Mixed start for futures; EU car sales climb

(Alliance News) - On Wednesday, major European indices are expected to open without a clear direction, with London anticipated to be the weakest performer among the region's stock exchanges.

Geopolitical tensions in the Middle East appear to be weighing less on markets than in previous weeks, as investors continue to bet on a swift conclusion to the conflict.

Despite the recent rise in oil prices, global bond yields have eased and equity markets have reached new all-time highs, driven primarily by the technology sector and enthusiasm for artificial intelligence.

However, doubts remain regarding the sustainability of the rally, within a context characterized by high valuations, an economic slowdown, and persistent inflationary pressures.

Meanwhile, new car registrations in the EU rose in April, even as diesel and gasoline vehicles saw double-digit declines while demand for electrified vehicles grew, according to data reported Wednesday by ACEA.

Consequently, the FTSE MIB is called up 0.3% or 178.7 points after closing Tuesday down 0.6% at 49,899.22 points.

In Europe, London's FTSE 100 is expected to open 0.1% lower, Paris's CAC 40 is indicated up 0.5%, while Frankfurt's DAX 40 is expected to gain 0.3%.

In Milan yesterday evening, the Mid-Cap shed 0.6% to 61,985.26 points, the Small-Cap advanced 0.9% to 35,293.43 points, while Italy Growth edged up 0.2% to 8,978.20 points.

Ferrari closed down 8.4%. As Francesco Bonazzi writes for Alliance News, 'Piazza Affari struck down the debut of 'Luce', the electric Ferrari, causing the Prancing Horse's stock to plummet. This reaction is not entirely unexpected, given that in October last year, when Chairman John Elkann confirmed the launch of the first electric Ferrari to analysts, the stock lost 15% in a single session'.

'In reality, the financial market had already made it quite clear that it did not favor an all-electric Ferrari. Last October 9, Chairman John Elkann announced the confirmation of the 'battery-powered' project to analysts and Ferrari unveiled its strategic plan, aiming for EUR9 billion in revenue by 2030 with EUR4.7 billion in investments over five years, and showed some details of its first electric car, the most anticipated novelty', the columnist explains in his 'Affari in Piazza' column on Alliance News.

Brunello Cucinelli, meanwhile, dropped 3.5% to EUR81.06 per share. Notably, Boldhaven Management initiated a 0.50% short position on the stock on Monday.

Poste Italiane closed up 0.3%. The company has no intention of increasing its offer price for Telecom Italia, which closed up 0.2%.

This was reported Tuesday by Reuters, citing remarks by the company's General Manager, Giuseppe Lasco, on the sidelines of the annual meeting of Confindustria, the business lobby, held in Rome. Poste Italiane, TIM's largest shareholder since last year, launched an EUR11.00 billion takeover bid in March with the aim of creating a national champion in the digital sector.

Leonardo - up 1.2% - announced Tuesday that ITPS Canada has ordered six 'M-346 T Block 20' aircraft, with options for an additional six units, to strengthen advanced training for NATO and allied fighter pilots at the International Tactical Training Centre in North Bay, Ontario. The aircraft are expected to enter service starting in 2029.

In the mid-cap segment, Cembre rose 1.6%, following a 1.4% decline in the previous session.

Strength was also seen in Fiera Milano, which ended the day with a bullish candle of 1.4%, following a 4.5% gain the day before.

El.En. closed up 1.1% at EUR14.90 per share. Berenberg confirmed its 'buy' recommendation on the stock, raising the target price to EUR16.00 from EUR13.30, following quarterly results that analysts judged as mixed but with positive signals in the medical business.

In the report signed by Giovanni Selvetti, the bank emphasizes that management's strategy of focusing on higher-growth and higher-profitability activities 'is beginning to bear fruit'.

Share buybacks continue for De' Longhi, which finished down 0.9%. In this regard, it announced late Monday that between May 18 and 22, it purchased 51,907 of its own ordinary shares for a total value of EUR1.8 million.

On the Small-Cap index, EuroGroup Laminations fell over 12%, after a 16% gain the previous day, ending at EUR1.13 per share. Berenberg maintains a cautious view on the stock, confirming a 'hold' recommendation and a target price of EUR1.20. Analyst Giovanni Selvetti notes that the group is trying to 'navigate turbulent times', with the business penalized primarily by the slowdown in the US electric vehicle market following the expiration of federal tax incentives.

Caleffi - down 1.3% - announced Tuesday the renewal of the worldwide exclusive licensing agreement between Mirabello Carrara, the group's luxury division, and Diesel, the international lifestyle company of the OTB Group, for the DIESEL Living line.

FILA - down 0.5% - announced Tuesday that between May 18 and 22, it purchased 91,514 of its own ordinary shares at an average price of EUR8.3529 each, for a total value of EUR764,000.

Trevi Finanziaria Industriale - down 0.2% - announced that it has completed the share consolidation approved by the extraordinary shareholders' meeting on May 13, proceeding, after canceling 12 shares for rounding purposes, to consolidate approximately 312.3 million existing ordinary shares into 15.6 million new ordinary shares. The transaction took place at a ratio of one new share for every 20 existing shares.

TXT e-solutions - up 0.7% - announced Tuesday that it is leading the coordination of an EUR28.0 million project funded by the European Defence Fund, which brings together some of Europe's leading aerospace, defense, and digital engineering industrial players 'to develop new interoperable digital architectures for future defense systems'.

Among SMEs, Cofle finished with a gain of over 12%. The board approved the 2025 accounts, which closed with a loss of EUR9.3 million, widening from the EUR5.6 million loss recorded in fiscal year 2024. Net financial debt stands at EUR11.8 million, an improvement from EUR13.9 million in 2024.

Mevim - down 9.4% - announced Monday that it closed 2025 with a consolidated net loss of EUR774,000, an improvement over the EUR1.9 million loss in 2024. Sales and service revenues fell to EUR2.4 million from EUR5.6 million, while the value of production decreased to EUR3.3 million from EUR5.8 million.

Monnalisa, meanwhile, shed 4.8%, pricing at EUR0.60, a new 52-week low.

Planetel dropped 3.2% after two bearish sessions, with a closing price around EUR3.58 per share.

In New York on Tuesday evening, the Dow lost 0.2%, the Nasdaq advanced 1.2%, while the S&P 500 rose 0.6%.

In Asia, the Nikkei is up 0.5%, the Hang Seng is down 0.9%, while the Shanghai Composite is down 1.4%.

On the currency front, the euro is trading at USD1.1641 from USD1.1618 on Tuesday evening, while the pound is trading at USD1.3452 from USD1.3438 on Tuesday evening.

Among commodities, Brent is trading at USD95.07 a barrel from USD100.30 on Tuesday evening, while gold is worth USD4,493.88 an ounce from USD4,507.56 at Tuesday's close.

Wednesday's economic calendar includes Italian industrial sales data at 1000 CEST.

At 1300 CEST, US 30-year mortgage rate data is due, while weekly oil inventories are expected at 2230 CEST.

On the Piazza Affari corporate calendar, results from OPS eCom and Tenax International are expected.

By Antonio Di Giorgio, Alliance News reporter

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