The return of dip-buying was favored in the morning by falling oil prices, which however resumed their climb during trading, helping to dampen investor enthusiasm.
The market remains fragile due to ongoing geopolitical uncertainty which, particularly today, makes the outcome of the two-day Federal Reserve meeting even more anticipated, with the decision expected this evening.
With a rate hold now taken for granted, traders' attention is focused on Jerome Powell's indications regarding the central bank's possible reactions to the unstable environment and the effects that recent energy price hikes, triggered by the conflict, could have on inflation.
In what is central bank week, tomorrow will be the turn of the ECB, Bank of England, and Bank of Japan, all also expected to remain "on hold" on rates.
Around 1:30 p.m., the Ftse Mib index is up 0.35%. Volumes stand at 1.6 billion euros.
Featured stocks:
** CUCINELLI rises 3.2%, strengthening its mini-rally after the lows since October 2023 touched last Friday. In a preview note on first-quarter results, expected on April 9, Equita is positive about the continuation of robust growth in the retail channel. The broker believes that, after the significant drop in share prices, maintaining the business growth trend during the quarter could favor a re-rating of the stock, which currently trades at valuations well below historical averages.
** MONCLER (+2.3%) is also performing well, while FERRAGAMO (-0.9%) is more sluggish.
** Among banks, BANCO BPM, MEDIOBANCA, POP SONDRIO, and BPER are trading nearly a percentage point above the Italian sector index, which is up 1.1%, while MPS is in line.
** UNICREDIT (+0.6%) lags slightly as CEO Andrea Orcel opened the door to a possible improvement in the terms of the offer for Commerzbank if discussions on a potential merger yield positive results. Orcel's words pushed the German stock up by more than 5%.
** Profit-taking on energy stocks drags down ENEL, HERA, ITALGAS, and SNAM between 1.3% and 2.2%. ENI is also weak, shedding 1%.
** A separate case for ACEA, which slides 9%, aligning with the placement price of shares in the Roman multi-utility, equal to approximately 4%, by the French shareholder Suez.
** BREMBO loses over 7%, penalized by guidance provided by the company in the late morning; the brake manufacturer stated it expects 2026 to be in line with last year, provided there is no geopolitical worsening.
** The outlook also weighs on DE NORA, falling 6% after the company warned that 2026 will be a "challenging" year, in which its profit margin is set to decrease.
(Andrea Mandalà, editing Claudia Cristoferi)
