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Data Comment - Italian inflation stabilizes at high level driven by increasing energy prices

Italy’s consumer inflation stabilized at 11.8% yoy in November. This compares with our and the consensus expectation for an 11.3% reading, although we flagged some upside risks to our call from a rise in gas prices that emerged at the end of the mo...
UniCredit Loredana Maria
Loredana Maria Federico @ UniCredit 30 November 2022

Italy: Budget 2023 seeks to avert recession by extending energy measures

Govt seeks to free up resources by overhauling citizenship income and renovation schemes introduced by M5S cabinets. Mid-term fiscal risks remain tilted to the downside as discretionary expenditure pressures will likely remain elevated. Budget 2023 m...
EmergingMarketWatch Metodi
Metodi Tzanov @ EmergingMarketWatch 29 November 2022
Italy: Budget 2023 seeks to avert recession by extending energy measures
Italy: Budget 2023 seeks to avert recession by extending energy measures

Weekly Supply Preview - Italy sells new 5Y BTP via exchange

This week, EGB supply from Italy, Germany, France, Spain and the Netherlands is likely to rise to almost EUR 20bn. Issuance activity will be scattered across the curve. In terms of new benchmarks, Italy will issue the new BTP 3.4% Apr28 via an excha....
UniCredit Francesco Maria
Francesco Maria Di Bella @ UniCredit 28 November 2022

For the love of the game: A spotlight on emerging market sports franchises

Manchester United is seeking new investors at a much higher price point than its market capitalisation of US$2.5bn. The club's strong branding and affinity with its supporters are key intangibles that any potential buyer must evaluate. We flag listed...
Tellimer Research Rahul
Rahul Shah @ Tellimer Research 23 November 2022
For the love of the game: A spotlight on emerging market sports franchises
For the love of the game: A spotlight on emerging market sports franchises

Macro & Markets 2023-24 Outlook: Go for carry as central banks approach peak rates

Macro: We forecast a mild technical recession in both the US and the eurozone, followed by a below-trend recovery. Inflation is set to decelerate meaningfully in 2023. The Fed and the ECB are likely to finish their tightening cycle by early next year...
UniCredit Marco
Marco Valli @ UniCredit 17 November 2022

Primary Market Focus - New BTP Dec29 likely to offer an interesting pickup vs. peers

On Friday, Italy will sell the new BTP 3.85% Dec29 and will reopen BTP 3.5% Jan26 and the green BTP 4% Apr35. The overall auction size (EUR 7.25-8.75bn) will be slightly bigger than usual. Despite ongoing volatility across financial markets, BTPs hav...
UniCredit Francesco Maria
Francesco Maria Di Bella @ UniCredit 9 November 2022