Studi e Ricerche: ultime pubblicazioni
Le pubblicazioni presenti in questa sezione sono redatte e distribuite da Intesa Sanpaolo. Rappresentano ricerca in materia d’investimento. Il loro scopo è esclusivamente informativo. In particolare, esse non sono, né intendono costituire, né potranno essere interpretate, come un documento d’offerta di vendita o sottoscrizione di alcun tipo di strumento finanziario.
Le informazioni in merito alla Direzione Studi e Ricerche, alla sua organizzazione e alle disclosure regolamentari inerenti gli studi e le ricerche sono disponibili sul sito internet di Intesa Sanpaolo, sul sito del Gruppo Intesa Sanpaolo.
La ricerca liberamente disponibile in questa sezione del sito è classificabile quale incentivo non monetario di minore entità ai sensi di quanto previsto dalla Direttiva Delegata 593/17 UE, in quanto: i) contiene analisi macroeconomiche (c.d. Macroeconomic Research) o è relativo a Fixed Income, Currencies and Commodities (c.d. FICC Research) ed è reso liberamente disponibile al pubblico indistinto - Q&A on Investor Protection topics - ESMA 35-43-349, Question 8 e 9; ii) materiale scritto da terzi commissionato e pagato da un emittente societario o da un emittente potenziale per promuovere una nuova emissione da parte della società, o quando l'impresa terza è contrattualmente impegnata e pagata dall'emittente per produrre tale materiale a titolo permanente, purché il rapporto sia chiaramente documentato nel materiale e al contempo il materiale sia messo a disposizione di qualsiasi impresa di investimento che desideri riceverlo o del pubblico in generale – Direttiva Delegata(EU) 2017/593 – Art. 12 comma 3b.
Auction Calendar - Euro Area and US Govt Bonds - 06 December 2023
Focus Euro Area - Hard for the ECB to counter the expectations of rate cuts - 6 December 2023
Focus Area Euro - Difficile per la BCE contrastare le attese di taglio dei tassi - 6 dicembre 2023
Forex Flash - 6 December 2023
Forex Flash - 6 dicembre 2023
Commodity Flash - 06 December 2023
Specialist/CB Italian Equity Daily
Newlat Food: BUY rating confirmed; New TP EUR 8/share (from EUR 8.2/share)
Centrale del Latte d'Italia (BUY/New TP EUR 4.0) - Strong Margins in 3Q23
Commodity Flash - 05 December 2023
Forex Flash - 5 December 2023
Forex Flash - 5 dicembre 2023
Macro Rapid Response - Francia: produzione industriale in calo per il 3° mese, manifattura sostanzialmente stagnante
Macro Rapid Response - France: industrial production down for the third month, manufacturing broadly stable
Specialist/CB Italian Equity Daily
Macro Rapid Response - Cina: – PMI servizi in modesto aumento
Commodity Flash - 04 December 2023
Generalfinance (BUY/New TP EUR 11.8) - Broadly in Line 3Q/9M23 Results
Forex Flash - 4 December 2023
Forex Flash - 4 dicembre 2023
Specialist/CB Italian Equity Daily
2023 Euro Area Government Issuance - 01 December 2023
2023 Spanish Government Issuance - 01 December 2023
2023 Italian Government Issuance - 01 December 2023
Weekly Economic Monitor - 1 December 2023
Weekly Economic Monitor - 1 dicembre 2023
IRS- Green Bond Brief- EA green government bonds: main dynamics and perspectives
Forex Flash - 1 December 2023
IRS- Green Bond Brief- Green bond governativi AE: principali dinamiche e prospettive
Forex Flash - 1 dicembre 2023
Specialist/CB Italian Equity Daily
Macro Rapid Response - Cina: PMI manifatturiero Caixin in risalita
Macro Rapid Response - Euro area: inflation, good news for ECB
Macro Rapid Response - Area euro: inflazione, buone notizie per la BCE
Forex Flash - 30 November 2023
Forex Flash - 30 novembre 2023
Macro Rapid Response - Cina: indici PMI del NBS in calo
Specialist/CB Italian Equity Daily
Macro Rapid Response - Germany: stronger-than-expected drop in inflation
Macro Rapid Response - Germania: calo dell’inflazione più forte del previsto
Focus Commodity Trimestrale
Focus Commodity - Update mercati energetici - 29 Novembre 2023
Macro Rapid Response - Area euro: timidi segnali di ripresa dall’indice ESI
Macro Rapid Response - Eurozone: tentative signs of recovery from the ESI
Commodity Flash - 29 November 2023
Forex Flash - 29 November 2023
Irce (HOLD/New TP EUR 2.1) - Weak Demand with Margins Holding Up
Forex Flash - 29 novembre 2023
Macro Rapid Response - Italia: indagini di novembre migliori del previsto
Macro Rapid Response - Italy: confidence data mixed but better than expected
Specialist/CB Italian Equity Daily
Forex Flash - 28 November 2023
Views on the Italian Economy - November 2023
Forex Flash - 28 novembre 2023
Commodity Flash - 28 November 2023
Specialist/CB Italian Equity Daily
F.I.L.A. (BUY/New TP EUR 11.0) - Strong 3Q23 Results, DOMS' Listing Is Game Changer
Commodity Flash - 27 November 2023
Specialist/CB Italian Equity Daily
Interest Rate Forecasts - Rates without hyperinflation
La Bussola dell'Economia Italiana - Novembre 2023
Auction Calendar - Euro Area and US Govt Bonds - 24 November 2023
Weekly Economic Monitor - 24 November 2023
Weekly Economic Monitor - 24 novembre 2023
FNM (BUY/New TP EUR 0.61) - Solid Results Improve Visibility on FY23 Guidance
Macro Rapid Response - Germany: Ifo, no positive news for the economy
Forex Flash - 24 November 2023
Calendar of macroeconomic data and events
Calendario dei dati macroeconomici e degli eventi
Forex Flash - 24 novembre 2023
2023 Euro Area Government Issuance - 23 November 2023
2023 Spanish Government Issuance - 24 November 2023
Macro Rapid Response - Germania: Ifo, nessuna novità positiva per l’economia
2023 Italian Government Issuance - 24 November 2023
Commodity Flash - 24 November 2023
Specialist/CB Italian Equity Daily
illimity (BUY/New TP EUR 6.7) - Still Weak Momentum, but Valuation Remains Undemanding
Macro Rapid Response - Area euro: indagini PMI di novembre
Forex Flash - 23 November 2023
Forex Flash - 23 novembre 2023
Commodity Flash - 23 Novembre 2023
Macro Rapid Response - Euro area November PMIs
Macro Rapid Response - Francia: indagini di fiducia di novembre
Macro Rapid Response - France: November confidence surveys
Specialist/CB Italian Equity Daily
Salcef Group (BUY/TP EUR 28.7) - Madrid Investor Roadshow Feedback
Forex Flash - 22 November 2023
Forex Flash - 22 novembre 2023
Commodity Flash - 22 November 2023
Specialist/CB Italian Equity Daily
Forex Flash - 21 November 2023
Forex Flash - 21 novembre 2023
Commodity Flash - 21 November 2023
Specialist/CB Italian Equity Daily
Banca Sistema (BUY/New TP EUR 1.37) - 3Q23 Confirms Weak Top Line Offset by Better Cost Control
Cementir Holding (BUY/New TP EUR 9.8) - Weak Volumes, Resilient Prices, More Moderate Cost Inflation
Forex Flash - 20 November 2023
Forex Flash - 20 novembre 2023
Commodity Flash - 20 November 2023
Eurotech (HOLD/New TP EUR 2.5) - Transition Year Ahead
REVO Insurance (BUY/TP EUR 11.6) - Acceleration in GWP Growth
Salcef Group (BUY/New TP EUR 28.7) - New Guidance Upgrade
Specialist/CB Italian Equity Daily
Auction Calendar - Euro Area and US Govt Bonds - 17 November 2023
Focus Commodity - Crude and oil products' update - 17 Novembre 2023
2023 Euro Area Government Issuance- 17 November 2023
2023 Spanish Government Issuance - 17 November 2023
2023 Italian Government Issuance - 17 November 2023
Openjobmetis (BUY/New TP EUR 12.0) - Stronger Cost Control Supporting 4% YE Margin Guidance
Weekly Economic Monitor - 17 November 2023
Weekly Economic Monitor - 17 novembre 2023
Calendar of macroeconomic data and events
Calendario dei dati macroeconomici e degli eventi
Forex Flash - 17 November 2023
Forex Flash - 17 novembre 2023
Digital Value (BUY/TP EUR 115) - Feedback from Roadshow
Specialist/CB Italian Equity Daily
MARR (BUY/New TP EUR 15.0) - Steady Growth in Sight, Investments to Accelerate
Forex Flash - 16 November 2023
Forex Flash - 16 novembre 2023
Specialist/CB Italian Equity Daily
Orsero (BUY/New TP EUR 26.0) - Further Acceleration in 3Q; Guidance Raised
LU-VE (BUY/New TP EUR 28.5) - Resilient in Weak Scenario, Ready to Ride Secular Trends’ Growth
Focus Euro Area - ECB: the elusive concept of sufficient duration - 15 November 2023
Focus Area Euro - BCE: l’elusivo concetto di durata sufficiente
Macro Rapid Response - Previsioni d’autunno della Commissione Europea
Macro Rapid Response - EU Commission Autumn 2023 forecast
Focus Commodity - Crude and oil products' update - 15 November 2023
Forex Flash - 15 November 2023
Forex Flash - 15 novembre 2023
Specialist/CB Italian Equity Daily
Macro Rapid Response - Cina
ISMO Sustainability Virtual Conference: Looking at Sustainability from the Mid Corporate Angle
Cellularline (BUY/TP EUR 5.0) - Foreign Sales Drive Growth
Esprinet (HOLD/TP EUR 5.4) - A Transitional Year
Macro Rapid Response - Stati Uniti: sorprende al ribasso il CPI di ottobre
Aeffe (HOLD/New TP EUR 0.90) - A Further YoY Decrease in a Tough Market
Forex Flash - 14 November 2023
Forex Flash - 14 novembre 2023
Commodity Flash - 14 November 2023
Macro Rapid Response - Germania: ZEW, poca luce in fondo al tunnel
Sicily By Car (BUY/New TP EUR 10.7) - 9M23 Results Hurt by Tough Competition
Wiit (BUY/New TP EUR 26.7) - High Growth Visibility to Support a Stock Rerating
Specialist/CB Italian Equity Daily
Equita Group (BUY/New TP EUR 4.2) - Good Start of 4Q Leads to a Strong Message on DPS
Datalogic (HOLD from BUY/New TP EUR 6.5) - The Weak Scenario Persists
d'Amico International Shipping (BUY/New TP EUR 6.4) - 3Q23: Another Strong Beat vs. Our Estimates
Forex Flash - 13 November 2023
Sanlorenzo (BUY/TP EUR 51.5) - 3Q23 Results: Better than Expected Sales and Solid Order Intake
Forex Flash - 13 novembre 2023
Commodity Flash - 13 November 2023
Tinexta (BUY/New TP EUR 24.5) - Results ‘Well On Track’; Guidance Confirmed
Banca IFIS (BUY/New TP EUR 19.8) - 3Q23 Results Supportive for Guidance and 12% Dividend Yield
Specialist/CB Italian Equity Daily
2023 Euro Area Government Issuance - 10 November 2023
2023 Spanish Government Issuance - 10 November 2023
2023 Italian Government Issuance - 10 November 2023
Zignago Vetro (BUY/New TP EUR 17.5) - Moving Towards Normalisation
Weekly Economic Monitor - 10 November 2023
Weekly Economic Monitor - 10 novembre 2023
Calendar of macroeconomic data and events
Calendario dei dati macroeconomici e degli eventi
Commodity Flash - 10 November 2023
Forex Flash - 10 November 2023
Forex Flash - 10 novembre 2023
Macro Rapid Response - Italia: produzione industriale ferma a settembre
Macro Rapid Response - Italy: industrial production unchanged in September
Specialist/CB Italian Equity Daily
Forex Flash - 9 November 2023
Forex Flash - 9 novembre 2023
Specialist/CB Italian Equity Daily
Macro Rapid Response - Cina: inflazione ancora in calo, ma per poco
Commodity Flash - 08 November 2023
Forex Flash - 8 November 2023
Focus Euro Area: GDP slows but the labour market is holding up, is it going to last? - 8 November 2023
Focus Area euro: rallenta il PIL e tiene il mercato del lavoro, ma fino a quando? - 8 novembre 2023
Specialist/CB Italian Equity Daily
IRS - Term premium on the highs for UST, still large on Gilts, negative on Bunds
IRS - Term premium sui massimi su UST, ancora ampio su Gilt, negativo su Bund
Eurocommercial Properties (BUY/TP EUR 25.0) - Another Positive Quarter in 3Q23
Commodity Flash - 07 November 2023
Forex Flash - 7 November 2023
Forex Flash - 7 novembre 2023
Specialist/CB Italian Equity Daily
Macro Rapid Response - Germania: produzione industriale ancora in calo
Commodity Flash - 06 November 2023
Forex Flash - 6 November 2023
Forex Flash - 6 novembre 2023
Specialist/CB Italian Equity Daily
Biesse: BUY rating confirmed; New TP EUR 13.5/share (from EUR 16.5/share)
Weekly Economic Monitor - 3 November 2023
Weekly Economic Monitor - 3 novembre 2023
Macro Rapid Response - Stati Uniti: tornano a rallentare gli occupati
Calendar of macroeconomic data and events
Calendario dei dati macroeconomici e degli eventi
Auction Calendar - Euro Area and US Govt Bonds - 03 November 2023
Forex Flash - 3 November 2023
Forex Flash - 3 novembre 2023
2023 Euro Area Government Issuance - 03 November 2023
2023 Spanish Government Issuance - 03 November 2023
2023 Italian Government Issuance - 03 November 2023
Money Market Monitor- The impact of higher rates is broadening
Macro Rapid Response - Francia: manifattura verso una frenata a fine 2023
Specialist/CB Italian Equity Daily
Forex Flash - 2 November 2023
Forex Flash
Macro Rapid Response - FOMC ancora fermo, meno probabile un’ultima stretta
IRS- Impacts of the abundance of collateral on euro repo rates
Specialist/CB Italian Equity Daily
Macro Rapid Response - Area euro: inflazione, il quadro è più rassicurante ma l’incertezza resta alta
Forex Flash - 31 October 2023
Commodity Flash - 31 October 2023
Forex Flash - 31 ottobre 2023
Elica (BUY/New TP EUR 2.3) - Still More Shadows than Light "Elica (BUY/New TP EUR 2.3) - Still More Shadows than Light " "Elica (BUY/New TP EUR 2.3) - Still More Shadows than Light "
Macro Rapid Response - PIL italiano invariato nel 3° trimestre
Macro Rapid Response - Italy’s Q3 GDP unchanged both q/q and y/y
Specialist/CB Italian Equity Daily
Macro Rapid Response - Francia: PIL in crescita di 0,1% t/t nel 3° trimestre
Macro Rapid Response - Germania: inflazione, calo più forte delle attese
Focus Italy - Inflation expected to fall sharply in October - 30 October 2023
Focus Italia - Inflazione attesa in forte calo a ottobre - 30 ottobre 2023
Forex Flash - 30 October 2023
Commodity Flash - 30 October 2023
Forex Flash - 30 October 2023
Macro Rapid Response - PIL tedesco e indagini di ottobre della Commissione UE
Auction Calendar - Euro Area and US Govt Bonds - 30 October 2023
Specialist/CB Italian Equity Daily
2023 Euro Area Government Issuance - 27 October 2023
2023 Spanish Government Issuance - 27 October 2023
2023 Italian Government Issuance - 27 October 2023
Weekly Economic Monitor - 27 October 2023
Weekly Economic Monitor - 27 ottobre 2023
Calendar of macroeconomic data and events
Calendario dei dati macroeconomici e degli eventi
Forex Flash - 27 October 2023
IRS - Gli impatti dell’abbondanza di collaterale sui tassi repo euro
Medica (BUY/New TP EUR 24.2) - 2H23E Expected to Recover Temporary 1H Op. Margin Setback
Forex Flash - 27 ottobre 2023
Macro Rapid Response - Italia indagini Istat: un debole inizio di trimestre
Commodity Flash - 27 October 2023
Macro Rapid Response - Italy Istat surveys: a weak start of the quarter
Specialist/CB Italian Equity Daily
Macro Flash - 27 ottobre 2023
Market movers - 27 October 2023
Macro Rapid Response - For now, the ECB is fine with the level of policy rates
Macro Rapid Response - Per ora alla BCE i tassi ufficiali vanno bene così
Views on the Italian Economy - October 2023
Forex Flash - 26 October 2023
EdiliziAcrobatica (BUY/New TP EUR 20.1) - Growing Business Despite Fading Fiscal Bonuses
Commodity Flash - 26 October 2023
Forex Flash - 26 ottobre 2023
Specialist/CB Italian Equity Daily
Market movers - 26 October 2023
Macro Flash - 26 ottobre 2023
Focus Global Economy - The economic outlook and the Israeli-Palestinian war - 25 October 2023
Focus Economia Globale - Il quadro economico e la guerra israelo-palestinese - 25 ottobre 2023
Forex Flash - 25 October 2023
Forex Flash - 25 ottobre 2023
Macro Rapid Response - Germania: IFO, timidi miglioramenti ma nessuna svolta
Specialist/CB Italian Equity Daily
Market movers - 25 October 2023
Macro Flash - 25 ottobre 2023
Grifal (BUY/New TP EUR 2.8) - Resilient during Tough Times
La Bussola dell'Economia Italiana - Ottobre 2023
Forex Flash - 24 October 2023
Forex Flash - 24 ottobre 2023
Macro Rapid Response - PMI area euro: rischi ancora al ribasso a fine 2023
Interest Rate Strategy - The baton passes to markets
Sogefi (HOLD/New TP EUR 1.67) - 3Q Beat and Raise, but Upside Potential Looks More Limited
Specialist/CB Italian Equity Daily
Market movers - 24 October 2023
Macro Flash - 24 ottobre 2023
Forex Flash - 23 October 2023
TraWell (BUY/New TP EUR 13.8) - Recovery in Air Traffic Couples with Improving Profitability
Forex Flash - 23 ottobre 2023
Specialist/CB Italian Equity Daily
Market movers - 23 October 2023
Macro Flash - 23 ottobre 2023
First Capital (BUY/New TP EUR 22.4) - 1H23 Results
2023 Euro Area Government Issuance - 20 October 2023
2023 Spanish Government Issuance - 20 October 2023
2023 Italian Government Issuance - 20 October 2023
Auction Calendar - Euro Area and US Govt Bonds - 20 October 2023
Weekly Economic Monitor - 20 October 2023
Weekly Economic Monitor - 20 ottobre 2023
Forex Flash - 20 October 2023
Forex Flash - 20 ottobre 2023
Calendar of macroeconomic data and events
Calendario dei dati macroeconomici e degli eventi
IGD (HOLD/TP EUR 2.6) - Resolution for a New Bond up to EUR 400M
Specialist/CB Italian Equity Daily
Market movers - 20 October 2023
Macro Flash - 20 ottobre 2023
Focus Euro Area - ECB rates on hold this month - 19 October 2023
Focus Area Euro - Tassi BCE fermi a ottobre - 19 ottobre 2023
Forex Flash - 19 October 2023
Rosetti Marino (NO RATING) - 1H23 Results and Robust Order Backlog
Commodity Flash - 19 October 2023
Forex Flash - 19 ottobre 2023
Macro Rapid Response - Francia: indagini di fiducia INSEE di ottobre
Specialist/CB Italian Equity Daily
Macro Flash - 19 ottobre 2023
Market movers - 19 October 2023
Lucisano Media Group (BUY/New TP EUR 2.1) - Reaping the Fruits of Strong Production
Focus Commodity - Guerra in Israele: quali impatti su scenario macroeconomico e materie prime? - 17.10.2023
Focus Commodity - War in Israel: which impacts on the macroeconomic and commodity outlook? - 17.10.2023
Commodity Flash - 18 October 2023
IRS - ECB’s operational framework review: recognizing a structural change
IRS - ECB’s operational framework review: recognizing a structural change
Forex Flash - 18 October 2023
Forex Flash - 18 ottobre 2023
Specialist/CB Italian Equity Daily
Market movers - 18 October 2023
Macro Flash - 18 ottobre 2023
Leone Film Group (BUY/New TP EUR 2.5) - High-quality Pipeline Clashes with Debt
Macro Rapid Response - DBP Italy: larger-than-expected gross budget, few details on coverage
Macro Rapid Response - DPB Italia: manovra lorda più ampia del previsto, pochi dettagli sulle coperture
Forex Flash - 17 October 2023
Forex Flash - 17 ottobre 2023
Specialist/CB Italian Equity Daily
Market movers - 17 October 2023
Macro Flash - 17 ottobre 2023
Forex Flash - 16 October 2023
Forex Flash - 16 ottobre 2023
Auction Calendar - Euro Area and US Govt Bonds - 16 October 2023
Specialist/CB Italian Equity Daily
Macro Flash - 16 ottobre 2023
Market movers - 16 ottobre 2023
OSAI Automation System (BUY/New TP EUR 2.7) - Pressure On Margins in 1H23
2023 Euro Area Government Issuance - 13 October 2023
2023 Spanish Government Issuance - 13 October 2023
2023 Italian Government Issuance - 13 October 2023
Altea Green Power (BUY/New TP EUR 7.0) - Storage Development Drives Impressive Margin’s Expansion
Weekly Economic Monitor - 13 ottobre 2023
Weekly Economic Monitor - 13 October 2023
Forex Flash - 13 October 2023
Forex Flash - 13 ottobre 2023
Focus Commodity: Gold Sector - October 2023
Calendar of macroeconomic data and events
Calendario dei dati macroeconomici e degli eventi
Specialist/CB Italian Equity Daily
Market movers - 13 October 2023
Macro Flash - 13 ottobre 2023
Forex Flash - 12 October 2023
Bifire (BUY/New TP EUR 4.5) - Reinforcing the Business Model to Be Ready for Mid-term Demand
Forex Flash - 12 ottobre 2023
Focus Euro Area - What is the probability of recession? - 12 October 2023
Focus Area Euro - Qual è la probabilità di recessione? - 12 ottobre 2023
Specialist/CB Italian Equity Daily
Market movers - 12 October 2023
Macro Flash - 12 ottobre 2023
Iniziative Bresciane (BUY/New TP EUR 17.3) - Rainfall Recovery Underway to Boost Revenue and Margin Expansion
Focus Commodity: Settore Orafo - Ottobre 2023
Forex Flash - 11 October 2023
Forex Flash - 11 ottobre 2023
Focus Italy - A financial conditions index - 11 October 2023
Focus Italia - Un indice di condizioni finanziarie - 11 ottobre 2023
Specialist/CB Italian Equity Daily
Macro Flash - 11 ottobre 2023
Market movers - 11 October 2023
Forex Flash - 10 ottobre 2023
Forex Flash - 10 ottobre 2023
Macro Rapid Response - Italia: l’industria potrebbe non contrarsi nel 3° trimestre
Macro Rapid Response - Italy: industrial production little changed in August
Specialist/CB Italian Equity Daily
Market movers - 10 October 2023
Macro Flash - 10 ottobre 2023
Triboo (BUY/New TP EUR 1.70) - Market Turbulence Continues; Strategic Actions Underway
Forex Flash - 9 October 2023
Forex Flash - 9 ottobre 2023
SIT (BUY/New TP EUR 4.2) - Partial Business Rethinking
Specialist/CB Italian Equity Daily
Market movers - 9 October 2023
Macro Flash - 9 ottobre 2023
Auction Calendar - Euro Area and US Govt Bonds- 06 October 2023
2023 Euro Area Government Issuance - 06 October 2023
Weekly Economic Monitor - 6 October 2023
Weekly Economic Monitor - 6 ottobre 2023
2023 Spanish Government Issuance - 06 October 2023
2023 Italian Government Issuance - 06 October 2023
Commodity Flash - 05 October 2023
Forex Flash - 6 October 2023
Calendar of macroeconomic data and events
Calendario dei dati macroeconomici e degli eventi
ErreDue (BUY/New TP EUR 11.7) - 1H Confirms Growth Path with Margin Expansion Under Control
Forex Flash - 6 ottobre 2023
Specialist/CB Italian Equity Daily
Market movers - 6 October 2023
Macro Flash - 6 ottobre 2023
Forex Flash - 5 October 2023
Forex Flash - 5 ottobre 2023
Macro Rapid Response - Francia: industria in calo meno delle attese ad agosto ma attenzione allo spaccato settoriale