(Alliance News) - Major European stock markets opened Wednesday's session lower, while oil stocks were the exception in Milan, after crude rebounded on renewed tensions in the Middle East.

If energy prices rise on fresh geopolitical strains, the recent easing in inflation expectations could quickly reverse, forcing investors to ratchet up expectations for tighter monetary policy from central banks.

As a result, the MIB opened down 0.7% at 52,114.52, the Mid-Cap shed 1.1% to 61,908.29, the Small-Cap slipped 0.5% to 36,991.49 and the Italy Growth index rose 0.1% to 9,161.44.

In Europe, the DAX 40 fell 1.1%, the CAC 40 opened down 0.9% while the FTSE 100 lost 0.7%.

In Milan, on an MIB almost entirely in the red, the oil sector led the way, with Eni, Saipem and Tenaris up 2.8%, 2.6% and 1.8%, respectively. STMicroelectronics and Snam followed, up 1.0% and 0.2%.

Among the worst performers, Fincantieri struggled, at the bottom with a 3.0% drop, while Amplifon and Stellantis fell 2.2%.

Leonardo opened down 0.6%. The company said Tuesday that the NATO Communications and Information Agency awarded Accenture a contract with an estimated value of about €200m for the Protected Business Network program, to be delivered in partnership with the Italian group over the next seven years.

The project aims to develop a secure, cloud-based digital infrastructure for the Atlantic Alliance. Accenture and Leonardo will design, implement and operate the PBN core platform in an NCIA multi-cloud environment, supporting the gradual adoption of secure cloud services by about 29,000 NATO users.

Poste Italiane, down 0.2%, gave the green light to a €372.0m capital increase ahead of the acquisition of Telecom Italia.

As Il Messaggero wrote Wednesday, this marks another step toward the deal which, via a public takeover and exchange offer, aims to create a national champion in digital transformation.

Italgas, down 0.6%, said Tuesday that the European Investment Bank approved a €250m, 15-year loan to support a program of energy-efficiency upgrades in Italy. The first tranche signed is €150m. The funds will be used by Geoside and Italgas Properties to carry out projects in 2026-2029 involving public and private buildings, SMEs, photovoltaic systems for self-consumption and public lighting.

Avio fell 0.4%. Analysts at Intesa Sanpaolo expect the €109.40m capital increase announced by Avio to support Advent International's entry to have a negative impact on the stock and on the target price, currently reiterated at €47.00 with a 'buy' rating.

'The capital increase will be carried out at a price equal to yesterday's close,' the analysts said. 'We preliminarily estimate the transaction could have a negative impact of about €3.3 on our target price and we expect a negative share price reaction to the announcement,' the note said.

Banca Mediolanum, down 1.0%, said Tuesday that net inflows for June totaled €951m, while year-to-date they stood at €6.37bn, versus €6.11bn in the corresponding 2025 half-year. Net inflows into managed savings were €872m and €4.20bn year-to-date, compared with €4.54bn recorded in the first six months of the prior year.

On the mid-cap segment, Tinexta gained 0.5% after saying Tuesday that, with the renewal of the board of Tinexta Innovation Hub Spa, Fiorenzo Bellelli is concluding his long managerial career within the company and its subsidiaries.

As part of the succession plan, the board appointed Pier Andrea Chevallard, Tinexta CEO, as the new CEO of Tinexta Innovation Hub.

Among the few gainers were also Alerion, up 0.7%, D'Amico International Shipping, up 0.3%, and El.En, up 0.2%.

Pirelli ended at the bottom with a 3.2% drop while Safilo Group fell 2.5%.

On the Small-Cap, buzz is growing in Rome around the future of SS Lazio, up 2.1%. Professionals, entrepreneurs, intermediaries, influential fans and even state managers are said to be closely tracking the dossier on the biancoceleste club.

As Milano Finanza wrote Wednesday, while president Claudio Lotito continues to rule out any talks and reiterates he has no intention of selling the company, a group of professionals and managers is said to be working to gauge interest from potential investors and to present any expressions of interest to the owner himself.

Seri Industrial opened up 2.3%. Intesa Sanpaolo analysts confirmed Seri Industrial's target price at €4.20 and a 'neutral' rating after the start of work, alongside Eni, at the Brindisi industrial site to build a new Italian and European hub dedicated to producing lithium iron phosphate batteries, LFP.

'The news is positive,' Intesa said in a note, 'even if it only represents the operational start of the project. Eni's entry and the start of work nonetheless strengthen visibility on execution of the plan and increase confidence in meeting the expected timeline'.

Only Italian Exhibition Group and SIT did better, both up 3.2%.

Among SMEs, Execus, up 1.0%, said its board approved the proposal for a reserved €1.4m capital increase, aimed at completing the acquisition of 100% of Adasta Media and Differens. The deal provides for a cash capital increase excluding pre-emptive rights, split into two tranches to be subscribed by November 30, 2026.

CleanBnB, not yet traded, reported operating data for the first half of 2026, closing with an increase in booking value despite a slight decline in the number of stays. In the first six months of the year, the company's managed real estate portfolio rose to 3,154 units, spread across more than 100 Italian locations and managed mainly under the 'Full' end-to-end management model.

iVision Tech, flat at €1.72, said Tuesday that its subsidiary Sharbie Srl signed a three-year agreement with AiLux worth €3.2m to provide a specialized technical help desk service.

STAR7 is still not trading. The company announced its intention to exercise the full early redemption of two bond issues, as part of the transaction to sell 75% of its share capital to Argos Fund announced in April.

In New York, the Dow closed down 0.3%, the S&P 500 lost 0.5% while the Nasdaq gave up 1.2%.

In Asia, the Nikkei closed down 2.1%, the Shanghai Composite fell 0.5% and the Hang Seng rose 2.9%.

On the currency front, the euro traded at $1.1427 from $1.1425 at Tuesday's European close, while sterling changed hands at $1.3365 from $1.3374 last night.

Among commodities, Brent traded at $76.58 a barrel from $73.32 a barrel at Tuesday's European equity close, while gold was worth $4,118.81 an ounce from $4,146.36 an ounce last night.

As for Wednesday's economic calendar, the US 30-year mortgage rate is due at 1300 CEST, while crude oil inventories will be available at 1630 CEST.

At 2000 CEST, the minutes of the latest FOMC meeting are due.

Among Milan-listed companies, OPS Italia results are expected.

By Chiara Bruschi, Alliance News reporter

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