Piazza Affari is trading slightly above parity in a session characterized by flat markets, as investors consolidate recent highs while awaiting details on the peace agreement between the United States and Iran.
However, the primary focus remains on the first Fed meeting chaired by the new Chairman, Kevin Warsh.
While no changes to interest rates are expected, the meeting is crucial for understanding the new Chairman's approach to U.S. monetary policy. New quarterly estimates are also anticipated, with inflation likely to be revised upward.
With Wall Street futures pointing to a moderately positive opening, the FTSE Mib was up 0.14% at 1:15 p.m. Trading volume at Piazza Affari stands at approximately €1.6bn.
Stock Highlights:
** Once again, the Milanese index is primarily supported by the banking sector, albeit within a mixed performance. Among the top performers, UNICREDIT rose 1.7% after reaching a 42.4% stake in Commerzbank at the close of yesterday's exchange offer, which will be followed by a two-week reopening period.
** BANCO BPM (+1.8%) is also particularly strong, marking its eighth consecutive session of gains following its merger proposal for MPS (-0.11%). The path for that deal appears increasingly difficult after INTESA SANPAOLO (+0.2%) entered the fray with a $30.6bn offer for the Sienese bank involving UNIPOL (+0.4%). Meanwhile, as the market awaits potential new moves, the institution led by Giuseppe Castagna has been linked by press rumors to a possible deal for BFF, which jumped 9%.
** In other sectors, STELLANTIS fell 1.9% amid a broader decline in the European automotive industry triggered by a profit warning from BMW, whose shares dropped 6.6% on the Frankfurt Stock Exchange.
** According to analysts at Banca Akros, the German automaker's 2026 guidance cut, primarily due to weakness in the Chinese market and the impact of the geopolitical environment on costs and demand, has only a marginally negative effect on Stellantis, which has just 1% sales exposure to China and the APAC region. "However, negative impacts from the Middle East and deteriorating consumer sentiment could still act as a drag on Stellantis' profitability recovery," the broker added.
** Oil stocks showed a split performance as crude prices stabilized at three-month lows. SAIPEM advanced 2.3%, while ENI shed 0.6%.
** Finally, DIASORIN fell 2.6% after Deutsche Bank downgraded the stock to "sell," citing risks of a downward revision to 2026 guidance and medium-term growth targets deemed overly optimistic.
(Andrea Mandala, editing Antonella Cinelli)
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