Cucinelli Leads Milan Stock Exchange as European Markets Rebound After Fed Decision

(Alliance News) - On Thursday, in the wake of the US Federal Reserve's decision on interest rate cuts, major European markets regained momentum and returned to positive territory.

The FOMC meeting revealed sharp divisions, underscoring a climate of disruption repeatedly fueled by US President Donald Trump.

According to reports from yesterday, further and gradual rate cuts are possible in 2026 and 2027, potentially bringing the target rate down to the 3.25%-3.50% range.

In the Old Continent, the European Central Bank is preparing to revise its Eurozone growth forecasts upwards at next week's Governing Council meeting, highlighting how the area's economy is showing greater resilience than expected.

Additionally, ECB President Christine Lagarde has expressed support for Eurobonds aimed at financing defense, calling it as vital an issue as public health.

The FTSE Mib closed up 0.5% at 43,702.01 points, the Mid-Cap rose 0.1% to 58,391.77, the Small-Cap was up 0.2% at 36,200.31, and the Italy Growth index increased 0.1% to 8,427.71 points.

Other European exchanges also finished positive: the CAC 40 gained 0.8%, the DAX 40 rose 0.6%, and the FTSE 100 climbed 0.5%.

On the Milan Stock Exchange, Brunello Cucinelli topped the leaderboard, rising 2.9% to EUR96.00 per share. Equita upgraded Cucinelli to "buy" following its year-end meeting, forecasting a 10% revenue increase in the fourth quarter. Mediobanca also recommends the stock, while reputational issues related to Russia appear to be resolved.

The Bangladesh Air Force signed a letter of intent with Leonardo--down 2.1%--for the potential purchase of the Eurofighter Typhoon as part of its fleet modernization plan. Leonardo also entered a partnership with Telespazio to develop interoperable infrastructure and provide communications and navigation services for lunar exploration.

Snam--down 1.2%--has reached an agreement with Igneo Infrastructure Partners to acquire 48.2% of OLT - Offshore LNG Toscana, thus gaining full control of the company for EUR126 million.

Stellantis announced EUR2 billion in investments for its Italian plants, also highlighting the Italian government's support for the future of the national industry. The stock slipped 1.5%.

UniCredit--up 2.4% for the day--and Cassa Depositi e Prestiti have completed the first fully tokenized Italian minibond on a public blockchain for E4 Computer Engineering, in accordance with the FinTech Decree.

The EUR5 million issue, 50% guaranteed by SACE, was subscribed in equal parts by UniCredit and CDP.

Eni, down 0.7%, approved the possible issuance of one or more hybrid subordinated bonds for a total value of up to EUR1 billion.

STMicroelectronics--down 1.2%--secured a EUR500 million loan from the European Investment Bank, the first tranche of a EUR1 billion credit line recently approved to strengthen Europe's competitiveness and strategic autonomy.

On the Mid-Cap, Fincantieri, through its subsidiary Fincantieri Infrastructure Opere Marittime, signed a cooperation agreement with WSense for the development of advanced monitoring and early warning systems, essential for increasing safety, predictability, and control in port activities such as dredging, breakwaters, and defense works. The stock closed up 0.3%.

Salvatore Ferragamo rose 1.1%. Last week, Deutsche Bank forecast "convergent growth" for all major players in the sector by 2026, with only a five-percentage-point delta between the strongest and weakest companies. The luxury sector appears resilient to a certain slowdown in consumption.

Strong buying on doValue, up 8.1% to EUR2.896 per share. Alerion closed down 4.2% at EUR17.56 per share.

On the Small-Cap, Piquadro received confirmation from Standard Ethics of its Corporate Standard Ethics Rating at 'EE-' with a 'positive' outlook. The stock closed up 0.9%.

Netweek--down 2.9%--closed the first half with a consolidated net loss of EUR3.3 million, worsening from a EUR2.1 million loss in the same period of 2024.

Pininfarina's board--flat at EUR0.824 per share--co-opted Paolo Dellachà, previously CEO of Automobili Pininfarina GmbH, as a new board member until the next shareholders' meeting, and simultaneously appointed him CEO and general manager with immediate effect.

Beewize surged by double digits, up 21% to EUR0.3020 per share.

Among SMEs, Innovatec signed a purchase agreement for the remaining 49% stake in its subsidiary Innovatec Energy, held by majority shareholder Sostenya Group, for EUR5.0 million. The stock closed down 2.1%.

SolidWorld Group completed the integration of Solid Innovation Srl's activities into the parent company. Shares gained 7.0%.

Giglio--up 3.3%--reported a 12% increase in Gross Merchandising Value compared to 2024, surpassing EUR10.5 million, and showing improvement despite the unfavorable context related to the strong euro and US tariffs.

Mare Engineering Group--up 1.0%--announced an increase in the consideration for its full takeover bid for Eles, which rose 1.1%, raising the price to EUR2.65 from EUR2.61 per share, an increase of EUR0.04 or 1.5%.

In New York, the Dow Jones is up 1.0%, the Nasdaq down 1.0%, and the S&P 500 down 0.3%.

On the currency front, the euro is trading at USD1.1747 from USD1.1648 at Wednesday's equity close, while the pound is at USD1.3419 from USD1.3333 last night.

Among commodities, Brent crude is trading at USD60.88 per barrel from USD61.48 at yesterday's close, while gold is valued at USD4,256.54 per ounce from USD4,201.38 per ounce last night.

On Friday's economic calendar, at 0800 CET, attention turns to UK construction activity and GDP, while German consumer price index data will also be released. Later, at 0845 CET, the same report will be published for France and Spain.

At 1100 CET, the EcoFin meeting is scheduled, while from 2130 CET, US commodity data will be released.

On the Milan Stock Exchange, H-Farm results are expected.

By Michele Cirulli, Alliance News Reporter

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