(Alliance News) - On Wednesday, the main European indices are expected to move without momentum and lack a clear direction, according to IG futures, after reaching new all-time highs yesterday.

Investors are maintaining a cautious stance as they await key macroeconomic data scheduled for release throughout the day, including eurozone and Italian inflation, as well as the French consumer confidence index.

German retail sales fell by 0.6% month-on-month in November, missing market expectations for a 0.2% increase and reversing the upward trend of 0.3% recorded in the previous month.

Data released on Tuesday showed a slowdown in inflation in both Germany and France in December, a factor that supports the European Central Bank's inclination to keep its monetary policy unchanged.

According to ECB-Watch for the upcoming ECB meeting in February, the market implies an 88% probability that interest rates will be confirmed, keeping the deposit rate at 2.00%.

The FTSE Mib is indicated up by 0.2% or 77.5 points after closing Tuesday's session down 0.2% at 45,753.43.

In Europe, London's FTSE 100 is indicated down 0.3% or 27.1 points, Paris' CAC 40 is seen up 0.3% or 27.1 points, and Frankfurt's DAX 40 is forecast to rise 0.4% or 96.5 points.

In Milan last night, the Mid-Cap ended up 1.0% at 60,083.76, the Small-Cap gained 0.2% at 37,407.63, and Italy Growth closed 0.2% higher at 8,833.96.

At Piazza Affari, Lottomatica – down 1.7% – closed 2025 with solid results and is preparing for another year of growth, with the group led by Guglielmo Angelozzi aiming to finalize an acquisition in the European online gaming sector.

According to data released by the Customs and Monopolies Agency, online casino bets in Italy grew by 18% in December to €333.7 million, compared to €281.9 million in the same period of 2024.

Eni, with sales down 0.9%, announced that as of January 1, 2026, the business unit Refining Evolution & Transformation has been transferred to the new Eni Industrial Evolution, a company created to manage traditional assets such as refineries and depots in Europe and the Middle East, and to strengthen the path of industrial transformation, also with a focus on the circular economy.

Banca Monte dei Paschi di Siena – down 2.2% – is revising its bylaws not as a mere technical intervention following the €14 billion OPAS on Mediobanca, which fell 1.3%.

Shareholders will be called to vote on significant changes ranging from the adoption of the board of directors' list to reducing profit reserves to 5%, raising bonus caps, and removing term limits for directors.

The U.S. automotive market is expected to end 2025 with a better-than-expected result: Stellantis, down 2.1%, nevertheless forecasts it will close 2025 in the U.S. with about 1.26 million vehicles sold, down 3% from more than 1.3 million in 2024.

The index was led by DiaSorin, up 3.7%, and STMicroelectronics, up 5.3%.

BPM also saw sales down 2.4%.

On the Mid-Cap, Avio continued to show strength, in line with defense stocks after geopolitical tensions in Latin America and on the EU's doorstep. The stock gained 4.6% to €34.15 per share.

Pirelli also performed well, up 3.8% to €6.154 after Bernstein upgraded it to 'outperform' from 'market perform', raising the target price to €7.00 from €5.20.

Webuild saw buying interest, up 2.2%, while Carel Industries fell 3.4% and LU-VE dropped 1.1%.

Juventus, after sanctions from Consob, albeit reduced, against the company and former executives, slipped 0.3%.

On the Small-Cap, Aeroporto Guglielmo Marconi Di Bologna – up 1.5% – closed a record 2025, with over 11 million passengers registered, marking growth of 3.4% over the previous year.

AbitareIn saw strong buying, finishing among the top performers in the basket with a 5.9% gain to €2.975 per share.

Aeffe, down 2.1%, in reference to the company's and its subsidiary Pollini's negotiated crisis resolution procedure, announced that following confirmation of the protective measures outlined in the December 11 statement, Judge Antonella Rimondini granted Aeffe and Pollini's request for additional precautionary measures.

Zest recorded one of the day's best performances on the list, with purchases up 7.4% to €0.1375, while Seri Industrial ended at the bottom, down 3.2%.

Among SMEs, Ubaldi Costruzioni granted a total of 190,680 ordinary shares of the company free of charge.

Specifically, 1 bonus share was allocated for every 5 ordinary shares purchased as part of the offer aimed at admission to trading on Euronext Growth Milan. The stock closed up 0.7%.

In relation to the total takeover bid for all ordinary and multi-voting shares of Eles, which gained 0.9%, Mare Group – up 0.7% – decided to grant Eles shareholders who have accepted the offer an additional three open trading days to potentially withdraw their acceptances. The new payment date for the offer is set for January 12.

Cloudia Research – up 6.7% – has agreed to the consensual termination of its contract to perform the role of Euronext Growth Advisor with illimity Bank, part of the Banca Ifis group.

Circle Group secured a €250,000 contract from a major national logistics operator for technological evolution and automation of two lanes with Totem for remote management at a multipurpose terminal in a Mediterranean port. The stock fell 0.2%.

Farmacosmo posted a double-digit gain, up 18%. Planetel recorded a 4.8% drop to €4.00 per share.

In New York on Tuesday, the Dow Jones gained 1.0%, the Nasdaq rose 0.7%, and the S&P 500 advanced 0.6%.

In Asia, the Nikkei closed down 1.1%, the Shanghai Composite finished marginally higher, while the Hang Seng lost 1.1%.

On the currency front, the euro is trading at USD1.1689 from USD1.1688 at Tuesday's European equities close, while the pound is at USD1.3502 from USD1.3498 last night.

Among commodities, Brent is trading at USD60.05 a barrel from USD61.63 a barrel at Tuesday's European equities close, while gold is valued at USD4,455.63 an ounce from USD4,484.32 an ounce last night.

On Wednesday's economic calendar, the French consumer confidence index is due at 0845 CET.

At 0930 CET, the Italian construction PMI is expected, alongside the Eurozone reading.

German labor analysis is scheduled for 1000 CET, along with Italian public deficit figures.

Focus shifts to the Eurozone from 1100 CET with the consumer price index, while from 1300 CET attention moves to U.S. mortgages and, subsequently, at 1600 CET to U.S. manufacturing. From 1630 CET, focus turns to the EIA.

No significant announcements are expected at Piazza Affari.

By Antonio Di Giorgio, Alliance News Reporter

Comments and questions to redazione@alliancenews.com

Copyright 2026 Alliance News IS Italian Service Ltd. All rights reserved.