione sale in linea con le attese nell’Eurozona, più del previsto in Italia

Macro Rapid Response - Italy: GDP holds up at the start of the year

Macro Rapid Response - Italia: tiene il PIL a inizio anno

Macro Rapid Response - The Fed maintains its easing bias, but dissent is growing

Macro Rapid Response - La Fed mantiene l'easing bias, ma cresce il dissenso

Specialist/CB Equity Morning Watch

NewPrinces (BUY/New TP EUR 26.1) - Towards a Gradual, Execution-Driven Transformation

Chile: policy rate unchanged, caution prevails

Cile: tasso di policy invariato, prevale la cautela

Focus Commodity - Global Commodity forecasts monthly revision - 29 04 2026

Macro Rapid Response - Italy: the effects of the war are becoming more pronounced, particularly on household confidence

Macro Rapid Response - Italia: si accentuano gli effetti della guerra, soprattutto sulla fiducia delle famiglie

Specialist/CB Equity Morning Watch

Focus Euro area - The transmission and ‘propagation’ channels of the energy shock

USD Money Market Monitor - Orderly funding market

Focus Area Euro - I canali di trasmissione e “propagazione” dello shock energetico

Macro Rapid Response

Macro Rapid Response - An Hawkish Hold: Bank of Japan Lays the Groundwork for a June Move

Rosetti Marino No Rating - Strong FY25 Results

First Capital (BUY/New TP EUR 27.4) - New Investments and Shareholder Remuneration

Specialist/CB Equity Morning Watch

Banca Sistema (No Rating) - Solid Results, Deal Execution Remains Key Driver

Focus United States: The Fed is biding its time, the conflict is shifting the balance of risks

Focus Stati Uniti: La Fed prende tempo, il conflitto altera l’equilibrio dei rischi

I tassi di interesse

Mercosur - Trade relations and international role, with a focus on the strategic partnership with the European Union

CEE Countries - Households vs corporates. Support measures remain essential

Specialist/CB Equity Morning Watch

Forex Flash - The return to normality slips further away

Forex Flash - Il ritorno alla normalità si allontana

Russia Central Bank cuts the key rate by 50 bp to 14.50% p.a.

Russia La Banca centrale taglia il tasso di riferimento di 50 punti base al 14,50% annuo.

Weekly Economic Monitor

Weekly Economic Monitor

Calendario dei dati macroeconomici e degli eventi

Calendar of macroeconomic data and events

2026 Euro Area Government Issuance

Macro Rapid Response - Germany: IFO at a low since 2020, both expectations and the current situation worsen

Macro Rapid Response - Germania: IFO sui minimi dal 2020, calano aspettative e situazione corrente

Digital Value (No Rating) - Start of the MTO’s Acceptance Period

2026 Spanish Government Issuance

Mercosur - Relazioni commerciali e ruolo internazionale, con focus sul partenariato strategico con l’Unione Europea

2026 Italian Government Issuance

Specialist/CB Equity Morning Watch

Views on the Italian Economy - April 2026

Lucisano Media Group (BUY/TP EUR 1.80) - Better Profitability and Lower Net Debt in FY25

Leone Film Group (BUY/New TP EUR 2.5) - A Blockbuster in FY25, But not Only

Smart Capital (BUY/TP EUR 2.0) - Strong Net Income in 2025, Over EUR 25M Consolidated Liquidity

Macro Rapid Response - Eurozone PMIs: conflict affecting activity and prices

Macro Rapid Response - PMI area euro: il conflitto si fa sentire su attività e prezzi

Recupero Etico Sostenibile (BUY/TP EUR 12.1) - Unlocking Future Growth via Innovation and Capacity Expansion

Specialist/CB Equity Morning Watch

Macro Rapid Response

Macro Rapid Response

Turkey The CBRT leaves the policy rate unchanged at 37,0%

Turchia La CBRT lascia invariato il tasso di riferimento al 37,0%

Iniziative Bresciane (BUY/New TP EUR 16.0) - Soft Hydro Year, with Continued Capacity Expansion

Growens (BUY/New TP EUR 3.6) - The Investment Phase of Beefree Continues

Specialist/CB Equity Morning Watch

La Bussola dell'Economia Italiana - Aprile 2026

SIT (BUY/New TP EUR 3.4) - Margin Expansion Backed by Cost Discipline, Leadership & Innovation

Libya - Outlook for 2026–27 and the impact of the war in Iran

I tassi di interesse

Libia - Prospettive 2026-27 e impatto della guerra in Iran

SEE Countries - Following Romania, other countries will also see a slowdown

Interest Rate Strategy - Rates in the new global shock

Interest Rate Strategy - Rates in the new global shock

Specialist/CB Equity Morning Watch

Specialist/CB Equity Morning Watch

CEE countries - A slowdown in banking aggregates is on the horizon

G10 Forex - The dollar gives way

Forex Flash - Il dollaro cede il passo

Weekly Economic Monitor

Weekly Economic Monitor

2026 Spanish Government Issuance

2026 Italian Government Issuance

2026 Euro Area Government Issuance

Calendar of macroeconomic data and events

Calendario dei dati macroeconomici e degli eventi

Specialist/CB Equity Morning Watch

Specialist/CB Equity Morning Watch

Commodity Flash

South Africa - Macroeconomic outlook and implications of the energy shock

Sud Africa - Quadro macroeconomico e implicazioni dello shock energetico

Specialist/CB Equity Morning Watch

I tassi di interesse

Ethiopia - Progress on reforms, but energy vulnerabilities remain in the spotlight

Etiopia - Progressi nelle riforme, ma vulnerabilità energetica sotto i riflettori

Brazil - Macroeconomic outlook and conflict risks in the Middle East

Brasile - Prospettive macroeconomiche e rischi del conflitto in Medio-Oriente

Interest Rate Strategy - Interest Rate Forecasts - Gloomy scenes of war

Specialist/CB Equity Morning Watch

REVO Insurance (BUY/New TP EUR 25.4) - Built to Compound

Banca Profilo (BUY/TP EUR 0.35) - Initiation of Coverage: A New Managerial Grip to Realise the Potential of a Distinctive Model

Egypt - Economic outlook and implications of the war in Iran

Russia - Fragile growth amid war in Ukraine and Iran

Franchi Umberto Marmi (BUY/New TP EUR 6.5) - 2026 Expected to Be Supportive in a Business-as-Usual Scenario

Egitto - Prospettive economiche e ricadute della guerra in Iran

Russia - Crescita fragile tra guerra in Ucraina e in Iran

Tecno (BUY/TP EUR 5.1) - Solid FY25; In Line with Guidance Given at IPO

ErreDue (BUY/New TP EUR 12.2) - Orders’ Backlog Boosts 2026 Visibility

Specialist/CB Equity Morning Watch

Forex Flash - The market’s relentless search for good news

Forex Flash - Il mercato alla ricerca ostinata di buone notizie

Weekly Economic Monitor

Weekly Economic Monitor

Peru: policy rate steady, eyes on elections

Perù: tasso di policy stabile, attese per la tornata elettorale

2026 Euro Area Government Issuance

2026 Spanish Government Issuance

Calendar of macroeconomic data and events

Calendario dei dati macroeconomici e degli eventi

2026 Italian Government Issuance

Macro Rapid Response - Italia: poco mossa la produzione industriale a febbraio

Macro Rapid Response - Italy: industrial production little changed in February

Specialist/CB Equity Morning Watch

Cementir Holding (NEUTRAL from BUY/New TP EUR 16.2) - Well Placed in the Current Uncertain Environment

Macro Rapid Response - Industria tedesca in difficoltà anche prima della guerra

Specialist/CB Equity Morning Watch

Macro Rapid Response - German industry struggling even before the war

Commodity Flash

Eurocommercial Properties (BUY/New TP EUR 30.4) - Asset Rotation in Sweden and Solid FY25 Results

Macro Rapid Response

Macro Rapid Response - Dalla tregua alla pace? Le incognite su Hormuz e sui negoziati

Next Geosolutions Europe (BUY/New TP EUR 16.6) - Growth Supports Margins, Investing for the Next Leg

Specialist/CB Equity Morning Watch

Interest Rate Strategy - EGBs and the risk of fragmentation

Interest Rate Strategy - Governativi euro e rischio di frammentazione

I tassi di interesse

Specialist/CB Equity Morning Watch

Forex Flash - A new 1990s-style shock

Forex Flash - Un nuovo shock anni ‘90

United Arab Emirates - The UAE economy faces the test of geopolitical shock

Egypt Policy rate unchanged at 20.0%, monetary easing suspended

Egitto Policy rate invariato al 20,0%, sospeso l’allentamento monetario

Focus Commodity Gold Sector - April 2026

Emirati Arabi Uniti - L’economia emiratina alla prova dello shock geopolitico

Focus Commodity: Settore Orafo - Aprile 2026

Grifal (NEUTRAL from BUY/New TP EUR 1.28) - Challenging FY25; Management Points to 2026 Stabilisation

Weekly Economic Monitor

Weekly Economic Monitor

Scenario Macroeconomico Trimestrale - Marzo 2026

Macroeconomic Outlook

Calendario dei dati macroeconomici e degli eventi

Calendar of macroeconomic data and events

Specialist/CB Equity Morning Watch

Focus Commodity – Quarterly Outlook – March 2026

Focus Commodity - Scenario trimestrale - Marzo 2026

Pattern (BUY/TP EUR 5.0) - Investing Through the Downturn with a Solid Positioning

F.I.L.A. (BUY/New TP EUR 14.7) - Resilience and Recovery in FY26

Specialist/CB Equity Morning Watch

I tassi di interesse

Macro Rapid Response - Eurozone inflation rises less than expected in March

Macro Rapid Response - Sale meno del previsto l’inflazione area euro a marzo

Specialist/CB Equity Morning Watch

Mexico: surprise 25bp rate cut to 6.75%

Messico: taglio dei tassi a sorpresa di 25pb al 6,75%

Weekly Economic Monitor

Weekly Economic Monitor

Forex Flash - G4 Update

EuroGroup Laminations (NEUTRAL/New TP EUR 1.20) - No Major Surprises from FY26 Guidance: A Tough Year Ahead

Calendario dei dati macroeconomici e degli eventi

Calendar of macroeconomic data and events

Forex Flash - G4 update

South Africa: policy rate unchanged at 6.75%

Sud Africa: tasso di policy invariato al 6,75%

2026 Euro Area Government Issuance

Focus Euro Area - Residential investment could continue to recover into 2026

Focus Area Euro - La ripresa degli investimenti residenziali può proseguire nel 2026

2026 Spanish Government Issuance

2026 Euro Area Government Issuance

Specialist/CB Equity Morning Watch

Macro Rapid Response

Macro Rapid Response - Italia: la guerra pesa sulla fiducia delle famiglie, poco variato il clima per le imprese

Macro Rapid Response - Francia INSEE: meno vulnerabile ma non immune

Macro Rapid Response - France INSEE: less vulnerable but not immune

Views on the Italian Economy - March 2026

La Bussola dell'Economia Italiana - Marzo 2026

Specialist/CB Equity Morning Watch

Chile: policy rate unchanged, upside risks to CPI

Cile: tasso di policy invariato, rischi al rialzo sul CPI

Altea Green Power (BUY/New TP EUR 10.5) - FY25 Miss and Estimates’ Cut Offset by Solid Long-Term Visibility

Macro Rapid Response - Germania IFO: il conflitto pesa sulle aspettative

Macro Rapid Response - Germany IFO: the conflict weighs on expectations

Specialist/CB Equity Morning Watch

Eastern European Banking Landscape - Transformation, Challenges, and Opportunities

Macro Rapid Response - Eurozone: PMIs starting to feel the impact of the conflict

I tassi di interesse

Macro Rapid Response - Eurozona: i PMI risentono dei primi effetti del conflitto

Irce (BUY/New TP EUR 2.9) - Efficiency and International Expansion to Support Growth

Italy's STAR Segment - Another Difficult Year? Search for Medium Term Growth Companies

Specialist/CB Equity Morning Watch

FNM (BUY/New TP EUR 0.68) - Solid FY25 Results; Cautious Outlook for 2026

Mondadori (BUY/New TP EUR 2.6) - Softer Outlook, but Resilient Fundamentals Confirmed

Moltiply Group (BUY/New TP EUR 55.1) - Growth and Margins Still at the Forefront

Specialist/CB Equity Morning Watch

Biesse (BUY/TP EUR 8.0) - On the Path to a Return to Growth, but 2026 Uncertain

Banca IFIS (BUY/New TP EUR 27.6) - Attractive Yield Amid a Transitional Year

SYS-DAT (BUY/TP EUR 8.7) - Initiation of Coverage: Quality Growth at an Appealing Valuation

Aeroporto di Bologna (NEUTRAL/New TP EUR 9.2) - Peering through Clouded Skies

Weekly Economic Monitor

Weekly Economic Monitor

Datalogic (BUY/New TP EUR 5.7) - Operating Leverage Supports in an Uncertain 2026

Forex Flash - Inflation is back on the radar of the markets and central banks

Forex Flash - L’inflazione ritorna nel radar dei mercati e delle banche centrali

Russia Central Bank cuts the key rate by 50 bp to 15.00% p.a.

Russia La Banca centrale taglia il tasso di riferimento di 50 punti base al 15,00% annuo.

Calendar of macroeconomic data and events

Calendario dei dati macroeconomici e degli eventi

2026 Spanish Government Issuance

2026 Italian Government Issuance

2026 Euro Area Government Issuance

Specialist/CB Equity Morning Watch

Avio (BUY/New TP EUR 47.0) - Still Compelling Investment Case despite Adjustments

Macro Rapid Response - Macro Rapid Response - ECB: the energy shock destabilises monetary policy

Macro Rapid Response BCE: lo shock energetico destabilizza lo scenario di politica monetaria

Qatar - Growth beyond the crisis, between the boost from the North Field and the uncertainties of the war in Iran

Qatar - Crescita oltre la crisi, tra la spinta del North Field e le incognite della guerra in Iran

Interest Rate Strategy - EUR swap inflation, a signal for the ECB

Interest Rate Strategy - Inflazione EUR swap, un segnale per la BCE

Brazil: cautious start to easing, growing uncertainty

Brasile: cauto avvio dell’allentamento, incertezza crescente

Macro Rapid Response - FOMC: A rate cut by year-end remains possible, but uncertainty is rising

Macro Rapid Response - FOMC: resta possibile un taglio entro fine anno, ma aumenta l’incertezza

Cellularline (BUY/New TP EUR 3.9) - Solid CF Generation Despite Challenging Market

Specialist/CB Equity Morning Watch

SECO (BUY/TP EUR 3.7) - 4Q/FY25 Preview: Improving Earnings Trajectory

Focus United States - Fed remains on hold, awaiting assessment of the war’s impact

Focus Stati Uniti - Fed ancora in pausa, in attesa di valutare l’impatto della guerra

Eurotech (BUY/TP EUR 1.20) - 4Q25 to Support Growth in 2026, with a Lower EBITDA Breakeven

Ascopiave (NEUTRAL/New TP EUR 4.0) - Growth and Execution as Key Drivers

Zignago Vetro (NEUTRAL/TP EUR 8.5) - Good 4Q25, but Gulf War Could Hamper Normalisation

LU-VE (BUY/TP EUR 45.0) - A Good Exit Speed from 2025 to Support 2026 Growth

Specialist/CB Equity Morning Watch

Focus Euro area - The labour market put to the test by geopolitical risks

Economic and Banking Outlook - March 2026

Focus Area euro - Il mercato del lavoro alla prova dei rischi geopolitici

I tassi di interesse

Specialist/CB Equity Morning Watch

Equita Group (NEUTRAL/TP EUR 5.8) - Strategic Partnership with ICCREA Acquiring a 15% Stake

Fine Foods & Pharmaceuticals N.T.M. (BUY/New TP EUR 12.5) - Investment Story Intact; Better Positioned for Macro Headwinds

MARR (NEUTRAL from BUY/New TP EUR 10.0) - Operational-Logistics Redesign to Still Affect 1H26 Profitability

Sanlorenzo (BUY/TP EUR 46.7) - Sound Growth in Orders and Successful Turnaround of Swan

d'Amico International Shipping (BUY/New TP EUR 7.7) - 4Q in Line vs. Estimates; Now Record Strong Spot Rates

Specialist/CB Equity Morning Watch

Orsero (BUY/TP EUR 25.5) - Solid Delivery

EuroGroup Laminations (NEUTRAL/TP EUR 1.27) - Navigating Hard Times Ahead

Peru: policy rate on hold, inflation risks rising

Perù: tasso di policy stabile, rischi inflazionistici in aumento

Weekly Economic Monitor

Weekly Economic Monitor

Forex Flash - The new hegemony of terms of trade

Forex Flash - La nuova egemonia dei “terms of trade"

Egypt - Outlook 2026: consolidation of growth, exposure to conflict in Iran, and possible easing of financial support from Gulf countries

Macro Rapid Response

Macro Rapid Response

Esprinet (BUY/TP EUR 6.7) - CEO Transition Points to Continuity

Specialist/CB Equity Morning Watch

Spanish Government Issuance

Italian Government Issuance

Euro Area Government Issuance

SeSa (BUY/TP EUR 130.0) - Strong 3Q Confirms Positive Momentum

Egitto - Outlook 2026: consolidamento della crescita, esposizione al conflitto in Iran e possibile attenuazione del supporto finanziario dei paesi del Golfo

Turkey CBRT leaves policy rate at 37.0% to counter inflationary risks linked to energy price shock

Turchia CBRT lascia il tasso di riferimento al 37,0% per contrastare i rischi inflazionistici legati allo shock dei prezzi dell’energia

Wiit (BUY/New TP EUR 33.6) - Solid Results. Focus on M&A and Capital Allocation

Specialist/CB Equity Morning Watch

Valsoia (BUY/New TP EUR 13.5) - Resilient Earnings in a Tougher Domestic Backdrop

Argentina - Macroeconomic stabilisation and growth prospects

Argentina - Stabilizzazione macroeconomica e prospettive di crescita

Interest Rate Strategy - War, oil and rates

Specialist/CB Equity Morning Watch

Interest Rate Strategy - Guerra, petrolio e tassi

Specialist/CB Equity Morning Watch

Russia - Economic stagnation and fiscal pressures amid geopolitical tensions

Macro Rapid Response - Germany: industrial production fell also in January

Macro Rapid Response - Germania: produzione in calo anche a gennaio

Specialist/CB Equity Morning Watch

Weekly Economic Monitor

Weekly Economic Monitor

Focus Commodity - Iran e mercati delle commodities: quali scenari? - 06 03 2026

Macro Rapid Response - Eurozone: GDP growth revised down in Q4 25

Calendar of macroeconomic data and events

Calendario dei dati macroeconomici e degli eventi

Macro Rapid Response - Eurozona: PIL rivisto al ribasso a fine 2025

Forex Flash - War in the Middle East: cui prodest?

Forex Flash - Guerra in Medio Oriente: cui prodest?

2026 Spanish Government Issuance

2026 Italian Government Issuance

Euro Area Government Issuance

Russia - Stagnazione economica e pressioni fiscali in un contesto di tensioni geopolitiche

Specialist/CB Equity Morning Watch

Interest Rate Strategy - Interest Rate Forecasts - Steepening

Specialist/CB Equity Morning Watch

BRICS Banks - Fundamentals remained good in 2025

I tassi di interesse

Macro Rapid Response

Macro Rapid Response

Specialist/CB Equity Morning Watch

Focus Italy - Positive impact on Q1 GDP from the Milan-Cortina 2026 Olympics

Focus Italia - Dalle Olimpiadi di Milano-Cortina 2026 un impatto positivo sul PIL del 1° trimestre

Macro Rapid Response - Eurozone and Italian inflation surprise on the upside in February

Macro Rapid Response - Sorprende al rialzo l’inflazione Eurozona e Italia a febbraio

Commodity Flash

doValue (BUY/TP EUR 3.4) - Diversification Opportunities Ahead

Specialist/CB Equity Morning Watch

IGD (BUY/New TP EUR 5.5) - Positive 4Q/FY25; Deleveraging Underpins 2026 Growth

Sogefi (NEUTRAL/New TP EUR 2.9) - Weak Guidance Calls for a Double-digit Cut in Estimates

Focus Global - The impact of AI on the economy: the current state of the art

Focus Globale - L'impatto dell’IA sull’economia: lo stato dell’arte

Commodity Flash

Macro Rapid Response - Italia: deficit 2025 lievemente superiore alle attese

Macro Rapid Response - Italy: 2025 deficit slightly higher than expected

Specialist/CB Equity Morning Watch

Focus United States - Tariff chaos, what changes after the Supreme Court ruling

Focus Stati Uniti - Caos dazi, cosa cambia dopo la sentenza della Corte Suprema

Weekly Economic Monitor

Weekly Economic Monitor

Calendario dei dati macroeconomici e degli eventi

Calendar of macroeconomic data and events

Forex Flash - Dollar put to the test by tariffs

Forex Flash - Il dollaro alla prova dei dazi

Specialist/CB Equity Morning Watch

Macro Rapid Response

Specialist/CB Equity Morning Watch

ECB EAPP & PEPP Update

Views on the Italian Economy - February 2026

Nigeria: 50bp cut in policy rate to 26.5%

Nigeria: taglio di 50pb del tasso di policy al 26,5%

I tassi di interesse

Generalfinance (BUY/TP EUR 28.2) - Feedback from Roadshow in Lugano

Specialist/CB Equity Morning Watch

Macro Rapid Response - France: INSEE moves away from historical average

Macro Rapid Response - Francia: l’INSEE si riallontana dalla media storica

United Arab Emirates - Non-oil GDP momentum and macro stability drive growth towards 2027

Specialist/CB Equity Morning Watch

La Bussola dell'Economia Italiana - Febbraio 2026

Emirati Arabi Uniti - Slancio del PIL non oil e stabilità macro spingono la crescita verso il 2027

Macro Rapid Response - Germany: IFO index returns to growth in February

Macro Rapid Response - Germania: torna a crescere l’IFO a febbraio

Specialist/CB Equity Morning Watch

Weekly Economic Monitor

Weekly Economic Monitor

Calendario dei dati macroeconomici e degli eventi

Calendar of macroeconomic data and events

Forex Flash - The "Warsh transition" and the reset of risk premiums

Forex Flash - La "transizione Warsh" e il reset dei premi al rischio

Macro Rapid Response - Euro area PMIs: encouraging signs from Germany

2026 Spanish Government Issuance

2026 Italian Government Issuance

2026 Euro Area Government Issuance

Macro Rapid Response - PMI area euro: segnali incoraggianti dalla Germania

Specialist/CB Equity Morning Watch

Iran - 2026-27: uncertain prospects for an economy caught between sanctions and instability