(Alliance News) - On Monday, markets began the week on a defensive footing following the announcement of a possible blockade of the Strait of Hormuz by the US, although movements remain contained overall.

Investor attention is divided between the start of the first-quarter earnings season and geopolitical developments.

Friday's session proved insignificant, with markets trading sideways and macroeconomic data largely ignored.

In the US, March inflation rose by 0.9% month-on-month, bringing the annual figure to 3.3%, driven almost entirely by energy, while the core component remained contained at 0.2% monthly. Long-term inflation expectations held steady, reinforcing the idea of a wait-and-see approach by the Fed.

Talks between the US and Iran, which lasted over 20 hours in Pakistan, closed without an agreement, with disagreements over Hormuz and the Iranian nuclear program. In response, Donald Trump announced his intention to block the Strait, also threatening actions against vessels linked to Tehran.

As the week begins, a classic "risk-off" sentiment prevails: oil has returned above USD100 per barrel and the dollar is strengthening, while equity markets are down. However, reactions remain moderate, signaling that the market interprets the US moves as a negotiating lever rather than a structural change, explains Michael Brown, analyst at Pepperstone.

Consequently, the FTSE Mib is down 0.8% at 47,245.69, the Mid-Cap loses 0.7% at 56,859.49, the Small-Cap sheds 0.7% at 33,747.67, while Italy Growth retreats 0.3% to 8,605.70.

London's FTSE 100 is in the red by 0.5%, the CAC 40 in Paris sheds 0.9%, while the DAX 40 in Frankfurt drops 1.0%.

Returning to Milan, on Piazza Affari's blue-chip index, Leonardo took the lead at the opening with a 2.4% gain and 600,000 shares already traded.

Buying interest was also seen in Saipem, up 1.4% with nearly 5 million shares changing hands.

Tensions are high in Siena ahead of the Banca Monte dei Paschi di Siena shareholders' meeting, called to renew the board of directors in a particularly heated context. As reported by Corriere della Sera on Monday, among the most significant developments in recent weeks are the dismissal for cause of former CEO Luigi Lovaglio and the stance taken by the Norwegian sovereign wealth fund Norges Bank Investment Management. The fund has decided to use its 2.4% stake to support the list presented by the PLT Energia group, led by Pierluigi Tortora, which nominates Lovaglio as CEO.

MPS is down 0.4%.

In Milan, Banco BPM approaches its April 16 shareholders' meeting in a more relaxed atmosphere compared to Siena. The key issue concerns the 3.7% stake held by Banco BPM in MPS, built through market purchases and the acquisition of Anima, then diluted by the exchange offer on Mediobanca. This remains a significant stake capable of influencing the meeting. The voting decision will be made on April 14 by the board: on the table are abstention or support for the outgoing board's list.

BPM falls 1.1%, Mediobanca is down 0.9%, while Anima Holding retreats 0.3% on the Mid-Cap.

Eni is up 0.8% at EUR24.135. The conflict in Iran and the closure of the Strait of Hormuz represent, according to Claudio Descalzi, CEO of Eni, "the most important event of the last 40 years," opening the door to extraordinary measures to manage an unprecedented energy crisis, as reported Monday by Corriere della Sera.

Meanwhile, the six-legged dog's subsidiary, Plenitude, and Acea - down 0.1% on the Mid-Cap - announced on Friday the completion of Plenitude's acquisition of 100% of the share capital of Acea Energia and 50% of the share capital of Umbria Energy.

Through this transaction, approved by the relevant authorities, Plenitude acquires approximately 1.2 million customers, according to the note released by the companies.

Among other decliners, Stellantis sheds 2.4%, while Moncler retreats 2.1%.

Selling pressure also hit Brunello Cucinelli, which sits at the bottom of the main index, down 2.9% at EUR81.44. Berenberg confirmed its buy recommendation on Cucinelli with an unchanged price target of EUR120.00, in light of a first quarter that exceeded expectations and growth visibility that remains high in the medium term.

On the Mid-Cap, GVS leads the gainers, advancing 7.5% with trades totaling approximately EUR500,000.

BFF Bank performed well, advancing 2.1% after Friday's losses.

De' Longhi - up 0.9% - announced on Friday that a new share buyback program for approximately EUR60 million will be launched starting April 13. The buyback will last for a maximum of six months.

At the bottom of the mid-cap list is NewPrinces, in the red by 2.4%.

On the Small-Cap, Softlab is the top performer at the start, rising 3.7%.

On the other side of the list, Landi Renzo sheds 4.6% while Trevi Finanziaria Industriale drops 4.8% on the floor.

Seco - up 0.2% - announced on Monday that it has extended its collaboration with Hitachi Energy.

Following an initial one-year phase focused on the development and integration of the Clea framework, Hitachi Energy has signed a multi-year agreement with Seco to adopt the solution as a key element in the evolution of its Energy Connect platform, according to the company's press release.

Among SMEs, Siav - up 2.5% - announced that it has signed a binding agreement to acquire 9.1% of Atacod Srl through a total investment of EUR1 million, based on a pre-money valuation of EUR10 million.

The transaction, announced by Siav, is part of the group's growth path and aims to expand its technological offering by integrating advanced expertise in business process automation via artificial intelligence.

Strength for ICOP, which gains 0.8% after the gains recorded in the last three sessions.

Destination Italia - flat at EUR0.28 - announced on Friday that it closed the first quarter of the year with consolidated sales revenues of EUR21.9 million, up 1.6% compared to EUR21.6 million in the first quarter of 2025.

The contribution margin reached EUR2.9 million, a 16% increase compared to EUR2.5 million in the first quarter of 2025.

Reway Group ranks among the laggards on the alternative list, down 0.9%.

In New York on Friday evening, the Dow lost 0.6%, the Nasdaq advanced 0.4%, while the S&P 500 closed down 0.1%.

In Asia, the Nikkei closed in the red by 0.7%, the Hang Seng is down 1.1%, while the Shanghai Composite is fractionally higher.

On the currency front, the euro is trading at USD1.1690 from USD1.1726 on Friday evening, while the pound trades at USD1.3418 from USD1.3463 on Friday evening.

Among commodities, Brent is trading at USD101.66 per barrel from USD96.85 per barrel on Friday evening, while gold is worth USD4,731.60 per ounce from USD4,768.33 per ounce on Friday evening.

Monday's macroeconomic calendar includes data from China at 1130 CEST on new mortgages and outstanding loan growth.

At 1200 CEST in Germany, the Bundesbank's monthly report is expected, while in the US, the International Monetary Fund summits are on the agenda.

At 1500 CEST in France, BTF auctions with 3-month, 6-month, and 12-month maturities will be held.

At 1600 CEST in the US, existing home sales are expected.

The day concludes at 1730 CEST in the US with three-month and six-month Treasury Bill auctions.

No particular announcements are expected from Piazza Affari companies.

By Antonio Di Giorgio, Alliance News reporter

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