MIB retreats as money markets price in hawkish shift

(Alliance News) - The FTSE MIB is losing ground on Tuesday, drifting back toward the 49,100 level as market sentiment deteriorates rapidly amid resurfacing geopolitical risks. Expectations for a swift de-escalation of the US-Iran conflict have weakened following statements from President Donald Trump, who described the ceasefire as 'on the brink of collapse' and rejected the Iranian counter-proposal as 'unacceptable'.

The escalation in tensions was immediately reflected in energy commodities, with oil prices rising and subsequently reigniting inflationary fears. This scenario complicates the macroeconomic outlook, which is already characterized by fragile growth and high sensitivity to incoming data.

On the central bank front, markets are rapidly recalibrating monetary policy expectations. In the UK, nearly three additional rate hikes by the Bank of England are now priced in by year-end, while expectations in the Eurozone have also turned more aggressive. Money markets are assigning an over 86% probability to a first ECB hike in June, with up to three total moves discounted over the course of the year.

Against this backdrop, the MIB is posting a 1.0% loss at 49,184.71 points, the Mid-Cap is down 0.2% at 59,604.58, the Small-Cap is shedding 0.3% at 34,626.88, and Italy Growth is down 0.4% at 8,885.13 points.

The CAC 40 is retreating by 0.6%, the DAX 40 is down 0.8%, and the FTSE 100 is also down 0.5%.

In Piazza Affari, Amplifon is stepping back by 3.4%, positioned for its fourth consecutive bearish close.

Nexi is down 3.3%, marking its third bearish session with the price hovering around EUR3.97 per share.

UniCredit - down 1.6% - announced on Tuesday its return to the market with a dual financial operation. This involves a buyback of its outstanding subordinated bonds alongside the preparation of a new Tier 2 issuance aimed at institutional investors.

Among the few gainers is Tenaris, which is advancing 3.2% in its third bullish session.

Eni - up 1.2% - announced it has placed two new fixed-rate US dollar bond issues on the American market for a total value of USD3 billion. The transaction includes a USD1.5 billion ten-year bond with a 5.250% coupon maturing in May 2036 and a USD1.5 billion thirty-year bond with a 6.000% coupon maturing in May 2056.

Banca Monte dei Paschi di Siena - in the green by 3.0% - reported on Tuesday a first-quarter profit of EUR520.8 million, up from EUR413.1 million in the same period of 2025. Revenues rose to EUR1.96 billion from EUR1.01 billion in Q1 2025. Excluding the contribution from Mediobanca, amounting to EUR925 million, revenues stood at EUR1.03 billion, up 2.7% year-on-year thanks to positive momentum in net interest income, net commissions, and other financial management income, the company noted.

In the mid-cap segment, Pharmanutra is advancing in double digits, up over 13% after a 0.3% decline in the previous session.

Strength is also seen in BFF Bank, which is up 8.3% at EUR2.31 per share, marking its fifth session with a bullish candle.

Safilo Group - up 0.5% - announced on Monday the signing of a Share and Asset Purchase Agreement with Bollé Brands for the acquisition of the SPY+ and Serengeti brands. The transaction follows the exclusivity agreement announced on April 21 and aligns with the group's strategy to acquire selective brands in attractive, high-growth segments.

OVS - down 1.8% - announced on Monday that it purchased 223,989 treasury shares at an average unit price of EUR5.0179 for a total consideration of EUR1.1 million. Following these transactions, which took place between May 4 and May 8, the company holds 12.2 million treasury shares, representing 4.8% of the share capital.

At the bottom of the list, Salvatore Ferragamo is down 2.4%, following a 1.4% contraction the previous day.

On the Small-Cap index, CY4Gate is down 4.7%, snapping a six-session winning streak.

doValue - in the green by 1.1% - announced on Tuesday that it has been awarded new mandates in Italy with a total value of EUR430 million. As part of the deal, doValue supported a leading international institutional investor in the acquisition of a loan portfolio from a major Italian bank, contributing to the structuring of three securitization transactions.

Valsoia - flat at EUR10.30 - announced on Monday that the group closed the first quarter of 2026 with sales revenues of EUR26.2 million. The company highlighted the positive contribution of the newly acquired Krepko brand, a leader in the Slovenian traditional kefir market.

Among SMEs, Grifal is advancing 3.8% after a 4.4% contraction the previous day. The stock - which has not paid a dividend since 2019 - is priced at EUR0.68, not far from its 52-week low of EUR0.63 per share.

Espe - up 1.8% - announced it has been awarded two new contracts for the construction of photovoltaic and agrivoltaic plants with a total capacity of approximately 15.8 MWp and a total value of about EUR9.3 million. The first contract concerns a ground-mounted PV plant with tracker technology in the province of Modena, with a capacity of 6.0 MWp and a value of approximately EUR3.5 million, scheduled for completion by the end of 2026.

ATON Green Storage is shedding 7.6% at EUR0.49 per share, following a 0.8% gain in the previous session.

Cloudia Research is retreating by 4.9%, after a 3.8% gain the previous day which had interrupted a three-session losing streak.

In New York, during the European evening, the Dow Jones closed up 0.2%, the Nasdaq up 0.1%, while the S&P 500 also gained 0.2%.

On the currency front, the euro is trading at USD1.1745 from USD1.1782 on Monday evening, while the pound is trading at USD1.3520 from USD1.3651 on Monday evening.

Among commodities, Brent is trading at USD107.17 per barrel from USD103.68 on Monday evening, while gold is valued at USD4,698.77 an ounce from USD4,732.48 on Friday evening.

On Tuesday's economic calendar, from 1415 CEST the focus shifts to the US with consumer prices and employment data. At 1800 CEST, also from Washington, the EIA will release its short-term energy outlook.

By Maurizio Carta, Alliance News reporter

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