Fixed Income Analytics

Peru: rates unchanged, but a monetary adjustment remains possible in the short term

Perù: tassi invariati, possibile un aggiustamento monetario nel breve termine

Focus United States - Midterms: heading for “divided government”?

Focus Stati Uniti - Elezioni di midterm: verso un “governo diviso”?

EdiliziAcrobatica No Rating - Soft 1H26, but Some Reassurance on the Restructuring

Specialist/CB Equity Morning Watch

India: repo rate raised by 25bps to 5.50%

India: rialzo del tasso repo di 25pb al 5,50%

Macro Rapid Response - Germany: construction drives IP in August

Macro Rapid Response - Germania: le costruzioni trainano l’industria ad agosto

Specialist/CB Equity Morning Watch

Alia Mentis (BUY/TP EUR 6.0) - Solid 1H26 Results, on Track to Meet our FY26E Estimates

Centrale del Latte d'Italia (BUY/New TP EUR 6.4) - 1H26: Solid Performance Despite Deflationary Scenario

I tassi di interesse

Specialist/CB Equity Morning Watch

Growens (BUY/New TP EUR 3.3) - Navigating AI Disruption While Preserving Growth Ambitions

Macro Rapid Response - Spain's snap election should not weigh on the short-term economic and fiscal outlook

Macro Rapid Response - Spagna: le elezioni anticipate non dovrebbero pesare sulle prospettive economiche e fiscali di breve termine

Macro Rapid Response - Italy: deficit above 3% in 2027-28

Macro Rapid Response - Italia: deficit sopra il 3% nel 2027-28

Doxee (BUY/TP EUR 6.7) - Recurring Mix Strengthens; Guidance Reiterated

Specialist/CB Equity Morning Watch

Banca IFIS (NEUTRAL/New TP EUR 13.9) - Bank of Italy’s Axe Falls

Weekly Economic Monitor

Weekly Economic Monitor

Forex Flash

Forex Flash - The Great Realignment

Macro Rapid Response - Euro area inflation at new 3-year highs, but the indirect effects of the energy shock remain contained

Macro Rapid Response - Inflazione europea su nuovi massimi da 3 anni, ma gli effetti indiretti dello shock energetico restano contenuti

Calendario dei dati macroeconomici e degli eventi

Calendar of macroeconomic data and events

Franchi Umberto Marmi (BUY/New TP EUR 5.3) - Defensive Business Model Amid Market Headwinds

Officina Stellare (BUY/TP EUR 56.8) - A Very Solid 1H26; We Confirm Our Stance

Specialist/CB Equity Morning Watch

Italian Government Issuance

ErreDue (BUY/New TP EUR 16.2) - FY26 Revised Upward, FY27-28 Unchanged

Interest Rate Strategy - EGB spreads: market left alone

Interest Rate Strategy - Spread euro: mercato lasciato solo

Macro Rapid Response - Italia: tasso di disoccupazione in salita ad agosto

Macro Rapid Response - Italy: unemployment rate on the rise in August

Focus Area Euro - I primi passi verso l’euro digitale

Focus Euro Area - The first steps towards the digital euro

Tecno (BUY/New TP EUR 6.5) - Energon Adds a High-Margin Growth Leg

Specialist/CB Equity Morning Watch

Interest Rate Strategy - Treasury sell-off: beyond the fundamentals

Interest Rate Strategy - Treasury sell-off: oltre i fondamentali

Macro Rapid Response - Italian inflation surprises on the upside

Macro Rapid Response - Sorprende al rialzo l’inflazione italiana

Sicily By Car (BUY/New TP EUR 5.8) - Margin Expansion and International Growth Support FY26 Outlook

Macro Rapid Response - Italy: Household and business morale falls, except in the manufacturing sector

Macro Rapid Response - Italia: in calo la fiducia di famiglie e imprese, tranne che nel manifatturiero

Next Geosolutions Europe (No Rating) - Organic Growth and Perimeter Expansion Drove Sales

Specialist/CB Equity Morning Watch

Views on the Italian Economy - September 2026

I tassi di interesse

Macro Rapid Response - Eurozona ESI: economia resiliente, limitati rischi sui prezzi

Macro Rapid Response - Eurozone ESI: resilient economy, limited risks on prices

Xi-Trump - Tactical détente, strategic differences

Specialist/CB Equity Morning Watch

Mexico: monetary policy decoupling from the Fed

Messico: politica monetaria sempre meno ancorata alla Fed

Recupero Etico Sostenibile (BUY/New TP EUR 12.0) - Solid Results Despite Cost Inflation

La Bussola dell'Economia Italiana - Settembre 2026

Xi-Trump - Distensione tattica, distanze strategiche

Specialist/CB Equity Morning Watch

Banca IFIS (NEUTRAL/New TP EUR 14.8) - Bank of Italy Inspection: Key Findings and Next Steps

Weekly Economic Monitor

Weekly Economic Monitor

Calendario dei dati macroeconomici e degli eventi

Calendar of macroeconomic data and events

Spanish Government Issuance

Italian Government Issuance

Euro Area Government Issuance

BRICS+ – Multi-speed growth

BRICS+ - Crescita a più velocità

Forex Flash - Central bank rhetoric is driving the market

Macroeconomic Outlook - September 2026

Forex Flash - La retorica delle banche centrali guida il mercato

Iniziative Bresciane (BUY/New TP EUR 14.8) - Near-Term Reset, Growth Confirmed

Specialist/CB Equity Morning Watch

Egypt - Rates held steady: energy-related risks are stalling the resumption of monetary easing

Egitto - Tassi invariati: il rischio energetico frena la ripresa dell’allentamento

Scenario Macroeconomico Trimestrale - Settembre 2026

South Africa: repo rate raised by 25 bp to 7.25%

Sud Africa: rialzo del tasso repo di 25pb al 7,25%

Macroeconomic impact of longevity in Albania

Specialist/CB Equity Morning Watch

Focus Commodity - Quarterly Outlook - September 2026

Focus Commodity - Scenario commodity trimestrale - Settembre 2026

Interest Rate Strategy - Interest Rate Forecasts - Shifting market drivers

Pattern (BUY/New TP EUR 4.5) - 1H Confirms Operational Progress Despite Soft Luxury Demand

Brazil - Growth slows, all eyes on the election result

Macro Rapid Response - Eurozone PMIs accelerating, thanks to services

Macro Rapid Response - PMI area euro in accelerazione, grazie ai servizi

Specialist/CB Equity Morning Watch

CESEE countries - Low financial stability risks from euroization

Brasile - Rallenta la crescita, occhi puntati sull’esito elettorale

South Africa - Fragile recovery under pressure from external headwinds

I tassi di interesse

EdiliziAcrobatica (No Rating) - Restructuring Underway: Navigating the Path to EBITDA and Balance Sheet Recovery

Sud Africa - Ripresa fragile sotto la pressione degli shock esterni

Specialist/CB Equity Morning Watch

Irce (BUY/TP EUR 2.9) - 2Q26 Results: Good Profitability Despite Weak Volumes

Specialist/CB Equity Morning Watch

Saudi Arabia - Despite strong financial buffers, the disruption affecting the Strait of Hormuz, the Bab al-Mandab Strait, and Petroline is reducing the operational flexibility of the export network.

Arabia Saudita - Buffer finanziari solidi, ma lo shock su Hormuz, Bab el-Mandeb e Petroline riduce la flessibilità operativa della rete export

Weekly Economic Monitor

Weekly Economic Monitor

Forex Flash - The Fed raises rates and the dollar dominates

Forex Flash - La Fed alza e il dollaro domina

Macro Rapid Response - La BoJ alza i tassi all'1,25% e raffredda le attese di rialzi ravvicinati

Macro Rapid Response - The BoJ Hikes to 1.25% and Cools Expectations of a Steady Run of Rate Hikes

Moltiply Group (BUY/New TP EUR 55.0) - Resilience Underpinned by a Strong Business Model

Calendar of macroeconomic data and events

Calendario dei dati macroeconomici e degli eventi

Specialist/CB Equity Morning Watch

Spanish Government Issuance

Euro Area Government Issuance

Ukraine - The NBU raises its key policy rate to 16.00% to curb inflation and ease pressure on the exchange rate

Ucraina - La NBU alza il tasso di riferimento al 16,00% per contenere inflazione e pressioni sul cambio

Macro Rapid Response - Eurozone HICP: limited evidence of pass-through so far. But will this continue?

Brazil: Selic rate cut by 25 bp to 13.75%

Brasile: taglio del tasso Selic di 25pb al 13,75%

Macro Rapid Response - FOMC: Hawkish Shift

Macro Rapid Response - FOMC: svolta hawkish

Macro Rapid Response - Eurozona HICP: evidenze di propagazione dello shock energetico ancora limitate, ma per quanto?

Moldova - The NBM raises the base rate by 150 basis points to counter persistent inflationary risks

Moldova - NBM alza il tasso base di 150 pb per contrastare rischi inflazionistici persistenti

Economic and Banking Outlook - September 2026

Specialist/CB Equity Morning Watch

Ethiopia - Robust growth and ongoing reforms, but the risk landscape remains fragile

Eurotech (NEUTRAL from BUY/TP EUR 1.10) - Not a Simple Scenario Ahead, Focus on Efficiency and Growth

Mercosur – Trade Relations and International Role, with a Focus on the Strategic Partnership with the EU

Etiopia - Crescita robusta e riforme in corso, ma il quadro dei rischi resta fragile

Altea Green Power (BUY/New TP EUR 8.6) - Visibility Hinges on Pipeline Monetisation

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

I tassi di interesse

Cellularline (BUY/TP EUR 3.9) - Profitability Improving

FNM (BUY/TP EUR 0.67) - Viridis and RoSCo Support Medium-Term Outlook

Specialist/CB Equity Morning Watch

Focus Japan - BoJ preview: after September, the real economy decides the pace of further hikes

Focus Giappone - BoJ preview: dopo il rialzo di settembre, il ritmo dipenderà dall'economia reale

Focus United States - FOMC: a close call, growing number of members favours a rate hike

Focus Stati Uniti - FOMC: decisione sul filo, cresce il numero di membri a favore di un rialzo

SeSa (BUY/TP EUR 130.0) - Strong Start, Guidance Confirmed

Specialist/CB Equity Morning Watch

Orsero (BUY/TP EUR 25.5) - Resilient Top Line; Some Pressure on Profitability

Equita Group (NEUTRAL/New TP EUR 6.0) - Earnings’ Upgrade on Strong 1H

Specialist/CB Equity Morning Watch

Avio (BUY/TP EUR 47.0) - 2Q/1H Results Almost in Line, Good Prospects Confirmed

Peru: policy rate held steady at 4.25%, caution prevails

Perù: tasso di policy stabile al 4,25%, prevale la cautela

Weekly Economic Monitor

Weekly Economic Monitor

Russia - Key rate unchanged at 14.00%: pause in easing due to inflationary risks and fiscal uncertainty

Russia - Key rate invariato al 14,00%: pausa nell’allentamento per rischi inflazionistici e incertezza fiscale

India - Solid growth prospects driven by domestic demand and investment

SYS-DAT (BUY/TP EUR 9.0) - Execution on Track; In Line with Expectations

Fine Foods & Pharmaceuticals N.T.M. (BUY/New TP EUR 10.8) - Strategic Transition: Positioning for Long-Term Opportunities

Calendario dei dati macroeconomici e degli eventi

Calendar of macroeconomic data and events

Forex Flash - La fine del denaro facile: tra stretta globale e shock energetico

India - Prospettive di crescita solide trainate da domanda interna e investimenti

Forex Flash - The end of easy money: between global tightening and an energy shock

Specialist/CB Equity Morning Watch

Macro Rapid Response - The outlook for ECB interest rates is now becoming more controversial

Macro Rapid Response - Per i tassi BCE lo scenario si fa ora più complesso

China - Economic growth is slowing, but exports continue to expand

Turkey - Disinflation reopens the space for monetary easing

Turchia - La disinflazione riapre lo spazio per l’allentamento monetario

Aeroporto di Bologna (NEUTRAL/TP EUR 9.2) - Resilience Leads EPS Uplift but Mind the 2027 Fog

Esprinet (BUY/New TP EUR 8.9) - Solid Results, Guidance Up

Cina - Crescita economica in rallentamento ma prosegue l’espansione dell’export

Focus Commodity - Mercati energetici, fra geopolitica e clima

Focus Commodity - Energy markets between geopolitics and climate change

Macro Rapid Response - Italy: industrial production rebounds more than expected in July

Macro Rapid Response - Italia: rimbalza più del previsto la produzione industriale a luglio

Specialist/CB Equity Morning Watch

Chile: policy rate steady at 4.5%, cautious approach

Cile: tasso di policy stabile al 4,5%, approccio prudente

SECO (BUY/New TP EUR 4.6) - Strong Commercial Momentum, NEURA Provides Upside

Sanlorenzo (BUY/TP EUR 48.5) - 2Q26: Another Quarter of Solid Growth in Order Intake

Valsoia (BUY/New TP EUR 13.3) - Growth Intact, Margin Recovery Ahead

Interest Rate Strategy - The 2026 US liquidity reset: integrating central bank capacity into LCR

Interest Rate Strategy - The 2026 US liquidity reset: integrating central bank capacity into LCR

Specialist/CB Equity Morning Watch

LU-VE (BUY/New TP EUR 73.3) - Good 1H Results, 2H in Acceleration, M/L Term Guidance Raised

Focus Global - Gravity is back on advanced-economy debt, and growth is the only escape

Focus Globale - La “forza di gravità” è tornata sul debito dei G6 e la crescita è l'unica via d'uscita

I tassi di interesse

Specialist/CB Equity Morning Watch

Focus Commodity - Metalli Preziosi

Focus Commodity - Precious Metals Focus

Serbia - Growth improves, inflation under control

Serbia - Migliora la crescita, inflazione sotto controllo

Macro Rapid Response - Eurozona: PIL rivisto al rialzo per via dell’Irlanda

Macro Rapid Response - Eurozone GDP: an Ireland-induced revision

Croatia - Loans and deposits remained robust in June

Bosnia Herzegovina - Strong credit growth is absorbing excess liquidity

Albania - Loans benefitted from solid domestic demand

Croatia - GDP growth slows, inflation above the eurozone average

Croazia - Rallenta il PIL, inflazione sopra la media dell’eurozona

Romania - Signs of stabilisation in a fragile environment

SEE - Banking activity continued to strengthen in 1H2026

Macro Rapid Response - Germany: industrial production and elections

CEE - Banking aggregates strengthened further in 1H2026

Romania - The slowest performance in the CEE/SEE area

Bulgaria - Credit growth remained exceptionally strong

SEE - Serbia’s banking sector stays among the fastest-growing

Macro Rapid Response - Germania: produzione industriale e elezioni

Poland - Banks benefit from resilient economic performance

Specialist/CB Equity Morning Watch

Slovakia - Banking aggregates more resilient than expected

Romania - Segnali di stabilizzazione in un contesto fragile

Bulgaria - Robust domestic demand, but inflationary risks persist

Slovenia - Growth driven by consumption

Albania - The economy maintains a solid pace of growth

Weekly Economic Monitor

Weekly Economic Monitor

G10 Forex - The yen dominates, the dollar falters

Forex Flash - Lo yen domina, il dollaro vacilla

Spanish Government Issuance

Euro Area Government Issuance

Italian Government Issuance

Bulgaria - Domanda interna robusta, ma persistono rischi inflazionistici

Albania - L'economia mantiene un solido ritmo di crescita

Slovenia - Crescita sostenuta dai consumi

Calendar of macroeconomic data and events

Calendario dei dati macroeconomici e degli eventi

Specialist/CB Equity Morning Watch

Macro Rapid Response

Macro Rapid Response

Specialist/CB Equity Morning Watch

The Czech economy is resilient, but the central bank remains cautious

Egypt - Fragile recovery amid high inflation, external deficit and dependence on foreign capital

Egitto - Ripresa fragile tra inflazione elevata, deficit esterno e dipendenza dai capitali esteri

Interest Rate Strategy - EUR swap: high real rates and normalisation of inflation

Interest Rate Strategy - EUR swap: tassi reali strutturalmente elevati e normalizzazione dell’inflazione

Specialist/CB Equity Morning Watch

F.I.L.A. (BUY/TP EUR 14.3) - Improving Fundamentals, Still Undervalued

Macro Rapid Response - European inflation rose in August, but solely due to energy prices

Macro Rapid Response - Inflazione europea in salita ad agosto, ma esclusivamente a causa dell’energia

Russia - Weak growth amid a prolonged war, energy constraints and fiscal pressures

Russia - Crescita debole tra guerra prolungata, vincoli energetici e pressioni fiscali

Specialist/CB Equity Morning Watch

Hungary - The strongest banking-sector performance in CEE

Czech Rep. - Credit growth accelerated markedly in 1H2026

Focus France - Fiscal and political risks towards the elections

Focus Francia - Verso le Presidenziali tra rischi fiscali e politici

Calendario dei dati macroeconomici e degli eventi

Calendar of macroeconomic data and evets

Forex Flash - The dollar consolidates, the yen remains vulnerable

Forex Flash - Il dollaro consolida, lo yen resta vulnerabile

Macro Rapid Response - Eurozone: ESI index at a high since January

Macro Rapid Response - Eurozona: l’ESI torna sui massimi da inizio anno

Macro Rapid Response - Italy: confidence on the rise in August, driven by construction and services

Macro Rapid Response - Italia: in ripresa la fiducia ad agosto, trainata da costruzioni e servizi

Spanish Government Issuance

Italian Government Issuance

Euro Area Government Issuance

Iran - Prospects for recovery conditioned by sanctions, energy constraints and the Hormuz risk

Iran - Prospettive di recupero condizionate da sanzioni, vincoli energetici e rischio Hormuz

Specialist/CB Equity Morning Watch

Turkey - Gradual disinflation, moderate growth and energy-financial risks

Turchia - Disinflazione graduale, crescita moderata e rischi energetico-finanziari

United Arab Emirates - Hormuz slows down 2026, but does not compromise the medium-term trend

Emirati Arabi Uniti - Hormuz frena il 2026, ma non compromette il trend di medio periodo

Specialist/CB Equity Morning Watch

Mondadori (BUY/TP EUR 2.6) - 2Q Broadly in Line, Supportive Outlook

Specialist/CB Equity Morning Watch

Macro Rapid Response - Germany: GDP revision and IFO show promising signs

Macro Rapid Response - Germania: la revisione del PIL e l’IFO sono promettenti

Specialist/CB Equity Morning Watch

Specialist/CB Equity Morning Watch

Macro Rapid Response - France: encouraging INSEE confidence data

Macro Rapid Response - Francia: i dati sulla fiducia INSEE sono incoraggianti

Italian Government Issuance

Euro Area Government Issuance

Macro Rapid Response - Eurozone PMIs: sentiment stabilising at moderate levels

Macro Rapid Response - PMI area euro: fiducia stabile a livelli moderati

Cementir Holding (NEUTRAL/New TP EUR 15.7) - A Resilient Performance in an Uncertain Context

Egypt: Rates unchanged, possible resumption of easing by the end of the year

Egitto: Tassi invariati, possibile ripresa dell’allentamento entro fine anno

Specialist/CB Equity Morning Watch

Datalogic - Revenues Up, but Margin Under Pressure

Forex Flash - US buybacks: Dollar under pressure, Yen supported

Forex Flash - Buyback USA: dollaro sotto pressione, yen favorito

Specialist/CB Equity Morning Watch

Interest Rate Strategy - A Treasury-Fed twist: the combined impact of buybacks and RMPs

Interest Rate Strategy - A Treasury-Fed twist: the combined impact of buybacks and RMPs

Economia ceca resiliente ma la banca centrale resta prudente

Specialist/CB Equity Morning Watch

Specialist/CB Equity Morning Watch

Interest Rate Strategy - Italian sovereign supply outlook into year-end

Interest Rate Strategy - Italian sovereign supply outlook into year-end

Forex Flash

Forex Flash

Specialist/CB Equity Morning Watch

Banca Sistema (BUY/TP EUR 1.80) - Solid Fundamentals Despite One-Off Charges

Specialist/CB Equity Morning Watch

doValue (BUY/New TP EUR 2.9) - Business Mix Transformation Accelerates as coeo Offsets NPL Market Weakness

Specialist/CB Equity Morning Watch

Alia Mentis (BUY/TP EUR 6.0) - Initiation of Coverage - Performance Materials, Material Performance

Forex Flash - La strategia di difesa dello yen

Forex Flash - The Yen Support Playbook

Spanish Government Issuance

Italian Government Issuance

Euro Area Government Issuance

SIT (BUY/TP EUR 3.4) - FY26 Guidance Confirmed, Limited Read-through from 2Q26

Macro Rapid Response - Germania: industria resiliente nel 2° trimestre

Macro Rapid Response - Germany: industry was resilient in Q2, what’s next?

Specialist/CB Equity Morning Watch

REVO Insurance (BUY/New TP EUR 28.2) - 1H26: Well on Track, Lower Execution Risk; TP to EUR 28.2

Brazil: Selic rate cut by 25bp to 14%

Brasile: taglio del tasso Selic di 25pb al 14%

Interest Rate Strategy - Interest Rate Forecasts - Steepening back in play

Moldova: The NBM tightens monetary policy

Moldova: la NBM rafforza la stretta monetaria

Macro Rapid Response - Italy: industrial production fell further in June

Caucasus & Central Asia - Solid growth, rising risks

Macro Rapid Response - Italia: produzione industriale ancora in calo

Caucaso & Asia Centrale - Crescita solida, rischi in aumento

Specialist/CB Equity Morning Watch

MARR (NEUTRAL/New TP EUR 9.0) - Profitability Recovery Still Uncertain

d'Amico International Shipping (BUY/New TP EUR 8.8) - Strong 2Q26 Results, Positive Outlook

Banca Profilo (BUY/TP EUR 3.5) - Resilient Performance, PB Rebuild Underway

Specialist/CB Equity Morning Watch

Banca IFIS (NEUTRAL/TP EUR 15.2) - 2Q26 Results: Provisions Timing Drives Earnings Beat

Wiit (BUY/TP EUR 35.0) - Margins Hold, Catalysts Ahead

EuroGroup Laminations (NEUTRAL/TP EUR 1.20) - Initial Signs of a Recovery in Order Intake and Profitability

REVO Insurance (BUY/TP EUR 25.4) - 1H26 Preview – Guidance in Reach, Eurocaution Update

Interest Rate Strategy - Euro spreads: selective fragmentation

Interest Rate Strategy - Spread euro: frammentazione selettiva

Elica (NEUTRAL/TP EUR 1.55) - Margins Stayed Up Despite Low Volumes

Biesse (NEUTRAL from BUY/New TP EUR 6.5) - 1H26 Improving, but Still Weak Demand in 2026

Specialist/CB Equity Morning Watch

Zignago Vetro (BUY/TP EUR 8.5) - Positive Signs from Revenues and Profitability

Generalfinance (BUY/New TP EUR 28.8) - Guidance Reset, Positive View Unchanged

Specialist/CB Equity Morning Watch

Banca Sistema (BUY/TP EUR 1.80) - Building a Diversified Lending Platform

Spanish Government Issuance

Euro Area Government Issuance

Weekly Economic Monitor

Weekly Economic Monitor

Calendario dei dati macroeconomici e degli eventi

Calendar of macroeconomic data and events

Macro Rapid Response - Inflation in line with expectations in both the Eurozone and Italy

Macro Rapid Response - Inflazione in linea con le attese sia nell’Eurozona che in Italia

Macro Rapid Response | La BoJ resta Ferma, ma Rischi sui Prezzi e Yen Debole Mantengono Viva la Possibilità di un Rialzo in Ottobre

Macro Rapid Response

Specialist/CB Equity Morning Watch

Macro Rapid Response | Bank of England: Tassi fermi con tre dissensi, ma il Governatore Bailey frena le attese di rialzo

Macro Rapid Response - Bank of England: Rates on Hold with Three Dissents, but Governor Bailey Pushes Back on Hike Expectations

Sogefi (NEUTRAL/New TP EUR 2.5) - 1H26 in Line, Greater Caution for 2H26

Focus Commodity - Natural gas update

Ukraine Unexpected policy rate hike to curb inflationary pressures

Ucraina Rialzo inatteso del tasso di policy per contenere le pressioni inflazionistiche

Macro Rapid Response - FOMC Holds Rates Steady, but the Committee Is Divided

Macro Rapid Response

Macro Rapid Response - Stronger-than-expected GDP in both Italy and the Eurozone

Macro Rapid Response - PIL più forte del previsto sia in Italia che nell’area euro

Specialist/CB Equity Morning Watch

Views on the Italian Economy - July 2026

North Africa - Growth remains positive, but is now more vulnerable to energy shocks and geopolitical risks

Nord Africa - Crescita ancora positiva, ma più esposta a shock energetici e rischi geopolitici

I tassi di interesse

Specialist/CB Equity Morning Watch

Officina Stellare (BUY/TP EUR 56.8) - Initiation of Coverage - The Gateway to Space

La Bussola dell'Economia Italiana - Luglio 2026

Focus United States - FOMC - The Fed Stays the Course (For Now)

Focus Stati Uniti - FOMC - La Fed mantiene la rotta (per ora)

Specialist/CB Equity Morning Watch

Macro Rapid Response - Germany: IFO at its highest since the outbreak of the war

Macro Rapid Response - Germania: IFO ai massimi dallo scoppio della guerra

Specialist/CB Equity Morning Watch

Russia CBR moves towards a more gradual easing

Russia CBR verso un allentamento più graduale

Weekly Economic Monitor

Weekly Economic Monitor

South Africa: the SARB keeps rates unchanged

Calendar of macroeconomic data and events

Calendario dei dati macroeconomici e degli eventi

Sud Africa: la SARB mantiene i tassi invariati

Spanish Government Issuance

Italian Government Issuance

Euro Area Government Issuance

Macro Rapid Response - Eurozone PMIs stronger than expected, but the relief could be short-lived

Macro Rapid Response - PMI Eurozona in deciso recupero, ma il sollievo potrebbe essere di breve durata

Specialist/CB Equity Morning Watch

Macro Rapid Response - ECB on hold, but a rise in September remains likely

Macro Rapid Response - BCE in pausa, ma un rialzo a settembre resta probabile

Turkey The rise in oil prices is delaying the prospect of monetary easing.

Turchia Il rialzo delle quotazioni petrolifere rinvia la prospettiva di un allentamento monetario.

Nigeria: a cautious monetary policy stance

Nigeria: orientamento prudente della politica monetaria

Specialist/CB Equity Morning Watch

China - Debt: the main constraint on the transition to a new growth model

Cina - Il debito: principale vincolo alla transizione verso un nuovo modello di crescita

Specialist/CB Equity Morning Watch

Money Market Monitor - EUR Rates: Side effects of tight monetary policy

I tassi di interesse

Specialist/CB Equity Morning Watch

G10 Forex - Sterling – Undervalued due to BoE uncertainty

Forex G10 - Sterlina – Sottovalutata per l’incertezza BoE

Hungary - Growth picking up, inflation at record lows

Ungheria - Crescita in recupero, inflazione ai minimi

Poland - Resilient growth and inflation under control

Polonia - Crescita resiliente e inflazione sotto controllo

South Africa - Local finances under pressure, tighter restrictions on transfers to South African municipalities

Sud Africa - Finanze locali sotto pressione, stretta sui trasferimenti alle municipalità sudafricane

Weekly Economic Monitor

Weekly Economic Monitor

Calendario dei dati macroeconomici e degli eventi

Calendar of macroeconomic data and events

Spanish Government Issuance

Euro Area Government Issuance

Euro Area Government Issuance

Specialist/CB Equity Morning Watch

SeSa (BUY/TP EUR 130.0) - In-Line FY26; New 27-28 Targets

Czech Republic - Moderate growth and a tighter monetary policy

Repubblica Ceca - Crescita moderata e politica monetaria più restrittiva

Focus Euro Area - AI in Europe and Italy: the last chance for growth

Focus Area Euro - IA in Europa e in Italia: l’ultima chance di crescita

Specialist/CB Equity Morning Watch

Specialist/CB Equity Morning Watch

I tassi di interesse

Commodity Flash

Focus Commodity - Global commodities: geopolitics prevails over economics

Specialist/CB Equity Morning Watch

Peru: policy rate unchanged at 4.25%

Perù: tasso di policy invariato al 4,25%

Serbia: policy rate remains at 5.75%.

Serbia: tasso di policy fermo al 5,75%

Romania: policy rate still at 6.50%

Romania: tasso di policy ancora fermo al 6,50%

Weekly Economic Monitor

Weekly Economic Monitor

Calendar of macroeconomic data and events

Calendario dei dati macroeconomici e degli eventi

Macro Rapid Response - Italy: industrial production pulls back in May

Italian Government Issuance

Spanish Government Issuance

Forex Flash - Currencies and Crises: The New Face of the Forex Market

Euro Area Government Issuance

Forex Flash - Valute e crisi: il nuovo volto del mercato forex

Macro Rapid Response - Italia: torna a calare la produzione industriale a maggio

Specialist/CB Equity Morning Watch

Seri Industrial (NEUTRAL/New TP EUR 4.9) - Hidden Strategic Value, Awaiting Greater Execution Visibility

Specialist/CB Equity Morning Watch

Focus Commodity: Gold Sector - July 2026

Focus Commodity: Settore Orafo - Luglio 2026

Commodity Flash

Specialist/CB Equity Morning Watch

Interest Rate Strategy - Interest Rate Forecasts - Inflation fears recede

BRICS+ - Growth and new challenges

Macro Rapid Response - Germany: industry on track for growth in Q2

Macro Rapid Response - Germania: industria in rotta per un’espansione nel T2

Specialist/CB Equity Morning Watch

BRICS+ - Crescita e nuove sfide

I tassi di interesse

Specialist/CB Equity Morning Watch

Brazil - Growth driven by domestic demand, while inflation remains persistent

Brasile - Crescita sostenuta dalla domanda interna, ma inflazione ancora persistente

Spanish Government Issuance

Italian Government Issuance

Weekly Economic Monitor

Euro Area Government Issuance

Weekly Economic Monitor

Calendar of macroeconomic data and events

Calendario dei dati macroeconomici e degli eventi

Forex Flash - Amid Inflation Concerns and Signs of a Slowdown

Forex Flash - Tra cautela sull'inflazione e segnali di rallentamento

South Africa - Recovery remains fragile amid energy shocks and monetary tightening

China - Economic growth is consolidating and showing strong resilience to the current geopolitical environment

Sud Africa - Ripresa ancora fragile tra shock energetico e stretta monetaria

Ethiopia - Growth remains robust, but risks increase about CPI, exchange rates and geopolitics

Specialist/CB Equity Morning Watch

India - Growth prospects are fading, with the currency still under pressure

Cina - Crescita economica in consolidamento e forte resilienza al contesto geopolitico attuale

Etiopia - Crescita ancora robusta, ma rischi in aumento su CPI, cambio e quadro geopolitico

India - Prospettive di crescita in contrazione con una valuta ancora in difficoltà

Macro Rapid Response - Italia: tasso di disoccupazione al 5% ma...

Macro Rapid Response - Italy: unemployment rate at 5% but…

Specialist/CB Equity Morning Watch

Macro Rapid Response - Eurozone inflation falls from previous highs

Macro Rapid Response - Inflazione Eurozona in calo dai massimi

Specialist/CB Equity Morning Watch

Iran - Post-conflict economic outlook

Iran - Prospettive dell’economia nel post-conflitto

United Arab Emirates - Macroeconomic outlook and risks associated with the conflict in Iran

Russia - Modest growth prospects amid structural constraints and geopolitical risks

Macro Rapid Response - Italy: inflation comes in slightly lower than expected

Macro Rapid Response - Italia: sorprende lievemente al ribasso l’inflazione

Russia - Prospettive di crescita contenute tra vincoli strutturali e rischi geopolitici

Emirati Arabi Uniti - Prospettive macroeconomiche e rischi connessi al conflitto in Iran

I tassi di interesse

Specialist/CB Equity Morning Watch

Interest Rate Strategy - Fed balance sheet reduction: addressing the demand for reserves

Interest Rate Strategy - Riduzione del bilancio Fed: agire sulla domanda di riserve

Specialist/CB Equity Morning Watch

Banca IFIS (NEUTRAL from BUY/New TP EUR 15.2) - Medium-Term Profitability at Stake

Euro Area Government Issuance

Spanish Government Issuance

Italian Government Issuance

Weekly Economic Monitor

Weekly Economic Monitor

Forex Flash - Pound Hovers Between the BoE’s and the Burnham Uncertainties

Mexico: policy rate kept unchanged at 6.50%

Messico: tasso di policy stabile al 6,50%

Calendar of macroeconomic data and events

Calendario dei dati macroeconomici e degli eventi

Forex Flash - Sterlina in bilico tra BoE attendista e incognita Burnham

Macro Rapid Response - Italy: business confidence rebounds, household sentiment falls again

Macro Rapid Response - Italia: rimbalza la fiducia delle imprese, torna a calare il morale delle famiglie

Specialist/CB Equity Morning Watch

Specialist/CB Equity Morning Watch

Macroeconomic Outlook - June 2026

Views on the Italian Economy - June 2026

I tassi di interesse

Scenario Macroeconomico Trimestrale - Giugno 2026

Macro Rapid Response - Germany: IFO on the rise in June

Macro Rapid Response - Germania: IFO in recupero a giugno

Specialist/CB Equity Morning Watch

La Bussola dell'Economia Italiana - Giugno 2026

Macro Rapid Response - Euro area PMIs: already past the worst?

Macro Rapid Response - PMI area euro: punto di minimo superato?

Specialist/CB Equity Morning Watch

Doxee (BUY/TP EUR 6.7) - Value & Growth, from Turnaround to Platform Scale

Latin America - Effects of the war in the Middle East on Latin American countries: upward pressure on the CPI and mixed impact on economic activity

Specialist/CB Equity Morning Watch

Weekly Economic Monitor

Weekly Economic Monitor

America Latina - Effetti della guerra in Medio Oriente sui paesi latino-americani: pressioni al rialzo sul CPI ed impatto disomogeneo sull’attività economica

Spanish Government Issuance

Italian Government Issuance

Euro Area Government Issuance

Macro Rapid Response - FOMC: A Change of Course for the Fed?

Macro Rapid Response

G10 Flash - The Warsh Era Begins Amid Uncertainty

Forex Flash - Inizia l'era Warsh nel segno dell'incertezza

Specialist/CB Equity Morning Watch

Brazil: Selic rate cut by 25bp to 14.25%

Brasile: taglio del tasso Selic di 25pb al 14,25%

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