Order book tilts toward sell-side; MIB slips to 47,700

(Alliance News) - The Italian stock market retreated on Wednesday, with the MIB falling toward the 47,700 level, amid a progressive scaling back of risk appetite following the previous session's recovery.

The price action reflects a wait-and-see approach by market participants ahead of imminent monetary policy decisions from the Federal Reserve and the ECB, both of which are expected to hold benchmark rates steady in the very near term. However, the forward guidance implicit in market pricing continues to signal expectations of tightening in the medium term, with further hikes priced in for 2026, a factor contributing to the maintenance of restrictive financial conditions.

On the global macro-financial front, sentiment remains weighed down by escalating geopolitical tensions in the Middle East. Reports regarding potential U.S. initiatives aimed at intensifying pressure on Iran, including a potential prolonged blockade of the Strait of Hormuz, have fueled fears of shocks to energy supply and trade routes.

In this context, the rally in Brent crude toward multi-year highs has reinforced inflation expectations, further compressing equity valuations, particularly in sectors most sensitive to the cost of capital.

Consequently, the FTSE Mib fell 0.5% to 47,798.23, the Mid-Cap lost 0.2% to 57,636.14, the Small-Cap dropped 0.5% to 34,663.64, while the Italia Growth edged up 0.1% to 8,836.22.

London's FTSE 100 is down 0.6%, as is the CAC 40 in Paris, while Frankfurt's DAX 40 is trading 0.2% lower.

Returning to Milan, on Borsa Italiana's blue-chip index, Nexi advanced 6.0% to EUR4.08 per share. According to the Financial Times, CVC is revisiting the Nexi dossier and is considering a EUR9 billion bid, including debt, with the aim of delisting the company from the Milan exchange. The British fund's plan reportedly involves a break-up of the group, with the interbank network destined for Cassa Depositi e Prestiti and the remaining activities under CVC's control for a turnaround.

Eni rose 0.5% to EUR23.54 per share. Berenberg confirmed its 'hold' recommendation on the stock with a target price of EUR22.00, compared to a market price of EUR23.42 as of April 28 for a market capitalization of EUR71.99 billion, believing that recent performance has already priced in much of the value.

In the report authored by Henry Tarr, James Carmichael, Richard Dawson, and Seb D'Arcy Rice, analysts highlighted a first quarter of 2026 that fell short of expectations, with adjusted Ebit 11% below consensus and cash flow 15% lower, penalized primarily by losses in the Refining and Chemicals segment, weakness in Enilive and Plenitude, and higher corporate costs.

Fincantieri - up 0.3% - announced it has signed an agreement with Kayo to create a joint venture in Albania in the shipbuilding and maintenance sector, with a 51% stake for the Italian group and 49% for the company controlled by the Albanian Ministry of Defense. The agreement, signed in Tirana in the presence of Prime Minister Edi Rama and Defense Minister Ermal Nufi, represents the evolution of two memoranda of understanding signed in 2025 and aims to develop strategic industrial cooperation between the parties.

DiaSorin lost ground, falling 0.8% to EUR57.50 per share. Notably, Deutsche Bank revised its target price on the stock downward to EUR62.00 from EUR65.00.

UniCredit - down 0.1% - announced on Wednesday the exercise of its option for the full early redemption of a USD1 billion bond issue with a 1.982% coupon, a fixed-to-fixed rate structure, originally maturing in 2027. The securities, issued on June 3, 2021, will be redeemed early on June 3, following authorization from the Single Resolution Board.

On the mid-cap segment, Safilo retreated 2.5% to EUR1,62 per share, marking its fourth consecutive bearish candle.

Salvatore Ferragamo, meanwhile, dropped 6.7% to EUR7.13 after a 0.3% gain the previous day. It is worth noting that Jefferies initiated coverage on the stock with an 'underperform' rating and a target price of EUR5.50.

Webuild - down 0.5% - announced on Tuesday that it has priced EUR500 million in senior unsecured fixed-rate bonds with a six-year maturity and a 4.5% annual coupon. The transaction saw demand exceeding five times the offer, with orders from over 250 investors.

LU-VE - down 0.3% - announced on Tuesday that the shareholders' meeting appointed the new board of directors, consisting of ten members. Confirmed on the new board were directors Matteo Liberali, Pierluigi Faggioli, Michele Faggioli, Stefano Paleari, Anna Gervasoni, Fabio Liberali, Laura Oliva, Carlo Paris, and Roberta Pierantoni. Elvinia Finzi was newly elected.

On the Small-Cap index, doValue - down 7.7% - announced that the shareholders' meeting, convened to approve the 2025 financial statements, adopted further resolutions. Specifically, shareholders approved a new authorization for the buyback of up to 19 million treasury shares, equal to 10% of the capital, for a period of 18 months. Furthermore, Francesco Maria Pansa was confirmed as a director until the approval of the 2026 financial statements.

Trevi Finanziaria Industriale - down 0.4% - announced on Tuesday that it acquired contracts and orders totaling over EUR220 million in the first quarter, an increase of approximately EUR81 million compared to the same period in 2025. Specifically, the Trevi division recorded acquisitions of EUR193 million, while the Soilmec division collected orders for over EUR32 million.

EPH - down 3.0% - announced on Tuesday that it approved a capital increase totaling EUR7.5 million as part of a capital strengthening operation reserved for Rona Limited Company. The transaction, structured in two tranches between cash and in-kind contributions, is expected to be subscribed by May 30, 2026.

Caltagirone Editore fell 0.5%. The newspapers Il Messaggero, Il Mattino, Il Gazzettino, Corriere Adriatico, Nuovo Quotidiano di Puglia, Leggo, and L'Eco della Stampa announced an agreement to regulate the content, methods, and conditions for the use of articles, both print and digital, within the press review service provided by L'Eco della Stampa, Il Messaggero explained on Wednesday.

The agreement, also signed by Ced Digital & Servizi, a company linked to Caltagirone Editore, aims to enhance the information assets of the publications, expanding their distribution among professional audiences while ensuring quality, reliability, and the correct use of content.

IGD SIIQ - down 0.5% - announced on Wednesday that it has signed, through its subsidiary IGD Service, a contract for Property and Leasing Management activities for the 'Poseidon' shopping center with Kryalos SGR, which recently finalized the acquisition of the asset on behalf of the Urania Fund.

Among SMEs, Lindbergh advanced 4.6% to EUR12.60 per share, marking its sixth consecutive bullish candle.

The board of directors of Renovalo - flat at EUR0.93 - approved on Tuesday the results as of December 31, 2025, which reported a loss of EUR15.8 million compared to a profit of EUR603,558 recorded in the previous year.

Xenia Hotellerie Solution - flat at EUR2.80 - announced that it closed the first quarter with total revenues of EUR17.9 million, up from EUR14.6 million as of March 31, 2025, an improvement of over 22%. Accommodation revenues stood at EUR12.9 million from EUR11.2 million, while Phi Hotels revenues reached EUR5.0 million from EUR3.4 million in the first quarter of last year.

Telmes - up 1.1% to EUR1.16 - announced on Wednesday the award of a EUR1.4 million contract as part of the project for the construction of a hydrogen production, storage, and refueling plant at the Cosenza Vaglio Lise railway depot, managed by Ferrovie della Calabria.

In New York on Tuesday evening, the Dow lost 0.1%, the Nasdaq retreated 0.9%, while the S&P 500 closed down 0.5%.

On the currency front, the euro is trading at USD1.1704 from USD1.1713 on Tuesday evening, while the pound is trading at USD1.3500 from USD1.3509 on Tuesday evening.

Among commodities, Brent is trading at USD114.21 per barrel from USD111.58 per barrel on Tuesday evening, while gold is worth USD4,568.47 per ounce from USD4,578.67 per ounce yesterday evening.

Wednesday's economic calendar includes the mortgage market report from the U.S. at 1300 CEST, while German inflation data is due at 1400 CEST.

In the evening, at 2000 CEST, the FOMC will announce its decision on the Fed funds rate, followed by a press conference at 2030 CEST.

On the corporate calendar, results are expected from Prysmian, Beewize, Cloudia Research, E-Globe, Elica, EPH, High Quality Food, and MAIRE.

By Maurizio Carta, Alliance News reporter

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