Economy

The Commission’s financing mechanism exposes Italy to interest rate risk until 2057: opaque costs, continuous refinancing, and liquidity management expenses add to the bill of 99 billion euros in loans. Second part of Giuseppe Liturri’s analysis.

Europe beats the US, but the American premium persists. Some significant dynamics are emerging in equities that should not be overlooked. Analysis by Richard Flax, Chief Investment Officer of Moneyfarm.

A new and delicate balance: AI, energy shocks, and regional divergences. Analysis by William Davies, Global Chief Investment Officer at Columbia Threadneedle Investments.

Fund managers are recalibrating their choices for the coming months by focusing on greater discipline, active management and selection, and a 24/7 radar on opportunities to monitor.

Investments in AI support US economic growth as adoption accelerates and spreads across businesses and labor: the evolution towards autonomous agents and the sharp decline in costs are transforming the market, increasing productivity and fostering new professions rather than replacing employment. Commentary by Jeffrey Cleveland, Chief Economist at Payden & Rygel.

Hungary Effect, Eastern Europe can grow more than Central-Western Europe. Commentary by Stefano Fiorini, Global Fixed Income Fund Manager at Generali Asset Management.

The vulnerability of global energy markets is an opportunity for the United States to capitalize on. Here’s why. The Wall Street Journal article taken from Liturri’s review.

French train manufacturer Alstom plummets on the stock market: revisions of free cash flow and EBIT margin targets have scared investors, who did not expect such significant adjustments. All the details.

This is why there is turmoil over the accounts of the company that publishes Il Fatto Quotidiano.

At Banco BPM, Castagna and Tononi have been confirmed. But behind the scenes, the balance of power is shifting between the government, the third-pole project, and Crédit Agricole’s strategies. Facts, names, and insights.

Abbott lowers 2026 guidance following the acquisition of Exact Sciences, while the stock declines and pressures emerge on nutrition and devices despite quarterly results in line with expectations. Facts, figures, and forecasts.

OnlyFans could reach a valuation of over $3 billion through the sale of a minority stake to the American fund Architect. All the details.

The Ministry of Labor has allocated 7.2 million euros to support the projects of 13 major national organizations committed to promoting ethical and conscious use of new technologies among young people and Italian families. All the names and amounts received.

The revision of the European Tobacco Excise Directive (TED) aims to increase taxation, but an excessive rise could prove counterproductive, according to Logista. Facts, figures, and scenarios.

Behind Delfin of Del Vecchio’s vote that overturns Siena is the strategy on Mediobanca and Generali. With Banco Bpm being decisive and the government caught between adaptation and new cracks. Comments and interpretations on the positions of Delfin, Banco Bpm, and the government.

Yesterday, European Union officials conducted an unannounced search of Ferrero’s offices. The investigation is still in its preliminary phase and no formal charges have been made. Here is what Brussels wants to clarify. All the details.

What happened at the Mps shareholders’ meeting and what are the current scenarios for Mediobanca and Generali following Lovaglio’s reconfirmation in Siena and the defeat of Caltagirone’s slate. Facts, names, and insights.

Not only Hormuz, what are the key signals for the global economy and markets. Analysis by Luca Simoncelli, Investment Strategist at Invesco.

The surprises of the Mps assembly. Facts, names, and comments

United-American, is the giant of the skies born? According to experts, a merger could create an unprecedented concentration of power in the commercial aviation sector and lead to price increases for passengers.

Here are the latest developments regarding the future structure of Borsa Italiana between Cdp and the pan-European group Euronext.

The emergency cut in excise duties established and extended by the government to address the Middle Eastern crisis weighs on the national accounts and therefore on Italian taxpayers, but it also benefits the many motorists who live in France and Switzerland and increasingly come to fill up at our gas stations. But are we really sure that the phenomenon of dry pumps is the fault of cross-border fuel buyers?

Luxury under pressure. Gucci continues to lose ground amid declining sales and uncertain relaunch, but Hermès is also slowing down, and travel retail suffers from the collapse of international tourism and geopolitical tensions. Facts and figures.

Zelensky said that the Druzhba pipeline will be repaired by the end of April. Magyar’s victory gives hope to Kiev: Hungary is expected to lift the veto on the 90 billion euro European loan.

Analysis and scenarios after Magyar’s victory in Hungary: a picture of strong discontinuity after Orbán, but with deep challenges regarding institutions, growth, and managing expectations.

Three directors leave Adventure’s board: no official disagreements, but the change comes at a key phase involving finances, governance, and growth plans. All the details.

The strategic game over Mediobanca, Grilli’s role, the divisions between Norges and Vanguard, and the uncertainty of voting shares: what lies behind the (unofficial) stance of the world’s leading asset manager in favor of Lovaglio in Mps.

What did the president of the Italian Competition Authority (Agcm), Roberto Rustichelli, say during the presentation of the Annual Report?

After the elections in Hungary, stock markets and the currency rise, while Brussels ties the release of 35 billion euros in funds to 27 conditions, including relations with Kyiv. Uncertainties remain regarding public accounts, investments, and energy policy.

Crédit Agricole and Assogestioni vie for space on the board of directors while ISS and Glass Lewis focus on continuity. In the background, the effect of the Capital Law on shareholder meeting dynamics.

Disney’s reorganization continues, with up to 1,000 new job cuts planned, following previous waves of layoffs that between 2023 and 2025 have already resulted in about 8,000 redundancies and $7.5 billion in savings. Facts and figures.

Revenues up 14% and direct sales exceeding 50% of the total for the first time, while price increases offset the impact of tariffs and support the stock on the market. All the golden numbers of Levi’s.

Bitcoin holds steady, Ethereum accelerates: what is happening to cryptocurrencies amid regulatory shifts and the return of flows. Analysis by Roberto Rossignoli, Senior Portfolio Manager at Moneyfarm.

US-Iran: (fragile) two-week truce. Here are the implications for investors. Analysis by Andrea Delitala, Head of Multi Asset Euro at Pictet Asset Management.

The war in Iran has highlighted the weakness of the US dollar as a tool of economic and financial deterrence. The Financial Times article taken from Liturri’s review.

The problem of median wages arises from the convergence between the natural tendency of business organizations to contain labor costs and the unnatural vocation of the union towards the ideological leveling of wages. Sacconi’s “Canto libero” published in QN

The analysis by Andrea Gilli, professor at the University of St Andrews in Scotland and fellow of the Institute for European Policymaking, taken from his profile on X

France has almost no more budgetary room for maneuver. The article from the newspaper Le Figaro taken from Liturri’s review.

The impact of the new rules introduced by Trump for 401(k) plans, the U.S. company pension plans with defined contributions. The Washington Post article taken from Liturri’s review.

How the tug-of-war between Spain and the European Union over fuel tax cuts is progressing. Liturri’s analysis.

The Meloni government has decided to replace Cingolani at the helm of the Italian defense and aerospace giant by appointing Lorenzo Mariani. Behind the leadership change at Leonardo lies the challenge of balancing the market, industrial policy, and national security. A conversation from Startmag with Alessandro Marrone, head of the “Defense, Security, and Space” program at IAI.

Why more and more people are leaving the U.S. labor market. The Wall Street Journal article taken from Liturri’s review.

The crisis in the Strait of Hormuz and the rise in fossil fuel prices are prompting funds to reconsider the energy sector as a hedge against inflation. The article from the WSJ.

In addition to regulatory simplification, training, prevention, and a culture of safety must become a real priority to protect, first and foremost, the lives of workers, as well as the responsibilities of employers, in order to achieve productivity and economic growth for the country. The intervention by Alessandra Servidori

What are the factors supporting emerging markets in the long term? An analysis by Ygal Sebban, Investment Director and Head of the Emerging Markets Equity Team at GAM.

European airports risk running out of fuel if the Strait of Hormuz is not reopened within three weeks: deliveries for May are not guaranteed. This is according to Airports Council International Europe. Numbers and details.

Here are some of the real reasons behind the government’s decision to appoint Mariani instead of Cingolani at the helm of the Leonardo group. The letter from Francis Walsingham.

A record 3.4 billion in profit, 73.6 billion in activated investments, and a 2.2 billion dividend: this is how Cassa Depositi e Prestiti strengthens its role as a public leverage between businesses, infrastructure, and strategic sectors, boosting its widespread presence in local areas and investments in energy and renewables.

Between weak demand and the impact of tariffs in its two main markets, the United States and China, Rémy Cointreau announces a plan to revive growth and profitability, also reorganizing leadership. Meanwhile, Pernod Ricard and Brown-Forman are considering a merger. Facts, figures, and comments.