(Alliance News) - European stock markets opened lower on Thursday, weighed down by mounting uncertainties on the trade front. President Donald Trump announced plans to send letters within one or two weeks to major trading partners, signaling the introduction of unilateral tariffs.
However, Treasury Secretary Scott Bessent suggested that the administration could extend the current 90-day suspension of reciprocal tariffs for countries that demonstrate "good faith" in negotiations. Previously, Trump had also stated that a new trade deal with China had been finalized.
The FTSE Mib is currently down 0.9% at 39,840.18 points.
Across Europe, London's FTSE 100 is down 0.1%, Frankfurt's DAX 40 is off by 1.1%, while Paris' CAC 40 is retreating by 0.7%.
Among the smaller indices, the Mid-Cap is down 0.8% at 54,320.61, the Small-Cap is losing 0.7% at 31,150.83, while Italy Growth is showing a 0.2% decline at 8,123.87.
On the blue-chip list, STMicroelectronics is down 2.6%, reversing course after three bullish sessions.
Moncler is down 2.3%, following a 1.2% drop in the previous session.
Banca Mediolanum is down 0.9% at €14.18 per share. Deutsche Bank has raised its target price on the stock to €17.20 from €16.90, maintaining a 'buy' recommendation.
Unipol is down 1.1% at €16.95 per share. Barclays has increased its price target on the stock to €18.00 from €17.50.
Banca Monte dei Paschi di Siena - down 0.9% - successfully completed the placement of a European "Conditional Pass Through" covered bond on Wednesday, maturing January 18, 2031, targeted at institutional investors, for a total of €750 million. The coupon was set at 2.750% per annum, with a re-offer price of 99.728 and a yield of 2.805%, equating to a spread of 54 basis points over the benchmark rate, an improvement over the previous July issuance. The bond carries an expected rating of Aa3 / AA / AA from Moody's, Fitch, and DBRS Morningstar.
Generali - down 0.5% - today placed a euro-denominated Tier 2 bond maturing in June 2036, totaling €500 million and reserved for institutional investors under its EMTN program. The issue, with an expected rating of Baa2 from Moody's and BBB+ from Fitch, will be launched on June 11 and mature in 2036. The bond offers an annual coupon of 4.135%, payable in arrears, with the first coupon scheduled for June 18, 2026. The issue price is set at 100%, with a spread of 155 basis points over the 11-year Euro Mid-Swap rate, which currently stands at 2.585%.
On the Mid-Cap, Cembre is up 3.0%, rebounding after four bearish sessions.
Take-up is accelerating for the public tender and exchange offer launched by Banca Ifis for illimity. Yesterday, about 8 million requests for acceptance were submitted, bringing the total to 21.59% of the shares targeted in the offer, or 18.2 million shares, compared to 12.09% the previous day. According to market rumors, FermION Investment Group Limited - the company linked to financier Andrea Pignataro, which holds about 9.4% of illimity - is said to have sold its shares.
Banca Ifis has yet to trade, while illimity - on the Small-Cap - is up 0.4%.
Salvatore Ferragamo is down 3.7%, after two bullish sessions.
On the Small-Cap, Bestbe Holding is up 4.2% at €0.12 per share, topping the index.
I Grandi Viaggi is up 2.2%, marking its third consecutive bullish session, with the price at €1.83 per share.
Gabetti is up 1.1%. Patrigest - a Gabetti Group company specializing in advisory and real estate valuations - has been named exclusive advisor for managing a portfolio worth about €83 million, as Gabetti announced Wednesday. The portfolio consists of 12 mixed-use properties located in Northern and Central Italy. The mandate comes from Fondo Pensioni BNL/Gruppo BNP Paribas Italia, through Fondaco Previdenza Immobiliare SICAF-RAIF.
Fidia - down 1.8% - announced Wednesday that it will proceed, starting June 16, with a reverse stock split at a ratio of 1 new share for every 100 existing shares.
Among SMEs, Farmacosmo is up 4.4%, after two bearish sessions.
Circle - still flat with a last price at €6.90 - announced Thursday the signing of a new contract worth a total of €200,000. The assignment, lasting about 12 months, is part of ongoing activities to strengthen interoperability and drive the digital evolution of the national port system, as the company explained in a note.
Edil San Felice - up 4.7% - announced Wednesday it has secured a new contract from Anas worth €7.5 million for routine maintenance work in Campania. Specifically, the award concerns Lot 7 of the framework agreement, which spans three years, for scheduled maintenance of the road body, divided into 16 lots.
On the downside, in a still relatively quiet market, Emma Villas is down 9.3%, with the price falling to around €1.97 per share.
In New York last night, the Dow closed just below flat, the Nasdaq lost 0.5%, and the S&P 500 ended down 0.3%.
In Asia, the Nikkei closed down 0.7%, the Shanghai Composite ended just above flat, while the Hang Seng is down 1.1%.
In currencies, the euro is trading at USD1.1513 compared to USD1.1487 at Wednesday's close, while the pound is trading at USD1.3541 from USD1.3546 last night.
In commodities, Brent is trading at USD69.02 per barrel from USD68.19 at the previous close, while gold is valued at USD3,356.66 per ounce from USD3,337.48 the previous day.
On Thursday's economic calendar, at 1000 CEST, Italian unemployment rate data is due; at 1100 CEST, a speech by European Central Bank member Schnabel is scheduled; at 1110 CEST, the Italian BTP auction with maturities at 3, 7, and 30 years will take place.
At 0800 CEST, UK industrial and manufacturing production data will be released. At 1430 CEST, the US producer price index is expected.
In Italy - on the corporate calendar - AbitareIn results are expected.
By Maurizio Carta, Alliance News Reporter
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