European Markets Surge; TIM Leads on the Mib

(Alliance News) – European stock markets closed higher on Thursday, as precious metals climbed toward historic highs, buoyed by strong demand for safe-haven assets amid escalating trade tensions between the United States and China.

Across the continent, the European Union proposed four new military reinforcement projects in response to the Russian threat, while in France, Prime Minister Lecornu successfully survived two confidence votes after last week's debacle.

On the macroeconomic front, Italian inflation in September remained steady at 1.6%—the same level as the previous month—reflecting opposing trends among different spending categories.

The Mib ended the session up 1.1% at 42,374.18 points. The Mid-Cap index rose 0.7% to 56,765.41, the Small-Cap gained 0.1% to 36,825.22, and Italy Growth edged up to 8,615.22 points.

Paris' CAC 40 rose 1.4%, Frankfurt's DAX 40 gained 0.4%, and London's FTSE 100 advanced 0.1%.

Chris Beauchamp, chief market analyst at IG, commented: “Gold appears set for a fifth consecutive record close, defying all expectations of a downturn. This move has propelled gold to global prominence and, if the queues seen in many cities are any indication, the rally looks set to continue. Silver's move could become even more dramatic, given its lower liquidity.”

On the Milan Stock Exchange, Telecom Italia led the pack with a 5.8% surge to EUR0.5066 per share after Deutsche Bank raised its target price with a 'buy' recommendation.

Generali – down 1.1% – is participating in the Infrastructure Resilience Development Fund, dedicated to infrastructure in emerging countries, with an initial fundraising of USD340 million set to grow by 2026.

Meanwhile, preparations are underway for Mediobanca's shareholders' meeting, with shares up 2.1%, ahead of the approval of the new financial statements and leadership renewal in view of the merger with Banca Monte dei Paschi di Siena, which gained 0.2%. The deadline is set for October 28.

At the same time, speculation is mounting regarding the resignation of Paolo Visca, representing the Ministry of Economy and Finance, from the supervisory board of STMicroelectronics; the stock closed up 2.2%.

Saipem announced the award of three new offshore contracts worth a total of about USD700 million as part of the Shah Deniz Compression project operated by bp in Azerbaijan. The Italian company's share amounts to around USD600 million, while the stock declined 1.4%.

Banco BPM – up 0.5% – announced a cash buyback offer for the entirety of its 2026 bond, issued under the EUR25 billion Euro Medium Term Note Programme, with a total nominal outstanding amount of EUR500 million.

Buzzi closed the session down 1.7% at EUR48.50 per share.

On the Mid-Cap, SOL led with a 4.9% jump to EUR51.60 per share.

Sesa, which concluded its buyback program launched on August 28—acquiring a total of 177,350 shares at a volume-weighted average price of EUR84.01433 each, for a total of EUR15 million—ended flat at EUR82.65 per share.

News of Piaggio's interest in the Philippine market, one of Southeast Asia's most dynamic emerging markets, spurred buying, with the stock closing up 0.3%.

As Bonazzi of Alliance News observed, renewed turbulence in US-China relations over strategic industries also puts Italy at a crossroads: continue betting on free markets—including Beijing—or reaffirm its alliance with Washington.

Two cases are particularly awkward for the Italian government: Pirelli, up 1.1% today, and CDP Reti, both of which have Chinese shareholders.

d'Amico International Shipping posted a 3.5% gain, while doValue closed the basket down 2.8%.

Danieli & C Spa, after releasing annual data as of June 30 on September 26, presented its forecasts for the 2025-2026 fiscal year on Thursday.

The company expects consolidated revenues between EUR4.20 and EUR4.30 billion, EBITDA in the range of EUR430-450 million, and an order backlog between EUR6.00 and EUR6.20 billion. The stock closed flat.

On the Small-Cap, EPH accepted the binding offer from RONA Limited Company. The operation involves a total injection of EUR10 million into EPH's share capital, split between a EUR9.5 million capital increase and EUR500,000 in cash. The stock is theoretically up 50%, though no reference price is currently available.

Gabetti Property Solutions reported over EUR7.7 billion in corporate investments in Italy in the first nine months, up about 17% from September 30, 2024. The company—whose stock fell 0.9%—noted that retail (29%) and hospitality (21%) sectors are the main drivers.

Zest hit a 52-week low at EUR0.1285, dropping 4.9%.

Risanamento was the top performer, climbing 6.3%, while Met.Extra Group fared worst, down 3.9%.

On Italy Growth, Lindbergh, flat at EUR6.40 per share, completed the acquisition of Salvucci Maurizio e C. for EUR105,000.

Impianti – up 0.5% – reported Q3 revenues of EUR4.6 million, down 18% from EUR6.2 million in the same period last year.

The standoff continues between Mare and Eles following the takeover bid. After a partial summer offer to reach 30%, the Salerno-based digital engineering group—up 3.8%—has returned with a full takeover offer at EUR2.25 per share.

However, the Eles board, led by Antonio Zaffarami and flat at EUR2.29, called the bid hostile and undervalued, with a 27% discount to the fair value of EUR3.08 estimated by Kt Partners.

Redelfi gained 12% to EUR9.64 per share, while Markbass fell 12% to EUR2.64.

In New York, the Dow Jones is up 0.1%, the Nasdaq advances 0.5%, and the S&P 500 rises 0.2%.

On the currency front, the euro trades at USD1.1676 from USD1.1639 at Wednesday's close, while the pound is at USD1.3430 from USD1.3393 at the previous European close.

Among commodities, Brent trades at USD62.19 per barrel from USD62.04 at Wednesday's close, while gold is valued at USD4,272.32 per ounce against USD4,183.14 per ounce last night.

Looking ahead to Friday's economic calendar, Eurozone consumer price index data is due at 1100 CEST, while in the UK, Monetary Policy Committee member Pill is scheduled to speak at 1135 CEST.

At 1515 CEST, US industrial and manufacturing production data will be released.

On the Milan Stock Exchange, nine-month results from Vimi Fasteners are expected.

By Michele Cirulli, Alliance News Reporter

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