MIB bearish as risk-off returns; Eni catches a bid

(Alliance News) - Financial markets came under renewed pressure on Thursday as a sharp return of risk aversion was triggered by U.S. President Donald Trump's escalating rhetoric regarding the Middle East.

Major European indices closed mixed, with London the sole outlier in positive territory, while other bourses erased a portion of the previous session's gains.

A strengthening dollar and a rally in crude oil prices accompanied the correction in risk assets, as investors recalibrated expectations amid the threat of prolonged energy supply tensions.

Axel Rudolph, analyst at IG, noted that the White House's more aggressive tone caught traders off guard. The absence of de-escalation signals and the risk of attacks on critical infrastructure are fueling fears over global energy flows.

In this environment, crude oil recorded a sharp rise, with WTI outperforming Brent, supported by expectations of tighter supply even within the U.S. market.

"The market is pricing in the risk that significant oil volumes could remain offline," Rudolph highlighted, while the dollar benefited from safe-haven demand and growing concerns related to stagflation.

On the equity front, selling reflected deteriorating sentiment, which has returned to the pessimistic levels seen last week. "Investors are discounting the economic impact of high energy prices and geopolitical instability," the IG analyst explained.

Despite the fragile backdrop, U.S. labor data continues to show resilience, with jobless claims hovering at nearly two-year lows.

"The combination of high inflation and a solid labor market supports a 'higher-for-longer' rate environment," Rudolph concluded, signaling further pressure on risk assets.

Consequently, the FTSE MIB closed down 0.2% at 45,624.94, the Mid-Cap lost 0.2% to 54,777.24, the Small-Cap ended fractionally in the red at 33,138.61, while Italy Growth advanced 0.2% to 8,388.42.

London's FTSE 100 closed up 0.7%, Paris's CAC 40 retreated 0.2%, while Frankfurt's DAX 40 lost 0.8%.

Back in Milan, on the blue-chip index, Eni finished at the top, rising 4.3% to EUR24.685, with nearly 20 million shares changing hands.

Citigroup raised its price target on the "six-legged dog" to EUR24.00 from EUR20.50, maintaining a "neutral" rating.

The group announced that its board of directors has authorized the potential issuance of one or more bond loans for institutional investors, for a total amount of up to EUR10 billion, or the equivalent in other currencies, to be executed in one or more tranches by March 31, 2028.

The operation aims to maintain a balanced financial structure and cover the group's general requirements, with the possibility of listing the issues on one or more regulated markets.

Buying continued for Stellantis, which closed up 4.1%, marking its fifth consecutive session of gains.

Saipem and Snam also progressed, by 3.5% and 2.2% respectively.

Deutsche Bank Research confirmed a "buy" recommendation on Buzzi with a price target of EUR58.00. The stock closed down 2.2% at EUR44.78.

UniCredit, down 2.5%, announced that the board has convened an extraordinary general meeting for May 4 to approve a capital increase linked to the exchange offer for Commerzbank.

The board will be authorized to issue up to 470 million new shares by December 31, 2027, without pre-emptive rights and through contributions in kind. A statutory amendment is also planned to grant the board the necessary powers for the transaction.

Among the decliners, Mediobanca shed 2.5%, while MPS dropped 2.8%.

At the bottom of the main list was STMicroelectronics, down 2.8%, as D. E. Shaw & Co. increased its short position to 1.01% from 0.90%.

On the Mid-Cap, Alerion closed up 6.3%, its fourth consecutive winning session.

Mediobanca revised its recommendation on Ascopiave to "neutral" from "outperform," with a price target of EUR3.95, citing the need for greater strategic clarity in the new corporate context. Ascopiave shares closed down 0.9% at EUR3.47.

Italmobiliare, down 2.2%, is renewing its governance and bylaws to target an international scale. The Pesenti family holding company is proposing a shift to a one-tier model, replacing the board of statutory auditors with an internal control committee within the board of directors.

Carel Industries closed up 3.3% at EUR23.75 following an upgrade to "buy" by Goldman, with a price target of EUR25.40 per share.

Among the laggards on the second-tier list, Newprinces closed down 7.5%, following a 20% drop in the previous session.

BFF Bank lost 9.6% after Wednesday's double-digit gain.

On the Small-Cap, among the most heavily traded stocks by value, doValue retreated 4.4%, while Trevi Finanziaria Industriale closed the session down 4.7%.

Fidia and OPS Italia recorded the largest gains in the basket, advancing 20% and 14% respectively.

Among SMEs, buyers moved into Casta Diva Group, which advanced 9.4% with turnover of nearly EUR1.4 million.

STAR7, up 1.8%, announced the early termination of its share buyback program ahead of the original April 5 deadline, a decision linked to the agreement to sell control to Argos Fund.

Since the launch of the buyback program authorized by the May 6, 2025 meeting, STAR7 has purchased a total of 42,873 ordinary shares, representing approximately 0.5% of the share capital, for a total value of EUR310,521.19.

Eprcomunicazione, down 4.4%, announced that Centrale Comunicazione has joined the group. Centrale Comunicazione is a Rome-based company led by Andrea Francini.

Ecosuntek gained 3.4%. The company announced Thursday that Deep Value Club, through its subsidiary DVC 1 Srl, exceeded the 5% share capital threshold following the purchase of 909,300 ordinary shares on March 31.

In New York, the Dow is down 0.3%, the Nasdaq is retreating 0.2%, while the S&P 500 is in the red by 0.1%.

In the currency markets, the euro is trading at USD1.1544 from USD1.1610 yesterday evening, while sterling is trading at USD1.3236 from USD1.3324 on Wednesday evening.

Among commodities, Brent is trading at USD108.10 per barrel from USD101.87 per barrel yesterday evening, while gold is worth USD4,656.50 per ounce from USD4,784.85 per ounce yesterday evening.

Piazza Affari will remain closed on Friday, April 3, and Monday, April 6, for the Easter holidays.

Tuesday's macroeconomic calendar includes the publication of Spain's services PMI at 0915 CEST.

At 0945 CEST, it is Italy's turn with the services PMI and composite PMI, followed at 0950 CEST by data from France and at 0955 CEST by Germany.

At 1000 CEST, Eurozone data is expected, including the services PMI and composite index, while at the same time in the UK, new car registrations will be reported.

At 1030 CEST, the UK remains in focus with the composite PMI and services PMI.

In the afternoon, at 1415 CEST in the U.S., the ADP weekly employment change data is scheduled.

The day concludes at 2230 CEST, also in the U.S., with weekly oil inventories.

Among Piazza Affari companies, results from LU-VE are expected.

By Antonio Di Giorgio, Alliance News reporter

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