Supporting this return to risk appetite, also evidenced this morning by solid gains in Asian equities, is the decline in crude oil prices, a key variable for market movements in the current context of high geopolitical tensions.
This is particularly relevant today as investors focus on the Fed meeting, which will announce its monetary policy decisions this evening against a backdrop of deteriorating macro conditions and inflation risks.
With a rate hold taken for granted, the focus will be primarily on the new updated projections and the so-called "dot plot," which could offer insights to financial operators.
In what is central bank week, tomorrow will be the turn of the ECB, Bank of England, and Bank of Japan, all of which are also expected to remain "on hold" regarding interest rates.
Around 9:50 AM, the Ftse Mib index is up by approximately 0.6%, driven by financials, industrials, and cyclical consumer goods, offsetting a decline in energy stocks.
Luxury stocks are in the spotlight, with MONCLER and CUCINELLI posting gains of 3.2% and 3.4% respectively.
Among banks, MEDIOBANCA, BANCO BPM, and MPS are trading above the Italian sector index, which is up 1.2%.
In other sectors, AMPLIFON failed to sustain its early rally and fell below parity, as analysts revise their valuations in light of the stock's recent performance and the risks/opportunities arising from the acquisition of the Hearing business from Denmark's GN Store Nord announced Monday morning.
Energy stocks are down as crude oil prices retreat from yesterday's spike following news that Iraqi exports will resume from the port of Ceyhan in Turkey. ENI is down 1%, while utilities HERA, SNAM, ENEL, ITALGAS, and A2A are losing between 0.8% and 1.1%.
A separate case is ACEA, which is sliding 7.9%, affected by the sale of a 4% stake in the Roman multi-utility by French shareholder Suez, taking advantage of the stock's performance, which has grown by about 35% over the last twelve months.
DE NORA is losing 8.7% after announcing final results for 2025 and medium-term estimates which, according to Banca Akros, are in line with forecasts.
(Andrea Mandalà, editing Stefano Bernabei)
