(Alliance News) - Milan closed Wednesday's session in negative territory, with the Mib ending the day under pressure and returning to the 44,000-point level, down from the previous close and in line with the corrective movement observed across other major European indices.
The session was characterized by a progressive deterioration in sentiment throughout the day, as investors reduced exposure to risky assets amid growing geopolitical uncertainty and volatility in energy markets.
Weighing on investor sentiment were, above all, persistent geopolitical tensions in the Middle East. The context remains particularly fragile following Iran's blockade of the Strait of Hormuz, which estimates suggest has reduced global oil supply by approximately 20 million barrels per day.
In response to the sharp volatility in energy prices, the International Energy Agency announced an extraordinary release of 400 million barrels from member countries' strategic reserves, a measure aimed at stabilizing the market and containing further pressure on energy prices.
However, the outlook continues to generate uncertainty, as relations with Tehran remain strained and no concrete signs of progress have emerged at this time.
Trading floors are closely watching the potential inflationary implications of the conflict. Peter Kazimir - a member of the ECB Governing Council - emphasized how the geopolitical context and the risk of pressure on energy prices could require a more restrictive and potentially faster-than-expected monetary policy stance.
In this context, expectations implicit in money markets continue to reflect an overall hawkish stance for major central banks in the medium term. In addition to the ECB, the Bank of England and the Bank of Japan are also currently priced for at least one rate hike during 2026, albeit without a precise timeline.
The Mib thus closed down 1.0% at 44,772.96 points, the Mid-Cap marked a 0.6% loss at 56,103.14, the Small-Cap ended bearish by 0.3% at 34,641.11, and Italy Growth finished just below par at 8,463.10.
Among other European indices, the CAC 40 left 0.2% on the floor, the DAX 40 lost 1.6%, and the FTSE 100 shed 0.6%.
On Piazza Affari, among the blue chips, Eni was one of the few gainers, picking up 2.0% after a 0.6% loss in the previous session.
The boards of directors of Banca Monte dei Paschi di Siena and Mediobanca approved the merger by incorporation of Piazzetta Cuccia into Rocca Salimbeni, a transaction that marks Mediobanca's farewell to the Stock Exchange after 70 years.
The exchange ratio is set at 2.45 MPS shares for each Mediobanca share, including a 3% premium over market values.
Banca Monte dei Paschi advanced 1.2%, while Mediobanca gained 2.1%.
DiaSorin shed 6.7% after a 1.1% gain the previous day. It is worth noting that Squarepoint Ops trimmed its short position on the stock to 0.59% from the previous 0.61%.
Leonardo - down 3.2% - announced on Wednesday that, through its subsidiary Leonardo UK, it has signed a binding agreement to acquire the British company Becrypt, which operates in the cybersecurity sector. The operation aims to consolidate the company's positioning in the UK through collaboration with the Government and the National Cyber Security Centre to protect the UK's most sensitive environments.
Stellantis - which fell 1.4% - returned to the market with a massive EUR5 billion perpetual hybrid bond issuance, structured in three tranches between euros and pounds. The operation saw record demand exceeding EUR19 billion, allowing the group to reduce expected yields.
The securities, with first call dates between 2031 and 2033, serve to strengthen the capital structure without diluting shareholders like Exor following the EUR22 billion write-downs related to electric vehicles and the suspension of the dividend.
In the mid-cap segment, Alerion advanced 3.2% ahead of the publication of its results and after a 2.3% loss at Tuesday's close.
Carel Industries - up 2.0% - approved its consolidated results for the year ending December 31, 2025, on Tuesday, reporting a net profit of EUR73.6 million, an 18% increase compared to 2024. The board also proposed a dividend of EUR0.195 per share, up from EUR0.165 last year.
Consolidated revenues rose to EUR629.0 million, marking 8.7% growth over the previous year, which would have been 10.6% at constant exchange rates.
Comer Industries advanced 1.1%, following a 2.3% gain in the previous session.
Ascopiave left 4.7% on the table after a 1.3% gain the day before, with a final price around EUR3.68 per share.
Ferretti - flat at EUR3.75 - announced on Tuesday that Ferretti International Holding Spa purchased 188,768 ordinary shares of the company. The shares were acquired at an average unit price of EUR3.6462, for a total value of EUR688,285.88.
On the Small-Cap index, there was a boost for doValue, which advanced 3.6% to EUR2.29 per share, rebounding after a bearish streak.
Good buying was also seen for SS Lazio, with the Roman team's stock rising 3.8% to EUR1.22, following yesterday evening's 3.1% gain.
EuroGroup Laminations - bearish at 2.9% - could face a further deterioration in performance in 2026, according to a new report published Wednesday by Kepler Cheuvreux, which significantly reduced forecasts for the group and lowered the target price to EUR1.25 from EUR1.55.
Tesmec, meanwhile, shed 11% despite solid results. The company announced on Wednesday that it closed 2025 with a return to profit of EUR2.1 million from a loss of EUR4.8 million as of December 31, 2024. Revenues for the year were EUR257.6 million, up 7.5% from EUR239.5 million in 2024.
Among SMEs, Alfio Bardolla was on a negative note - among many on the list - closing down 4.7% and bringing the price to around EUR1.52.
Braga Moro closed down 5.0%, heading for its third consecutive bearish session.
DBA Group fell 0.3%. The company announced Wednesday that it was awarded, as lead partner, funding from the Veneto Region for the H2Nexus project. The funding, amounting to approximately EUR1.4 million under the PR Veneto FESR 2021-2027, supports an initiative that combines industry and research.
Growens moved forward by 16%, following the same gain in the previous session.
In New York, the Dow Jones is down 1.0%, while the S&P 500 is shedding 0.4% and the Nasdaq is retreating 0.2%.
On the currency front, the euro is changing hands at USD1.1569 from USD1.1643 on Tuesday, while the pound trades at USD1.3401 from USD1.3452 yesterday evening.
Among commodities, Brent is trading at USD92.62 per barrel from USD89.10 per barrel on Tuesday, while gold is worth USD5,167.50 per ounce from USD5,223.43 per ounce yesterday evening.
Thursday's macroeconomic calendar includes, at 1000 CET, quarterly Italian unemployment data, while at 1110 CET, a BTP auction will be held with 3-year, 7-year, and 15-year maturities.
At 1330 CET, from the US, initial jobless claims will be released, while at 2130 CET - as every Thursday - the Federal Reserve's weekly balance sheet will be published.
Among companies, numerous results are expected, including Banca Mediolanum, Credito Emiliano, Safilo Group, Caltagirone, and Banco di Desio e della Brianza.
By Maurizio Carta, Alliance News reporter
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