Futures bullish, but caution remains

(Alliance News) - European stock markets are heading for a bullish opening on Thursday, albeit in a context where investors are cautious. Sentiment remains anchored to two key variables: global trade tensions and the wait for a series of crucial macroeconomic data from the eurozone.

The focus is back on international trade after EU officials expressed their intention to pursue a broader and more structured trade agreement with the US than the one currently being negotiated with the UK and China.

Signals of firmness are coming from Brussels: European negotiators appear confident in the economic strength of the bloc and determined not to give ground in a highly competitive negotiating environment. This is a clear message aimed at reaffirming the EU's position as a strategic player with significant economic leverage on the global stage.

Meanwhile, today's macroeconomic agenda is another focus of attention. Markets are awaiting the release of eurozone trade balance data for March, alongside Italian consumer price data.

Overall, the day is starting on a cautious note, with investors remaining in wait-and-see mode as they await more concrete information on which to calibrate risk. In a market where the absence of corporate catalysts leaves room for macroeconomic and geopolitical narratives, developments on the trade front and economic data will be the main drivers of the short-term direction.

Thus, the FTSE Mib - after closing up 0.2% at 40,418.82 yesterday evening - is up 130.00 points.

The FTSE 100 in London is up 26.00 points, the CAC 40 in Paris is up 28.00 points, while the DAX 40 in Frankfurt is up 97.00 points.

Among the smaller indices, the Mid-Cap ended fractionally higher last night at 53,770.84, the Small-Cap rose 0.7% to 30,881.94, while the Italy Growth advanced 0.8% to 7,910.48.

Returning to Milan, Leonardo outperformed all blue chips yesterday evening, ending up 4.0% with over 3.4 million shares traded.

The company formalized, with Enel and Ansaldo Energia, the establishment of Nuclitalia, a company that will focus on the study of advanced technologies in the new nuclear sector.

Enel, on the other hand, rose 1.6%.

Interpump Group - up 0.6% - closed the first quarter with a net profit of EUR 57 million, down 16% compared to EUR 67.6 million in the same period of 2024, while revenues fell 4.5% to EUR 521.6 million compared to EUR 545.9 million.

Terna - up 0.7% - closed the first quarter with a group net profit of EUR 275.3 million, up 2.6% compared to EUR 268.2 million in the same period of 2024.

Revenues rose to EUR 901.8 million from EUR 858.1 million, marking an increase of 5.1%.

Among the losers, Eni fell 0.9%. The six-legged dog signed a temporary exclusive agreement with Ares Alternative Credit Management aimed at negotiating a definitive agreement and the subsequent finalization of the sale of a 20% stake in Plenitude.

Pirelli & C fell 2.6%. The rift between the company's management and Sinochem's Chinese shareholders reignited during yesterday's board meeting, with the Chinese group voting against the first-quarter results.

Iveco Group was at the bottom of the main index, down 2.7%, after reporting first-quarter revenue of EUR 3.03 billion, down from EUR 3.37 billion in the same period last year.

On the Mid-Cap index, RCS MediaGroup performed well, closing up 7.3%. The company announced on Tuesday that it had closed the first quarter with a net loss reduced on an annual basis to EUR 600,000 from a loss of EUR 1.6 million a year earlier. During the session, the stock updated its annual high to EUR 1.1880.

ERG - down 1.9% - ended the first quarter with an adjusted group net profit of EUR 49 million, down from EUR 78 million in the first quarter of 2024. Adjusted revenues were also down.

Iren - up 1.2% - reported a net group profit attributable to shareholders of EUR 136 million as of March 31, up 8% compared to the same period last year, while consolidated revenues stood at EUR 2.09 billion, up 34% on an annual basis.

MARR - down 0.7% - reported consolidated revenues of EUR 409.2 million in the first quarter, down from EUR 418.1 million as of March 31, 2024. The net loss for the three months amounted to EUR 2.7 million, compared to net income of EUR 1.7 million in the same period last year.

Sanlorenzo - up 2.9% - closed the first quarter with a group net profit of EUR 21.2 million, up 8.0% compared to EUR 19.7 million in the same period of 2024, with a net margin stable at 10%.

TXT e-Solutions - down 0.6% - reported first-quarter revenues of EUR 92.2 million, up 37% from EUR 67.1 million as of March 31, 2024, while net profit was EUR 5.5 million, up 35% from EUR 4.1 million.

Among the stocks with the biggest losses on the second tier, GVS ended down 5.4%. The company closed the first quarter with normalized net income of EUR 12 million, up 22% from EUR 31 March 2024.

On the Small-Cap market, doValue recorded the highest trading value, ending up 3.3%.

Datalogic, up 1.1%, closed the first quarter with a net loss of EUR 5.9 million, compared with a profit of EUR 6.0 million in the same period last year, while revenues rose 1.3% to EUR 112.7 million from EUR 111.3 million.

IRCE - up 3.0% - closed the first quarter with revenues of EUR102.7 million, up from EUR100.1 million as of March 31, 2024.

Among the losers, Esprinet lost 2.7%, while Altea Green Power fell 4.2%.

Among SMEs, iVision Tech performed well, up 3.1%. The company closed the first quarter with revenues of EUR 3.4 million, up 38% compared to EUR 2.4 million in the same period of 2024. The value of production rose to EUR 4.8 million from EUR 3.2 million, up by approximately 50%.

Almawave gained 1.4%. The company closed the first quarter with a net profit of EUR 100,000, up from EUR 1.3 million as of March 31, 2024. Total revenues amounted to EUR 10.9 million, down from EUR 14.8 million in the first quarter of last year.

More purchases for eVISO, which closed up 3.6% after yesterday's gains. The company yesterday announced its key KPIs and revenues for the nine months of the period July 2024-March 2025, in which it recorded record revenues of EUR 255.9 million, up 55% compared to the same period last year.

Among the stocks with the highest trading value, Websolute closed up 7.7%. Borsa Italiana announced that, until further notice, no orders without price limits will be allowed on the stock.

In New York last night, the Dow gained 0.7%, the Nasdaq lost 0.2%, while the S&P 500 closed up 0.4%.

In Asia, the Nikkei closed just above par, the Shanghai Composite lost 0.5%, while the Hang Seng is down 0.4%.

Among currencies, the euro is trading at USD 1.1211 from USD 1.1180 last night, while the pound is trading at USD 1.3324 from USD 1.3284 last night.

Among commodities, Brent crude is trading at USD 64.43 per barrel from USD 61.27 per barrel last night, while gold is trading at USD 3,223.27 per ounce from USD 3,218.71 last night.

Friday's macroeconomic calendar includes the consumer price index in Italy at 1000 CEST.

The morning continues at 11:00 CEST with the Italian trade balance and, in parallel, the eurozone trade balance.

In the afternoon, at 2:30 p.m. CEST, data on building permits, construction permits issued, and export and import prices will be released in the US.

At 5:00 p.m. CEST, a speech by Lane, member of the ECB's Executive Board, is scheduled.

The day ends at 7:00 p.m. CEST with weekly data from Baker Hughes in the US.

Among the companies listed on the Italian stock exchange, Destination Italia, Esautomotion, Ferretti, Spindox, and Tessellis are expected to report their results.

By Maurizio Carta, Alliance News reporter

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