Market participants are attempting to assess the implications of the indefinite ceasefire extension with Iran announced by U.S. President Donald Trump to facilitate further peace talks, although it remains unclear whether Tehran or Israel will comply.
On the macro front, just one week ahead of the ECB meeting, Vice President Luis de Guindos stated that Frankfurt must remain cautious regarding rate decisions given the heightened uncertainty stemming from the conflict in Iran.
Markets continue to price in a very low probability of a rate hike at the April 30 meeting, viewing a 25-basis-point increase by June as a more likely scenario.
U.S. equity index futures are trading in positive territory, buoyed by Trump's truce announcement.
Around 12:40 CET, the FTSE Mib is nearly unchanged, down 0.13%. Trading volumes stand at just over 1 billion euros.
Today's featured stocks:
** MONCLER (-1.1%) is under pressure, though the stock has recovered some of its early losses. It fell victim to profit-taking despite Q1 revenue data showing 12% growth at constant exchange rates (6% at current rates) compared to the first three months of 2025. According to Banca Akros, which raised its target price to 70 euros from 65 with a "buy" rating, revenues beat estimates and consensus by 5%. One trader suggested that uncertainty in the U.S. market due to dollar volatility is weighing on the stock today.
** AMPLIFON is performing significantly worse, retreating 3% after being penalized by yesterday's profit warning from Australia's Cochlear. The implantable hearing device specialist plunged over 41% on the Australian stock exchange following its downward revision of full-year earnings guidance, citing weak trading conditions and Middle East-related uncertainties. According to Intermonte, the "read-across" for the European hearing aid sector remains limited.
** AVIO is also in the red, falling 3.4%.
** Conversely, SAIPEM is enjoying a strong quarterly boost, advancing approximately 7% after announcing yesterday post-market that it ended Q1 with a stable net profit of 78 million euros on revenues of 3.5 billion euros, in line with the prior-year period. Full-year guidance was confirmed.
** Banks are largely overlooked, with the sector index down 0.9%. Heavyweights UNICREDIT and INTESA are shedding 1.34% and 0.5% respectively.
** Outside the main basket, SAFILO jumped approximately 3% following the announcement of an exclusive deal to acquire U.S. brands SPY+ and Serengeti, active in the sport/outdoor and high-end eyewear segments. "The transaction is consistent with Safilo's strategy to strengthen its proprietary portfolio, focusing on higher-growth and higher-margin segments," noted an Intermonte daily report.
** Finally, ITALIAN SEA GROUP collapsed, dropping 19.8%. Two days ago, the Court of Florence confirmed the protective measures requested by the company for a four-month period starting March 16.
(Giancarlo Navach, editing Andrea Mandalà)
