Mib Edges Up; Cucinelli Rises Ahead of the Curve

(Alliance News) - European markets opened Thursday without a clear direction, despite the Federal Reserve implementing a benchmark rate cut and issuing less restrictive guidance than what had been priced in by the markets.

Additionally, the Fed announced the launch of a monthly Treasury bill purchase program amounting to approximately USD45 billion, focusing on short-term securities with maturities not exceeding three years.

Elsewhere among monetary authorities, the Swiss National Bank kept its policy rate unchanged at 0%, while the European Central Bank is also expected to maintain a stable rate stance, likely unchanged throughout 2026, as inflation and growth trends continue to align with current projections.

The Mib is currently up 0.1% at 43,501.06 points.

Paris' CAC 40 is up 0.3%, Frankfurt's DAX 40 is down 0.2%, while London's FTSE 100 is trading just above parity.

Among the minor indices, the Mid-Cap is down 0.1% at 58,298.47, the Small-Cap is just above parity at 36,142.70, and Italy Growth is down 0.3% at 8,422.72 points.

On Piazza Affari, Brunello Cucinelli is advancing by 2.8% to EUR95.88 per share, following a 0.7% gain in the previous session.

Ferrari is up 1.3% to EUR314.40 per share, rebounding after three consecutive losing sessions.

Stellantis - down 1.4% - and the Italian government have reaffirmed their commitment to working together to strengthen the future of the national automotive industry, according to MF-Milano Finanza on Thursday. At the 2025 public assembly of Anfia, CEO Antonio Filosa thanked the Minister for Enterprises and Made in Italy, Adolfo Urso, for his strategic role in supporting the group's plans in Italy.

Snam - down 1.0% - announced Thursday it has reached an agreement with Igneo Infrastructure Partners to acquire a 48.2% stake in OLT - Offshore LNG Toscana, thus gaining full control of the company. The total consideration, which also includes the remaining portion of a shareholder loan provided by Igneo, amounts to approximately EUR126 million. The closing is expected in the first half of 2026, pending Italian regulatory approvals, including antitrust and golden power clearance.

Leonardo is down 0.6%. The Bangladesh Air Force has signed a letter of intent with the company for the potential purchase of Eurofighter Typhoon jets as part of its fleet modernization plan. The number of jets has yet to be determined, but the interim government aims for a significant strengthening of its air capabilities. Should the deal go through, the group led by Roberto Cingolani, as prime contractor, could see an estimated return of USD3 billion, or about EUR2.6 billion at current exchange rates.

On the Mid-Cap segment, Salvatore Ferragamo is performing well, up 1.2% to EUR7.84 per share.

Safilo Group - down 2.1% - reported Wednesday it had bought back 200,000 of its own ordinary shares between December 1 and 5. The shares were acquired at an average price of EUR1.8783, for a total value of approximately EUR376,000.

MAIRE - flat at EUR12.87 - announced Wednesday it had completed the voluntary early full redemption of its EUR200.0 million bond maturing in October 2028, issued on October 5, 2023. Following the redemption, the relevant bonds have been delisted from markets organized and managed by Borsa Italiana Spa and the Luxembourg Stock Exchange.

Banca Ifis is down 0.8%. On Wednesday, it announced the signing of an agreement to acquire the 50% stake held by illimity Bank in Hype, transferring it to Banca Sella. The deal, previously disclosed to the markets on November 3 and formalized on December 9, involves a consideration of EUR85 million and will provide Banca Ifis with an estimated capital benefit of about 55 basis points on its CET1 ratio.

On the Small-Cap, Beewize is up 9.6% after two losing sessions, trading around EUR0.27 per share.

Softlab is also up 3.7% to EUR1.40 per share, recovering from a 1.5% loss in the previous session.

Netweek - down 4.8% - reported Wednesday it closed the first half with a consolidated net loss of EUR3.3 million, worsening from a loss of EUR2.1 million in the same period of 2024. Consolidated revenues amounted to EUR13.5 million, down 8% year-on-year, with a negative EBITDA of EUR1.4 million.

CSP International - not yet traded - announced Wednesday that its French subsidiary CSP Paris has signed a preliminary agreement to acquire 100% of V2D Création SAS, a French company active in the lingerie sector, mainly in large-scale distribution.

Among SMEs, Giglio.Com is up 5.5% to EUR0.96 per share, after a flat session the day before.

Mare Engineering Group - flat at EUR3.96 - announced it has increased the price of its full takeover bid for Eles Spa to EUR2.65 from EUR2.61 per share, a EUR0.04 or 1.5% increase. According to Mare Group, the adjustment aims to align the offer with a competing bid made by a third party in concert with key shareholders of the issuer, focusing shareholders' decision on strategic aspects and the industrial synergies proposed by the operation.

RedFish LongTerm Capital - not traded, last price at EUR1.31 - announced Wednesday it has approved an additional loan subscription of up to EUR3.5 million with Illimity SGR, in support of its subsidiary RFLTC-Polieco Spa. The funds will be used to participate in the capital increase of Industrie Polieco - MPB Spa, raising the subsidiary's stake from 15% to 20%.

In New York, during the European evening, the Dow Jones gained 1.1%, the Nasdaq advanced 0.3%, and the S&P 500 rose 0.7%.

In Asia, the Nikkei fell 0.9%, the Shanghai Composite closed down 0.7%, and the Hang Seng ended just below parity.

In currency markets, the euro is trading at USD1.1705 from USD1.1648 at Wednesday's equity close, while the pound is at USD1.3373 from USD1.3333 last night.

Among commodities, Brent crude is trading at USD61.59 per barrel from USD61.48 last night, while gold is at USD4,216.39 an ounce from USD4,201.38 an ounce yesterday evening.

On Thursday's economic calendar, Bank of England Governor Bailey is scheduled to speak at 1050 CET, and there will be a three-year BPT auction at 1130 CET.

At 1200 CET, the Italian Thomson Reuters IPSOS index will be released, followed by the OPEC monthly report at 1300 CET.

The Federal Reserve's balance sheet is expected at 2230 CET.

At Piazza Affari, Abitare In's results are anticipated.

By Maurizio Carta, Alliance News Reporter

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