Mib Drops Below 40,000; Pirelli Stands Alone as Gainer

(Alliance News) - Major European stock indices continued to trade in negative territory on Friday, with the Mib slipping below the 40,000-point threshold.

The trade war is intensifying, as the U.S. administration raised the stakes on Thursday by announcing a 35% tariff on certain goods from Canada. Meanwhile, formal notifications of new customs rates are expected to be sent to the EU soon, signaling a broadening of the trade front.

The impact of these unilateral moves will be closely monitored by market participants, who fear repercussions for global supply chains and international trading volumes, despite the underlying strength of U.S. economic fundamentals.

The FTSE Mib is thus trading down 1.4% at 39,965 points, with a put/call ratio volume at 1.47.

Across Europe, London's FTSE 100 is down 0.5%, Paris' CAC 40 is retreating by 0.9%, while Frankfurt's DAX 40 is marking a 1.0% decline.

Among the secondary indices, the Mid-Cap is down 0.8% at 55,086.75, the Small-Cap is down 0.6% at 32,131.19, while Italy Growth is slipping by 0.2% to 8,241.08 points.

At Piazza Affari, on the Mib, the sole gainer is Pirelli, up 0.1% at EUR5.88, marking its fourth consecutive positive session.

Interpump is down 2.8%, breaking a three-session minor downward trend.

Stellantis is dropping 2.9%, trading around EUR8.74 per share, after three consecutive positive sessions.

Moncler is retreating by 2.8%, following a 1.4% gain in the previous session.

Brunello Cucinelli - down 1.7% at EUR107.30 - announced Thursday that it closed the first half with revenues of EUR684.0 million, compared to EUR620.7 million in the same period last year.

The Retail channel saw sales rise to EUR435.8 million from EUR395.2 million, while Wholesale contributed EUR248.2 million to revenues, up from EUR225.5 million a year ago. Notably, both ODDO BHF and UBS have raised their target prices for the stock.

The clash between UniCredit - down 2.3% - and the German government is escalating: Berlin, through Finance Minister Lars Klingbeil, has openly expressed hostility toward the Italian bank, demanding it abandon its acquisition of Commerzbank and supporting the latter's independence.

Tensions rose after UniCredit converted part of its synthetic position in Commerzbank into shares, reaching about 20% of the capital and voting rights--a move unwelcome in Berlin, which described it as "neither coordinated nor friendly."

The German government reiterates Commerzbank's systemic importance and its intention not to relinquish its stake, with Chancellor Merz also describing UniCredit's approach as "hostile."

On the Mid-Cap, d'Amico is up 4.7% at EUR3.69 per share, building on the 1.8% gain recorded Thursday.

Avio is having a strong session, advancing 1.9% to EUR24.00. During trading, the stock reached a new 52-week high at EUR24.20 per share.

GVS is up 1.1% at EUR5.34 per share, bouncing back after three consecutive negative sessions.

Technoprobe - down 0.9% - will proceed with the purchase and disposal of treasury shares, to be initiated by July 31, up to a total maximum value of EUR60 million. The company currently holds 5.7 million treasury shares, about 0.9% of its share capital.

Fincantieri - down 0.3% - announced Thursday that its subsidiary Vard, a Norwegian company among the world's leading builders of special purpose vessels, has signed a contract with the U.S. organization Inkfish for the design and construction of a new-generation oceanographic research vessel. The deal is worth over EUR200 million.

On the Small-Cap, Bastogi is up 1.2% at EUR0.652, marking its fourth consecutive positive session.

Dexelance - the best performer on the index, up 3.6% - announced Thursday it has signed a binding agreement to acquire a 65% stake in Mollura & C Spa - MOHD, an Italian company active in high-end furniture and design multichannel distribution.

The deal involves a total outlay of about EUR44.3 million by Dexelance, through the purchase of the entire 54% stake held by Quadrivio Group and part of the shares owned by the founding Mollura family.

doValue, on the other hand, is down 5.3% at EUR2.23, marking its third consecutive negative session.

EPH is also down 4.4%, heading for its fourth straight negative candle.

Among SMEs, Emma Villas tops the index, soaring over 11%.

Strong gains also for Gambero Rosso, which is up 7.3%, bringing its price to EUR0.26.

Growens - up 0.3% - announced Thursday that its SaaS unit closed the first half with revenues of EUR15.0 million, up 18% year-on-year. The CPaaS division's gross sales fell 3.9% year-on-year to EUR14.6 million from EUR15.9 million a year earlier, all attributable to Agile Telecom.

Adventure - down 4.3% - announced Thursday evening that its board has approved a capital increase reserved for qualified and professional investors, for a total maximum amount, including share premium, of EUR2.1 million, at an issue price of EUR15.00 per share.

Convergenze is down 6.0%, after a 3.1% gain the previous day.

In New York on Thursday evening, the Dow closed up 0.4%, the Nasdaq ended up 0.5%, while the S&P 500 rose 0.3%.

In Asia, the Nikkei closed down 0.2%, the Shanghai Composite ended up 0.5%, while the Hang Seng finished up 0.5%.

On the currency front, the euro is trading at USD1.1696 from USD1.1682 at Thursday's close, while the pound is changing hands at USD1.3545 from USD1.3556 Thursday evening.

Among commodities, Brent is trading at USD68.90 from USD68.97 per barrel at the previous close, while gold is valued at USD3,341.44 from USD3,320.13 an ounce last night.

On Friday's economic calendar, three-, seven-, and 15-year BTP auctions in Italy will take place at 1110 CEST.

By Maurizio Carta, Alliance News Reporter

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