European Markets Slip; Pirelli and Amplifon Lead Gains

(Alliance News) — Thursday saw major European indices close lower, with Milan's Piazza Affari reversing earlier gains and ending just below the 40,000-point threshold.

Investor sentiment had been buoyed into the early afternoon by easing tariff concerns, after a US federal trade court ruled on Wednesday evening that President Donald Trump had overstepped his authority in imposing reciprocal tariffs, striking a blow to a key pillar of his economic agenda.

However, "the court's decision to block Trump's tariffs did not trigger a particularly euphoric reaction," observed Chris Beauchamp, analyst at IG.

"Continental indices struggled to gain momentum, but given the intensity of the recent rally and the approach of month-end, it's not surprising to see a pause in the movement," he added.

The Trump administration is expected to appeal and seek alternative ways to impose tariffs, so the decision is not yet final.

As a result, the FTSE Mib fell 0.4% to 39,982.97, the Mid-Cap lost 0.3% to 54,485.72, the Small-Cap dropped 0.4% to 31,739.52, while the Italy Growth index advanced 0.6% to 8,083.13.

London's FTSE 100 closed down 0.1%, as did Paris's CAC 40, while Frankfurt's DAX 40 slipped 0.3%.

Back in Milan, on the Mib, Pirelli and Amplifon led the pack, both rising 1.1%.

Unipol closed up 1.0% at EUR17.20 per share after Barclays raised its target price to EUR17.50 from EUR16.50.

Assicurazioni Generali — down 1.5% — announced its return to the Insurance-Linked Securities market by sponsoring, through Lion Re, the issuance of a EUR200 million catastrophe bond split into two classes. The securities will cover European storms and Italian earthquakes over a four-year period.

Ferrari ended 0.3% lower. Salesforce.com announced a strategic partnership with the Maranello-based automaker to assist with customer relationship management.

Stellantis finished up 0.6%, following the appointment of Antonio Filosa as the new CEO. The decision came on schedule and under the supervision of John Elkann, with the board unanimously approving Filosa's appointment to the role previously held by Carlos Tavares until December 2024.

STMicroelectronics gained 0.8%. At yesterday's shareholder meeting, all resolutions put to vote, including the financial statements and dividends, were approved. However, Italy voted against the discharge of management and supervisory board members and against confirming two French-appointed directors.

At the bottom of the main index, Leonardo fell 2.2% amid profit-taking after four straight sessions of gains.

On the Mid-Cap, De' Longhi performed well, rising 3.4% to EUR29.10 after a 1.6% loss the previous day. Barclays raised its target price for the stock to EUR30.00 from EUR23.00.

El.En. — down 0.5% — announced Thursday the launch of the first phase of its share buyback plan, targeting up to 200,000 ordinary shares for a total value of EUR2 million.

Among the worst performers on the secondary index, Fincantieri dropped 3.5%, marking its second consecutive session of declines. Notably, the stock has posted a gain of about 128% since the start of 2025.

On the Small-Cap, Digital Value closed up 2.4%, recording the highest trading value on the index.

Gefran ended down 0.5% at EUR10.65 per share, after hitting a new annual high of EUR10.90 during the session.

Valsoia — flat at EUR11.00 — announced the launch of its buyback program, already approved by shareholders. Under the program, designed to provide shares for stock option plans, up to 200,000 ordinary shares may be acquired for a maximum of EUR2.5 million.

Among the day's worst performers, SYS-DAT dropped over 10%. The company reported that Vittorio, Marta, and Matteo Neuroni, along with Emanuele Angelidis, sold 3.1 million ordinary shares.

Among SMEs, Alfonsino saw solid buying, rising 2.5% after announcing first-quarter revenues of EUR700,000, in line with the same period in 2024.

Ebitda was positive at EUR100,000, a 131% improvement from the negative EUR600,000 recorded in the first quarter of the previous year.

DBA Group — down 0.5% — announced the signing of a notarial contract for the sale of its 70% stake, directly and indirectly held, in Actual IT to Telelink Business Services Group.

iVision Tech — up 2.2% — reported that its iSee smart glasses have been registered with the Ministry of Health as a Class 1 medical device, in compliance with EU regulations.

This certification attests to the product's safety and performance and allows users to access government subsidies for visual impairments.

Planetel — flat at EUR4.10 — signed a binding agreement to acquire a business unit from Areatech, owned by Coletta Josef, which operates in Veneto and Lombardy providing IT, telecommunications, and video surveillance services.

The EUR300,000 deal includes the transfer of about 700 business clients, one employee, and existing contracts for connectivity, maintenance, switchboards, and web hosting.

Redelfi recorded the highest trading value on the alternative index, closing up 4.9%.

Sicily by Car — up 4.0% — announced two new international openings planned for June at the airports of Porto and Palma de Mallorca, strengthening its presence on the Iberian Peninsula.

At the bottom of the alternative index, Casta Diva Group dropped 9.0% after reporting approval of its financial statements as of December 31, closing with a net profit of EUR1.0 million compared to EUR1.9 million in 2023.

In New York, the Dow was down 0.1%, the Nasdaq was up 0.6%, and the S&P 500 gained 0.3%.

In currency markets, the euro traded at USD1.1366 from USD1.1306 on Wednesday evening, while the pound was at USD1.3487 from USD1.3472 the previous evening.

Among commodities, Brent crude traded at USD63.38 per barrel from USD64.92 per barrel on Wednesday evening, while gold was valued at USD3,342.61 an ounce from USD3,324.11 an ounce the previous evening.

Friday's macroeconomic calendar opens at 01:30 CEST with a series of releases from Japan, including the national and Tokyo consumer price indices, alongside the unemployment rate.

At 01:50 CEST, Japan will also release industrial production and retail sales data.

At 08:00 CEST, Germany's retail sales update is expected, followed at 09:00 CEST by Spanish data on the consumer price index and producer price index.

At 10:00 CEST, Italy will release its GDP reading, followed at 11:00 CEST by the monthly national inflation report.

At 14:00 CEST, Germany will return to the spotlight with the release of updated consumer price index data.

In the afternoon, attention turns to the US: at 14:30 CEST, data will be released on the goods trade balance, the personal consumption expenditure price index, annual PCE, personal income, and retail inventories excluding autos.

Among companies listed on Piazza Affari, results are expected from Clabo, E-Globe, Giglio Group, Vantea SMART, and quarterly results from Gentili Mosconi.

By Antonio Di Giorgio, Alliance News reporter

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