(Alliance News) – European stock markets are trading in negative territory in the second session of the week, with the Mib hovering around 42,800 points, hindered by the strength of the euro, which is decisively targeting the EUR1.18 mark–a development that is far from beneficial for Italy’s export-driven economy.
Markets are widely expecting a rate cut of at least 25 basis points from the Federal Reserve at Wednesday’s meeting, as policymakers are forced to balance the gradual cooling of the labor market with persistent inflationary pressures stemming from trade tariffs.
In Europe, monetary authorities are maintaining a highly cautious approach toward inflation dynamics. Isabel Schnabel–a member of the ECB’s executive board–reiterated the need to keep monetary policy steady, emphasizing the relevance of upside risks to inflation linked to factors such as tariffs, service sector inflation, food prices, and expansive fiscal policies.
Last week in Frankfurt, the ECB left interest rates unchanged for the second consecutive time, suggesting that the monetary easing cycle may have reached its endpoint.
As a result, the Mib is down 0.6% at 42,806.57 points.
Paris’s CAC 40 is down 0.3%, as is Frankfurt’s DAX 40, while London’s FTSE 100 is retreating by 0.2%.
The Mid-Cap index is up 0.1% at 57,116.65, the Small-Cap is down 0.2% at 35,917.48, and the Italy Growth index is up 0.1% at 8,589.78.
On the Milan Stock Exchange, Ferrari stands out among gainers, rising 2.5% to EUR416.10 after two sessions marked by bearish candles.
MPS and Mediobanca–following a recent upward trend tied to acquisition activity–are down 1.9% and 1.3%, respectively.
UniCredit, down 0.8%, announced on Monday it had placed a EUR1.25 billion senior non-preferred bond maturing in six years with a call after five years, aimed at institutional investors. The bond was priced at a five-year mid-swap plus 90 basis points, with an annual coupon of 3.20% and a re-offer price of 99.786%. The transaction completes the senior component of UniCredit’s 2025 funding plan reserved for institutional investors.
Terna, down 0.2%, reported on Monday it had purchased 835,100 of its own ordinary shares between September 8 and 12, at an average price of EUR8.4908 per share, for a total value of EUR7.1 million.
Campari, also down 0.2%, announced on Monday it had bought back 1.4 million of its own ordinary shares between September 8 and 12, at an average price of EUR5.7332 per share, for a total value of EUR7.9 million.
On the Mid-Cap segment, Technoprobe is up 3.8%, continuing its long winning streak. The company also announced Monday evening it had bought back its own ordinary shares between September 8 and 12, for a total value of EUR1.6 million.
Sanlorenzo is up 2.6%, extending the previous session’s 1.1% gain.
Brembo, down 0.2%, announced it is accelerating its investment plan in its joint venture with SGL Carbon, which specializes in carbon-ceramic components. According to Il Sole 24 Ore on Tuesday, the EUR150 million project, initially scheduled for completion by 2027, has been finished over a year early, driven by strong global demand, particularly in the premium and luxury segments.
Newprinces, meanwhile, is down 1.9%, marking its third consecutive bearish session.
On the Small-Cap index, Digital Value is up 3.3%, following Monday evening’s 0.9% gain.
Class Editori is also strong, up 2.3% after two consecutive bearish daily candles.
Netweek–still not traded–announced Friday that, as part of a corporate simplification, shareholders Tziveli Vassiliki and Jana Masova have sold their shares to Vdb, a company controlled by Marco and Giovanni Sciscione, the respective spouses of the two shareholders. Vassiliki and Masova each held 10.2 million shares, or 15.9% of the company’s capital. Following the transaction, Vdb Srl will hold a total of 31.7% of Netweek.
Altea Green Power is down 3.7%, marking its fourth consecutive bearish session.
Among SMEs, Compagnia dei Caraibi is up 6.6%, bringing its share price to around EUR0.37.
Circle, up 4.9%, announced on Monday that it closed the first half with a 62% year-on-year increase in production value, rising to EUR11.8 million from EUR7.3 million in the same period last year. Proprietary software products, also offered as SaaS on a cloud platform, grew by 105% compared to the first half of 2024. Milos federated services saw an 80% increase over the previous year’s first half.
Mare Group, flat at EUR3.42, reported that it has approved merger projects for the absorption of La SIA and M2R Holding, two wholly-owned subsidiaries. These moves, part of a broader integration and reorganization plan, aim to simplify governance and enhance operational, administrative, and management synergies among the involved companies.
Gambero Rosso is down 3.5% at EUR0.2760, subject to profit taking after three bullish sessions.
In New York during the European evening, the Dow Jones rose 0.1%, the Nasdaq gained 0.9%, and the S&P 500 advanced 0.5%.
In Asia, the Nikkei rose 0.5%, the Shanghai Composite gained 0.1%, and the Hang Seng is up 0.2%.
On the currency markets, the euro is trading at USD1.1792, up from USD1.1759 at Friday’s equity close, while the pound is at USD1.3632, up from USD1.3589 on Friday evening.
In commodities, Brent crude is trading at USD67.16 per barrel, down from USD67.65 at Friday’s close, while gold is at USD3,687.70 per ounce, up from USD3,661.24 per ounce at Friday’s European market close.
On Tuesday’s economic calendar, at 1000 CEST, attention turns to Italy’s consumer price index, and at 1100 CEST to German economic sentiment.
At 1100 CEST, focus shifts to eurozone wages with data on industrial production and labor costs.
From 1430 CEST, the spotlight will be on US import-export data, while at 2230 CEST the weekly oil inventory report is expected.
From Piazza Affari, half-year results are expected from Beewize, Caleffi, Indel B, RES, Websolute, and Yakkyo.
By Maurizio Carta, Alliance News Reporter
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