Major European markets open in the red

(Alliance News) - Major European bourses opened cautiously in negative territory on Thursday, reflecting a climate of geopolitical uncertainty following what has been described as a "fragile" truce agreement between the US, Iran, and Israel.

Donald Trump has renewed his attacks on NATO, accusing the alliance of complacency regarding US interventionism in Tehran and, consequently, the Strait of Hormuz.

Against this backdrop, the MIB opened down 0.3% at 46,943.03 points, the Mid-Cap fell 0.7% to 56,324.24, the Small-Cap dropped 0.5% to 33,793.69, while Italy Growth bucked the trend, opening up 0.1% at 8,540.75 points.

Other European indices also traded lower: the CAC 40 shed 0.7%, the DAX 40 lost 1.1%, and London's FTSE 100 slipped 0.2%.

At Piazza Affari, the battle for Leonardo's new governance is being played out on multiple fronts, with the stock down 2.5% at EUR56.14 per share. Appointments remain the primary focus. According to rumors, Giovanbattista Fazzolari has reportedly sounded out the availability of Lorenzo Mariani, CEO of MBDA.

The other name on the table is said to be Gian Piero Cutillo, managing director of Leonardo's helicopter division, who is considered close to Economy Minister Giancarlo Giorgetti and Defense Minister Guido Crosetto.

The merger between Saipem and Subsea7, which will create the giant Saipem7 with revenues of EUR21 billion, appears to be moving swiftly toward approval. According to a Barclays report, concerns from the Brazilian antitrust authority are less stringent than expected. Saipem shares began the session up 1.7%.

Hera - up 0.5% - is doubling the capacity of its geothermal plant in Ferrara with a EUR50 million investment. The project, supported by the PNRR, aims to increase thermal power to 32 MW by August 2026.

The crisis at the Stellantis plant in Cassino is alarming the Lazio Region, which has urgently addressed appeals from trade unions. Unions are concerned about the collapsing supply chain and the 45 layoffs already initiated in logistics. Stellantis shares saw an initial decline of 1.0%.

Italgas - up 2.1% - has signed a new EUR900 million sustainability-linked revolving credit facility with a pool of Italian and international banks, with a maximum duration of five years.

Eni, the most traded stock by value with volumes of 44.4 million, moved into positive territory by 1.2%, while Amplifon, among the worst early performers, saw selling pressure of 2.4%.

Utilities led the gains, with A2A up 1.8% and Terna up 1.4%.

On the Mid-Cap, Webuild - down 1.3% - announced that its US subsidiary, Lane, has been awarded the USD582 million "Moving I-4 Forward – Project 2" contract. The project involves the design and construction of a key section of the broader Interstate-4 modernization program, aimed at enhancing connectivity in Florida.

Data from Goldenpoint confirms the effectiveness of OVS - down 0.8% - in the fashion sector, the core business of Stefano Beraldo's group, which includes Piombo, Stefanel, and Les Copains. Meanwhile, the Kasanova transaction has been shelved.

Tinexta - up 0.2% - announced that its board of directors has initiated preliminary activities for the merger by incorporation of the company into Zinc BidCo, a move intended to facilitate its delisting.

Comer Industries had a robust start, rising 7.0% to EUR44.20 per share. NewPrinces slipped to the bottom of the list, falling 3.7% to EUR17.28 per share.

On the Small-Cap, OPS eCom - which gained 17% - announced that its board of directors has modified the company's management structure. This move is aimed at the turnaround of OPS eCom and supporting a strategic repositioning.

Specifically, the board appointed Chairman Cosimo Saracino as the new CEO, replacing Ciro Di Meglio, who stepped down from the role while remaining a non-executive director.

The Italian Sea Group opened down 6.6% at EUR0.97 per share, while Bastogi gained 3.9% to EUR1.33 per share.

Among SMEs, eVISO - up 0.1% - announced the establishment of EVISO LUZ Y GAS SA in Spain. Based in Galicia with a share capital of EUR60,000, the move marks the operational start of its expansion into the Iberian market.

High Quality Food - down 3.6% - announced on Wednesday the appointment of Lorenzo Uleri as Commercial Director, effective April 1.

The board of Poligrafici Printing, which saw no trades, approved its accounts showing a consolidated net profit of EUR913,000, up from EUR791,000 the previous year. The board proposed a dividend of EUR0.016 per share, compared to EUR0.0075 last year.

In New York last night, the Dow advanced 2.9% to 47,909.92 points, the Nasdaq rose 2.9% to 24,903.17, while the S&P 500 climbed 2.5% to 6,782.81.

In Asia, the Nikkei closed down 0.5% at 56,010 points, the Hang Seng contracted 0.6% to 25,731.50, and the Shanghai Composite fell 0.7% to 3,966.17 points.

On the currency front, the euro is trading at USD1.1658 from USD1.1690 on Wednesday evening, while the pound is at USD1.3389 from USD1.3439 yesterday evening.

Among commodities, Brent crude is trading at USD97.73 per barrel from USD94.94 yesterday evening, while gold is valued at USD4,722.62 per ounce from USD4,755.50 on Wednesday evening.

Thursday's macroeconomic calendar includes a 12-month BOT auction in Italy at 1100 CEST.

At 1430 CEST, initial jobless claims and the PCE index are due from the US, while the Federal Reserve's balance sheet will be published at 2230 CEST.

On the corporate front, results from Brunello Cucinelli and Gas Plus are expected.

By Michele Cirulli, Alliance News reporter

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