La market day continues with a tone moderately positive, in the usual balance between confidence e caution which now dominates the financial markets. The European stock markets are moving slightly higher, with Frankfurt, Paris e London around +0,3%, while Madrid remains just below par. Even Business Square follows the same pattern, with the Ftse Mib advancing by 0,2%–0,30% and stable above 48.250 points, supported above all by the banking sector, which once again played a leading role in the session.
The geopolitical issue remains central to the market: negotiations between the United States and Iran are fueling the possibility of a de-escalation, with possible extensions of the truce and new talks in the coming weeks. This scenario continues to move raw materials, with the Petroleum at high but unstable levels (Brent above $95, WTI near $93). European gas also remains under pressure, with a small increase to around €42/MWh, reflecting a market still poised between tensions and signs of easing.
Across the ocean, the Wall Street futures indicate a slightly positive start: S&P 500 and Nasdaq moderately rising, while the Dow Jones moves more cautiously, confirming an overall cautious climate but with a slight return to risk appetite.
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Milan holds above 48 points: banks are the protagonists of the session
A Business Square banks stand out. The absolute protagonist is Ps (+2,45%), which accelerates after the surprise outcome of the April 15 meeting: with the decisive support of Delfin and Banco Bpm, Tortora's Plt list – with the reconfirmation of Luigi Lovaglio – prevails in the board renewal, beating the outgoing board, supported by Caltagirone and initially favored. The outcome of the meeting gives further impetus to the stock. Mediobanca, which stands at the top of the price list (+3,18%). Also well bought Generali (+1,97%). Today the spotlight shifts to Bpm bank (+3,08%) facing the meeting for the renewal of the board of directors: Crédit Agricole rises to 22,8% and strengthens its position as the largest shareholder, while the board's list aims to confirm CEO Giuseppe Castagna and President Massimo Tononi. Unicredit (-0,46%) is instead moving on the digital frontier: it invests 4 million in BlockInvest and increases its stake to 16%, strengthening its blockchain strategy already underway with digital minibonds and tokenized instruments.
Outside the banking sector, a lively day also for Fincantieri (+1,16%) after the agreement with Princess Cruises for three LNG-powered ships worth over 2 billion euros. Saipem gains ground (+0,29%) thanks to new offshore contracts in Saudi Arabia worth approximately 400 million. Leonardo remains buoyant (+1,68%) following Prime Minister Meloni's statements on the prospects of collaboration with Ukraine in the production of drones. Slight increase for Stellantis (+0,4%) despite the cut in the recommendation by Kepler-Cheuvreux. They clash. Eni (-1,16%), Diasorin (-0,98%), Terna (-0,83%) And nexi (-0,82%).
Off the main list, eyes on Mondadori for the acquisition of the Hoepli school branch and on Recordati, at the center of rumors about a possible consortium for the CVC operation. Mfe is rising sharply.MediaForEurope after the 2025 accounts. Finally, They the company is moving towards delisting after the success of the takeover bid and exceeding 95% of the capital.
Inflation in Italy at +1,7%: stable picture, no surprises
On the macroeconomic front, a piece of data awaited by the market arrives: Italian inflation in March stands at +1,7% on an annual basis, slightly up from February but perfectly in line with expectations. On a monthly basis, growth is 0,5%. Energy and fresh food remain the main drivers of the outlook: the former has a less negative impact than in previous months, while the latter continues to show greater volatility. The result is stable inflation, without immediate pressure but still far from full normalization, with ECB which maintains a cautious approach. According to Bloomberg, the orientation towards a prevails confirmation of rates at the next meeting, an element that helps keep the market framework on a balanced track.
Spreads stable and BTPs strong: record demand for Italian bonds
On the bond front, the BTP-Bund spread remains stable at around 77 basis points, with the yield on the Italian 10-year bond hovering around 3,80%, pending the minutes of the ECB's March meeting at 1:30 PM. The Italian government bond market continues to show robust demand, supported by the syndicated placement of BTPs, which attracted orders worth approximately €159 billion, confirming the interest of international investors.
Other markets
Among raw materials, the price of , which gained around 0,6% and moved above $4.810 an ounce, supported by the weaker dollar and a still uncertain geopolitical context, while silver fell below $80. On the currency market,euro it weakens slightly against the dollar, in the 1,178 area, after a few days of recovery. The Bitcoin It is moving slightly downwards, but remains at high levels around 74.900 dollars, close to the highs reached since the end of February, confirming a phase of consolidation after the recent increases.
