(Alliance News) - Major European stock indices opened Friday's session in negative territory, with market sentiment largely weighed down by an escalation in global trade tensions, a factor that has significantly eroded investor confidence.
The catalyst came from the U.S. President's announcement of a 35% tariff on Canadian imports, effective August 1. This move was coupled with stated intentions to implement generalized tariffs, ranging between 15% and 20%, on most other trading partners.
The EU is expected to receive formal notification regarding the applicable customs rates soon--potentially as early as today. This scenario sets the stage for possible retaliatory measures and a resulting surge in market volatility.
The FTSE Mib is down 0.9% at 40,159.26 points, with the put/call volume ratio at 1.32.
Across Europe, London's FTSE 100 is losing 0.1%, Paris' CAC 40 is down 0.4%, while Frankfurt's DAX 40 is marking a 0.5% decline.
Among the secondary indices, the Mid-Cap is down 0.4% at 55,278.60, the Small-Cap is slipping 0.2% to 32,268.93, while Italy Growth is retreating 0.3% to 8,235.69 points.
At Piazza Affari, on the Mib, Stellantis is down 2.9% with shares trading around EUR8.74, after three consecutive bullish sessions.
Moncler is also retreating 2.8%, following a 1.4% gain in the previous session.
Brunello Cucinelli--still flat at EUR109.20--reported Thursday that it closed the first half with revenues of EUR684.0 million, up from EUR620.7 million in the same period last year. The Retail channel saw sales rise to EUR435.8 million from EUR395.2 million, while Wholesale contributed EUR248.2 million, up from EUR225.5 million a year earlier. Notably, both ODDO BHF and UBS have raised their target price on the stock.
The standoff between UniCredit--down 1.1%--and the German government is intensifying: Berlin, through Finance Minister Lars Klingbeil, has openly opposed the Italian bank, demanding it abandon its bid for Commerzbank and stressing the latter's independence.
Tensions rose after UniCredit converted part of its synthetic position in Commerzbank into shares, reaching about 20% of the capital and voting rights--a move Berlin deemed "uncoordinated and unfriendly."
The German government reiterated Commerzbank's systemic importance and its intention not to relinquish its stake, with Chancellor Merz also describing UniCredit's approach as "hostile."
On the Mid-Cap, Avio had a strong start, advancing 2.3% to EUR24.10. During trading, the stock hit a new 52-week high of EUR24.20 per share.
d'Amico is also up 1.8% at EUR3.58 per share, following the same 1.8% gain posted on Thursday.
Technoprobe--down 1.1%--will proceed with the purchase and disposal of treasury shares--set to begin by July 31--up to a total value of EUR60 million. The company currently holds 5.7 million treasury shares, representing about 0.9% of its share capital.
Fincantieri--up 0.7%--announced Thursday that its subsidiary Vard, a leading Norwegian builder of specialized vessels, has signed a contract with U.S. organization Inkfish for the design and construction of a next-generation oceanographic research vessel. The deal is valued at over EUR200 million.
On the Small-Cap, Fiera Milano is up 1.6% at EUR5.86 per share, rebounding from a 0.5% loss the previous day.
Dexelance--up 2.4%--announced Thursday it has signed a binding agreement to acquire a 65% stake in Mollura & C Spa - MOHD, an Italian company active in the multichannel distribution of high-end furniture and design.
The deal will see Dexelance pay around EUR44.3 million, acquiring the entire 54% stake held by Quadrivio Group and a portion of shares owned by the founding Mollura family.
doValue, meanwhile, is down 2.0% at EUR2.30, marking its third consecutive losing session.
EPH is down 4.4%, heading for its fourth straight bearish candle.
Among SMEs, Gambero Rosso stands out, surging 9.8% to EUR0.27.
Growens--up 2.3%--reported Thursday that its SaaS unit closed the first half with revenues of EUR15.0 million, up 18% year-on-year. The CPaaS division, however, saw gross sales decline by 3.9% year-on-year to EUR14.6 million from EUR15.9 million a year earlier, all attributable to Agile Telecom.
Adventure--down 4.3%--announced Thursday evening that its board has approved a capital increase reserved for qualified and professional investors, for a maximum total amount, including premium, of EUR2.1 million, at an issue price of EUR15.00 per share.
In New York on Thursday evening, the Dow closed up 0.4%, the Nasdaq ended 0.5% higher, and the S&P 500 rose 0.3%.
In Asia, the Nikkei closed down 0.2%, the Shanghai Composite ended up 0.5%, while the Hang Seng is up 0.8%.
On the currency front, the euro is trading at USD1.1693 from USD1.1682 at Thursday's close, while the pound is changing hands at USD1.3554 from USD1.3556 Thursday evening.
Among commodities, Brent is trading at USD69.02 from USD68.97 per barrel at the previous close, while gold is valued at USD3,338.06 from USD3,320.13 per ounce as of last night.
On Friday's economic calendar, Italy will hold auctions of three-, seven-, and 15-year BTPs at 1110 CEST.
No particularly significant announcements are expected from companies on Piazza Affari.
By Maurizio Carta, Alliance News Reporter
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