(Alliance News) - Major European bourses opened lower as growing international uncertainty and political instability - particularly in the UK - drive a defensive rotation away from risk assets across Europe from the opening bell.
Sentiment has been weighed down by doubts over the durability of the ceasefire between the US and Iran, with President Donald Trump stating that the agreement is in 'maximum difficulty' following Tehran's recent response to a Washington-backed peace proposal.
On the European front, further pressure is coming from London, where Prime Minister Keir Starmer's position has weakened following poor local election performances and reports that over 70 Labour MPs have requested guidance on a potential exit timeline.
Against this backdrop, money markets continue to price in a more restrictive monetary policy path for the Eurozone, with expectations of at least two rate hikes by the ECB this year and a probability exceeding 78% for the first move as early as June.
In this context, the MIB is trading down 1.0% at 49,151.30 points, the Mid-Cap is shedding 0.5% to 59,459.33, the Small-Cap is losing 0.3% to 34,614.78, and Italy Growth is down 0.2% at 8,895.36 points.
The CAC 40 is retreating by 0.6%, while both the DAX 40 and the FTSE 100 are down 0.9%.
On Piazza Affari, Tenaris is among the few gainers, advancing 1.5% in its third consecutive bullish session.
Eni - up 0.4% - announced it has placed two new fixed-rate US dollar bond issues on the American market for a total value of USD3 billion. The transaction includes a USD1.5 billion 10-year bond with a 5.250% coupon maturing in May 2036 and a USD1.5 billion 30-year bond with a 6.000% coupon maturing in May 2056.
Banca Monte dei Paschi di Siena - down 0.6% - announced on Tuesday that it achieved a first-quarter profit of EUR520.8 million, up from EUR413.1 million in the same period of 2025. Revenues amounted to EUR1.96 billion compared to EUR1.01 billion in Q1 2025. Excluding the contribution from Mediobanca, amounting to EUR925 million, revenues stood at EUR1.03 billion, up 2.7% year-on-year, driven by positive trends in net interest margin, net commissions, and other financial management income, the company noted.
UniCredit - down 2.1% - announced on Tuesday its return to the market with a dual financial operation. This involves a buyback of its outstanding subordinated bonds alongside the preparation of a new Tier 2 issue aimed at institutional investors.
Telecom Italia - down 0.1% - announced on Monday evening that Moody's has upgraded the group's rating to Ba1 from Ba2, with a stable outlook. The rating agency's decision aligns with the path taken by TIM in recent years, involving a revision of its industrial perimeter and financial profile, characterized by a simplified structure, lower capital intensity, and a strong focus on sustainable cash generation.
In the mid-cap segment, Pharmanutra is advancing by more than 10% following a 0.3% decline in the previous session.
OVS - down 1.5% - announced on Monday that it purchased 223,989 treasury shares at an average unit price of EUR5.0179 for a total consideration of EUR1.1 million. Following these transactions, carried out between May 4 and May 8, the company holds 12.2 million treasury shares, representing 4.8% of its share capital.
Safilo Group - up 0.5% - announced on Monday the signing of a Share and Asset Purchase Agreement with Bollé Brands for the acquisition of the SPY+ and Serengeti brands. The transaction follows the exclusivity agreement announced on April 21 and is part of the group's strategy to acquire selective brands in attractive, high-growth segments.
De' Longhi - down 0.5% - announced on Monday that it purchased 79,869 ordinary treasury shares between May 4 and May 8. The shares were acquired at an average unit price of EUR33.8942, for a total value of EUR2.7 million.
On the Small-Cap index, Olidata is advancing 3.8% after a 4.2% loss in the previous session.
doValue - up 0.9% - announced on Tuesday that it has been awarded new mandates in Italy with a total value of EUR430 million. As part of the operation, doValue supported a leading international institutional investor in the acquisition of a loan portfolio from a major Italian bank, contributing to the structuring of three securitization transactions.
Valsoia - yet to be traded - announced on Monday that the group closed the first quarter of 2026 with sales revenues of EUR26.2 million. The company highlighted the positive contribution of the newly acquired Krepko brand, a leader in the Slovenian traditional kefir market.
Generalfinance - bearish at 1.1% - announced that the Venice Court of Appeal, in the second-instance judgment regarding the clawback action brought by the Bankruptcy of Industries Sportswear Company Srl, has ordered the company to pay approximately EUR2.2 million plus costs and interest estimated at EUR1.2 million. The company stated it is evaluating actions to protect its interests.
Among SMEs, Grifal is up 4.6% following a 4.4% contraction in the previous session. The stock - which has not paid a dividend since 2019 - is trading at EUR0.69, not far from its 52-week low of EUR0.63 per share.
Fope - yet to be traded - announced on Tuesday that its board of directors has approved the group's strategic guidelines and targets for 2029, the centenary of its founding. By 2029, the company expects revenues between EUR145 and EUR150 million and an EBITDA between EUR33 and EUR35 million.
Espe - up 1.5% - announced it has been awarded two new contracts for the construction of photovoltaic and agrivoltaic plants with a total capacity of approximately 15.8 MWp and a total value of about EUR9.3 million. The first contract concerns a ground-mounted photovoltaic plant with tracker technology in the province of Modena, with a capacity of 6.0 MWp and a value of approximately EUR3.5 million, with completion expected by the end of 2026.
In New York, during the European evening, the Dow Jones closed up 0.2%, the Nasdaq up 0.1%, while the S&P 500 also gained 0.2%.
On the currency front, the euro is trading at USD1.1749 from USD1.1782 on Monday evening, while the pound is trading at USD1.3520 from USD1.3651 on Monday evening.
Among commodities, Brent is trading at USD106.36 per barrel from USD103.68 per barrel on Monday evening, while gold is valued at USD4,698.77 per ounce from USD4,732.48 per ounce on Friday evening.
On Tuesday's economic calendar, the report on Italian industrial production is due at 1000 CEST.
The ZEW survey on German economic sentiment is scheduled for 1100 CEST, followed by the Italian 12-month BOT auction at 1110 CEST.
From 1415 CEST, the focus shifts to the US with consumer prices and employment data. At 1800 CEST, also from Washington, the EIA will release its short-term energy outlook.
On Piazza Affari, quarterly results are expected from 15 companies, including Avio, Recordati, and De' Longhi.
By Maurizio Carta, Alliance News reporter
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