Stock markets down; Stellantis and Iveco hold out

(Alliance News) - Mid-session Wednesday, major European exchanges confirmed the bearish direction, following the rebound seen Tuesday.

Trade war tensions remain high, amid sweeping tariffs coming into effect against dozens of U.S. trading partners, a 104 percent tax on China that will reduce trade between the world's two largest economies, and reactions from Beijing, which has made clear its intent not to be intimidated.

The FTSE Mib is down 2.7 percent to 32,753.33.

In Europe, London's FTSE 100 is giving up 2.5 percent, Paris's CAC 40 is leaving 2.6 percent on the parterre, and Frankfurt's DAX 40 is stepping back 2.8 percent.

Among the smaller lists, the Mid-Cap is giving up 2.5 percent to 44,734.67, the Small-Cap is giving up 2.0 percent to 26,512.48, while Italy Growth is down 0.8 percent to 7,355.49.

On the main list in Piazza Affari, Stellantis and Iveco Group are the only stocks up, by 1.6 percent and 0.9 percent respectively. Stellantis, whose production in Italy has fallen below 1956 levels, with 109,900 vehicles assembled between January and March, hit an annual low at EUR7.68 per share in the morning.

Leonardo - down 3.4 percent to EUR40.5500 per share - eyes the prospects of a possible deal with Thales and Airbus.

Saipem gives up 5.5% and sits on the bottom. Citadel Advisors Europe raises short position on Saipem to 1.3% from 1.14%.

Eni falls 4.9% to EUR11.4810 per share, while it updated its yearly low to EUR11.254 per share.

On the mid-cap, Anima Holding is advancing 1.2%, the only one among the mid-caps in green.

GVS, on the other hand, is giving up 5.2% to EUR3.4 per share.

Banca Generali is giving up 3.1 percent to EUR44 per share.

The only companies remaining flat on the list are Garofalo Health Care and Philogen, which reported Monday that it bought back 8,199 of its own ordinary shares between March 31 and April 4.

On the Small-Cap, Netweek is advancing 12 percent, Fidia 10 percent, and EEMS 3.3 percent on the heels of Monday's 3.2 percent gain.

Fidia today terminated its relationship with CFO Orlando, serving until May.

Softlab, down 10 percent, reported Tuesday that it had signed a framework settlement agreement with Bucksense, already a 25 percent stakeholder, and its parent Hericap.

Seri Industrial--declining 3.1 percent--reported Tuesday that the EUR150 million financing for the expansion of Italy's first lithium cell and battery production gigafactory has been finalized. Participants in the financing, backed by SACE's Archimede guarantee, are UniCredit, as global coordinator, MLA and agent bank, and Intesa Sanpaolo, BNL BNP Paribas and CDP, with assistance from Legance.

Among SMEs, Culti Milano, on the other hand, advances 2.8 percent, on the heels of the eve's close with a plus 1.0 percent.

GEL takes the top spot, up 8.0%.

In New York on the European night, the Dow gave up 0.8 percent, the Nasdaq gave up 2.2 percent, and the S&P 500 gave up 1.6 percent.

In Asia, the Hang Seng closed in the green by 0.7 percent, the Shanghai Composite was up 1.3 percent, while the Nikkei closed down a loss of 3.9 percent.

Among currencies, the euro changed hands at USD1.1040 from USD1.0906 at Tuesday's European equities close. In contrast, the pound is worth USD1.2800 from USD1.2761 on Tuesday evening.

Among commodities, Brent crude is worth USD60.64 per barrel from USD64.32 per barrel at Tuesday's European stock close. Gold trades at USD3,046.22 an ounce from USD3,006.13 an ounce last night.

On Wednesday's macroeconomic calendar at 1300 CEST, in the US, eyes on mortgage data while, at 1630 CEST, crude oil stocks numbers will be released. At 2000 CEST, focus on the minutes of the latest Federal Reserve meeting.

By Angelo Boccato, Alliance News reporter

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