Piazza Affari has erased its modest morning gains to trade slightly below parity, mirroring other European bourses amid a geopolitical climate that remains tense and uncertain, while U.S. futures signal a soft opening for Wall Street.

As of 12:35 PM, the FTSE Mib is down 0.42% on thin volume of less than 1 billion euros, reflecting the caution gripping investors following the recent highs reached by global equity markets.

Stock highlights:

** CAMPARI is the top performer on the FTSE Mib, rising around 2% in the wake of a surge by cognac producer Remy Cointreau.

** NEXI is in the spotlight (+1.7%) after Cdp increased its stake, while confirming it does not intend to exceed 29.9% of the share capital.

** CUCINELLI is seeing buying interest, in line with the positive trend across European luxury names; DIASORIN is also performing well.

** Banks are trading just above flat after a more spirited start, while the pullback in crude prices continues to weigh on ENI, SAIPEM, TENARIS, and PRYSMIAN.

** Among the decliners, STM stands out with a 5.5% drop, hit by profit-taking following its recent rally. The sell-off was triggered by chipmaker Broadcom's pre-market slump in the U.S. after reporting lower-than-expected revenues.

** PIRELLI is down 1.4% following an initial tumble sparked by concerns raised by U.S. short-seller Grizzly Research regarding its Russian operations. A firm denial from the Italian group prompted a recovery, with the stock briefly touching positive territory.

** MAIRE is buoyant (+2.3%) after its subsidiary Tecnimont was awarded additional work worth approximately 900 million dollars on an onshore oil & gas project. Equita notes that the new contract is significant, representing 8% of the broker's estimated new orders for 2026.

(Claudia Cristoferi, editing by Giancarlo Navach)