European markets hit by sell-off; Eni stands alone on the MIB

(Alliance News) - Major European indices opened in negative territory on Thursday, weighed down by deteriorating market sentiment.

Investors remain cautious in the face of escalating tensions in the Middle East and the Federal Reserve's restrictive policy stance. The Fed left interest rates unchanged while highlighting inflationary risks linked to the conflict with Iran.

Powell provided no guidance on the future path of rates, while the ECB and the Bank of England are expected to hold policy steady today as they assess the impact of geopolitical tensions.

In commodities, Brent crude is nearing USD116 per barrel, while spot gold has slipped below the USD4,700 per ounce mark.

Dutch TTF gas prices surged, trading around EUR67 per megawatt-hour. European natural gas futures spiked by approximately 25%, reaching their highest levels in three years after Iran launched attacks on key energy infrastructure across the Middle East, intensifying supply concerns.

Consequently, the FTSE MIB is down 2.0% at 43,830.87, the Mid-Cap has shed 2.6% to 52,152.68, the Small-Cap is down 1.4% at 32,297.35, while Italy Growth has retreated 0.5% to 8,330.56.

London's FTSE 100 is down 1.8%, the Paris CAC 40 has lost 1.6%, and the Frankfurt DAX 40 is down 2.0%.

Returning to Milan, selling pressure dominates the main list of Piazza Affari, with Eni being the sole exception. The stock led the opening gains, rising 0.5% to EUR23.295 per share, with over 2 million shares already traded. Goldman Sachs raised its target price on the stock to EUR24.00 from EUR23.00, maintaining a "buy" recommendation.

Leonardo is also under pressure, shedding 1.4% at the start. The group announced on Wednesday the closing of its acquisition of Iveco Group's defense business - which is down 0.1% - including the IDV and ASTRA brands, for a total price of EUR1.6 billion, in line with the Enterprise Value set at EUR1.7 billion.

In the US, the slowdown in electric vehicle demand has prompted Samsung SDI to review its joint venture with Stellantis, shifting focus from car batteries to energy storage systems, as reported by Milano Finanza on Thursday.

CEO Choi Joo-sun explained that part of the StarPlus Energy lines has already been converted to storage: at the Indiana site, three out of four lines are dedicated to ESS, while the project for a second plant remains suspended. Stellantis shares are down 2.2%.

Telecom Italia - down 2.9% - announced on Thursday that it has signed a non-binding agreement with Fastweb and Vodafone for the construction and management of new mobile towers in Italy, with the prospect of developing up to 6,000 new sites. The joint initiative also aims to accelerate the national 5G roll-out.

Following Fitch and Moody's, S&P has also lowered Mediobanca's rating in its new phase under Montepaschi's control, moving it from BBB+ to BBB with a positive outlook.

The downgrade reflects the increasing integration with MPS, which holds an 86.3% stake, and its higher risk profile, alongside differences in corporate culture. According to the agency, the transaction increases the group's complexity and its exposure to SMEs, which are more vulnerable to economic shocks, as well as certain legal risks inherited from Siena.

Mediobanca is down 3.0% while MPS has retreated 2.9%.

Among other decliners, Buzzi is down 2.7% at EUR42.20 per share. JPMorgan upgraded the stock to "overweight" from "neutral" with a price target of EUR58.00.

At the bottom of the main index, Prysmian opened with a 4.2% decline.

Inwit shares resumed trading down 16%, following a theoretical drop of 17%.

On the Mid-Cap, BFF Bank and CIR are among the few gainers, up 2.5% and 0.5%, respectively.

KKCG Maritime is contesting the negative assessment of its partial tender offer for Ferretti, arguing that the recommendations of the board and the Independent Board Committee were influenced by non-independent directors appointed by Fih, who are linked to Weichai. Ferretti is down 1.5%.

Technoprobe - down 9.2% - announced that the board has approved the consolidated financial statements for the year ending December 31, 2025, closing with a consolidated net profit of EUR98.8 million, a 58% increase compared to EUR62.8 million in 2024.

The board proposed allocating the parent company's entire profit of EUR49.5 million to retained earnings, with no dividend distribution, in order to support the growth strategy.

d'Amico International Shipping announced on Thursday that d'Amico International has completed the sale of 6.2 million shares in d'Amico International Shipping, representing approximately 5% of the share capital, at a price of EUR6.50 per share, for a total value of EUR40.3 million. d'Amico shares are down over 17%.

On the Small-Cap, Gas Plus leads the most traded stocks by value, advancing 2.6% at the open.

On the other side of the list, Industrie de Nora is down 6.0%. The company announced on Wednesday that it closed 2025 with an adjusted net profit of EUR89.5 million, up from EUR88.8 million in 2024. Including non-recurring items, net profit stood at EUR82.7 million compared to EUR83.3 million in 2024. The dividend has been adjusted to EUR0.103 from EUR0.104 the previous year.

Banca Profilo - flat at EUR0.158 - announced on Thursday that it has received the final decision from the Bank of Italy regarding the consolidated capital requirements to be maintained, following the results of the Supervisory Review and Evaluation Process.

doValue - down 1.4% - announced on Wednesday that it closed 2025 with an adjusted net profit of EUR25.3 million, more than tripling the EUR6.7 million recorded in 2024, supported by operational growth. The board of directors has proposed a dividend of EUR0.0923 per share.

Among SMEs, Circle - down 1.0% - announced on Thursday that its subsidiary eXyond has submitted a digitalization and automation project for the gates of an intermodal hub in Northern Italy, valued at approximately EUR280,000.

Eprcomunicazione - yet to see trades - announced on Wednesday that it has finalized the acquisition of 100% of the capital of Centrale Comunicazione from sole shareholder Andrea Francini, following the fulfillment of the conditions precedent set out in the framework agreement signed on March 4.

Pattern, which rose 1.8% at the start, announced on Wednesday that it closed 2025 with a loss of EUR2.3 million, compared to a profit of EUR400,000 in 2024.

Among the laggards on the alternative market, Casta Diva Group is down 1.9%, breaking a three-session winning streak.

In New York on Wednesday, the Dow Jones closed down 1.6%, the S&P 500 fell 1.4%, while the Nasdaq lost 1.5%.

In Asia, the Nikkei closed 3.4% lower, the Shanghai Composite fell 1.4%, and the Hang Seng shed 2.0%.

On the currency front, the euro is trading at USD1.1444 from USD1.1515 on Wednesday evening, while the pound is at USD1.3248 from USD1.3331 yesterday evening.

Among commodities, Brent is trading at USD116.12 per barrel from USD108.44 yesterday, while gold is valued at USD4,687.92 per ounce from USD4,875.55 yesterday evening.

On Thursday's economic calendar, the UK interest rate decision will be announced at 1300 CET, followed by the Eurozone decision at 1415 CET.

US housing starts data is expected at 1300 CET, followed by jobless claims at 1330 CET.

At 1500 CET, also from the US, new home sales and trade sales data will be released.

In Piazza Affari, results are expected from Enel, Mondadori, Recordati, and 11 other companies.

By Antonio Di Giorgio, Alliance News reporter

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