(Alliance News) : On Wednesday, European markets opened with a note of caution, paring back gains from the previous session. A thawing of relations between Iran and the U.S. is impacting oil prices, which have fallen for the fifth consecutive day to their lowest levels since early March.

Supporting this trend, the TankerTrackers website reported Wednesday that several Iranian tankers have departed the Gulf zone previously blocked by the U.S. Navy, describing it as the country's "first crude oil export in two months." Later this evening, market attention will shift to the FOMC interest rate decision.

Against this backdrop, the MIB fell 0.3% to 52,292.20 points, the Mid-Cap rose 0.3% to 65,129.63, the Small-Cap declined 0.6% to 36,568.43, and Italy Growth gained 0.3% to 9,180.52 points.

European peers were largely weak: the CAC 40 posted a fractional gain at 8,449 points, while the DAX 40 shed 0.4% and the FTSE 100 dropped 0.2%.

In Milan, the government has authorized, through the exercise of Golden Power and specific requirements, a joint venture between Leonardo and Turkey's Baykar for the development and production of next-generation drones.

The deal involves equal stakes for both groups and will allow Leonardo to strengthen its presence in a market the company estimates could be worth approximately €100bn over the next decade.

Furthermore, Leonardo, up 1.3%, secured an order from Avincis for 15 helicopters, including 10 AW169s and 5 AW139s, with deliveries scheduled between 2028 and 2031.

The contract value was not disclosed, but analysts estimate it between €150m and €300m. Kepler Cheuvreux suggests a range of €150-180m, Intesa Sanpaolo estimates around €200m, while Banca Akros and Mediobanca Research project €200-300m.

The Minister of Enterprises and Made in Italy, Adolfo Urso, met in Rome with Stellantis CEO Antonio Filosa to discuss the group's primary industrial dossiers in Italy. Reports indicate particular attention was paid to the Cassino plant. Stellantis shares fell 1.9% to €5.857 per share.

No operational decisions emerged from the lengthy board meeting of Banco BPM, which rose 1.3%, as it continues to evaluate options following the public exchange offer launched by Intesa Sanpaolo for MPS. The institution led by Giuseppe Castagna still has several months before the start of the Intesa operation, down 0.7%, expected between September and October, and remains waiting for developments from Siena, which is down 1.1%.

On the eve of the closing of UniCredit's exchange offer for Commerzbank : with shares up 1.3% at €78.70 : the German government reiterated its opposition to the deal, supporting the Frankfurt-based bank's independence strategy. Berlin, which holds a 12.7% stake in Commerzbank, called the offer "unattractive" and emphasized the bank's central role in financing the German economy and small to medium-sized enterprises.

Eni and DiaSorin also started in the red, down 1.8% at €21.61 and 1.3% at €65.56 per share, respectively.

On the Mid-Cap, MAIRE, up 0.2%, announced Wednesday that Nextchem, through its subsidiary MyRechemical, has secured a licensing agreement with Sustaero GP for a biomass-to-Sustainable Aviation Fuel project in Canada.

Consequently, Nextchem will license its proprietary NX Circular technology for the biomass-to-syngas section of the plant, representing the initial phase of the production process.

Brembo opened down 2.0% at €10.97 per share, while BFF Bank jumped 7.9% to €3.274 at the open.

On the Small-Cap, FILA : down 1.8% : successfully completed the placement, via accelerated bookbuilding, of 4.2m shares of its Indian subsidiary DOMS Industries, equal to 7.0% of the share capital, at a price of INR2,200.34 per share, approximately €20.07.

The transaction generated gross proceeds of approximately €85.3m.

Banca Akros confirmed its "buy" recommendation on Gas Plus, down 4.0%, with a target price of €8.00 per share, believing the market does not yet fully reflect the group's sensitivity to gas prices.

Fidia topped the basket with gains of 7.6% at €0.012 per share.

Among SMEs, Giocamondo Study : up 0.8% : finalized the acquisition of 51% of Destinazione Lingue, an educational tour operator based in Udine specializing in language stays and international training programs.

Banca Profilo confirmed its "buy" recommendation on Cofle with a target price of €5.00 per share, noting signs of improving profitability and cash generation. Cofle shares saw no trading activity.

RT&L : down 1.3% : signed a two-year framework agreement with Guangzhou Salvage, a Chinese company directly controlled by the Ministry of Transport of the People's Republic of China, specializing in integrated maritime services.

ESI : up 5.9% : signed a Letter of Intent and a Head of Terms with a leading international renewable energy operator, aimed at the subsequent signing of Light EPC contracts for an estimated total value of approximately €4.5m.

In New York on Tuesday, the Dow closed up 0.6% at 51,999.67, while the Nasdaq fell 1.2% to 26,376.34 and the S&P 500 dropped 0.6% to 7,551.35.

In Asian markets, the Hang Seng shed 0.8% to 24,289.80, the Shanghai Composite rose 0.4% to 4,108.08, and the Nikkei grew 0.7% to 69,902.25 points.

On the currency front, the euro is trading at $1.1610 from $1.1605 Tuesday evening, while the pound is at $1.3412 from $1.3423 Tuesday evening.

Among commodities, Brent crude is trading at $78.46 per barrel from $79.60 Tuesday evening, while gold is valued at $4,325.94 an ounce from $4,326.37 at Tuesday's close.

Wednesday's macroeconomic calendar includes Eurozone inflation data at 1100 CEST.

From the U.S., the mortgage market report is due at 1300 CEST, followed by retail sales data at 1430 CEST.

At 2000 CEST, the FOMC interest rate decision will be announced, followed by a press conference at 2030 CEST.

No major corporate announcements are scheduled for the Milan Stock Exchange.

By Michele Cirulli, Alliance News reporter

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