(Alliance News) - European indices opened mixed on Wednesday, held back by a still unstable global environment. The Milan Stock Exchange is the only stock market in Europe in positive territory.

Investors remain cautious amid persistent geopolitical tensions and anticipation of the House of Representatives' review of President Trump's tax plan.

New signs of tougher measures against Russia by the EU are also weighing on sentiment.

The European Central Bank has issued a new warning about the risks associated with global trade tensions: according to the Frankfurt-based institution, tariffs and protectionist measures pose a threat to financial stability, not only because of their direct effects, but also because of the uncertainty they generate, with possible repercussions on the real economy, markets, and the banking system.

On the commodities front, the rise in gold and oil prices reflects the risk aversion that continues to characterize the markets.

On the macroeconomic front, annual inflation in the UK rose to 3.5% in April, its highest level since January 2024, accelerating from 2.6% in March and exceeding expectations of 3.3%. On a monthly basis, the consumer price index rose by 1.2%, according to the Office for National Statistics.

As a result, the FTSE Mib is up 0.2% at 40,608.82, the Mid-Cap is up 0.2% at 54,330.56, the Small-Cap is up 0.2% at 31,395.86, while the Italy Growth is up 0.2% at 7,932.58.

The FTSE 100 in London is down 0.2%, the CAC 40 in Paris is down 0.3%, and the DAX 40 in Frankfurt is down 0.2%.

Returning to Milan, on the Piazza Affari's highest capitalization list, Leonardo took the lead at the opening, advancing 2.1% in its sixth bullish session. The stock hit a new 52-week high of EUR52.44 at the start of trading.

BPER Banca performed well, up 1.6% with over 1.1 million shares changing hands.

Banco BPM, up 1.6%, completed the issue of a EUR400 million Additional Tier 1 capital instrument for institutional investors.

Banca Monte dei Paschi di Siena updated the terms of its voluntary public exchange offer for all Mediobanca ordinary shares.

The initial exchange ratio of 2.300 MPS shares for each Mediobanca share has been adjusted to take into account the dividend payment, changing to 2.533 MPS shares for each Piazzetta Cuccia share contributed.

MPS opened up 0.7%, while Mediobanca rose 1.0%.

Nexi - up 0.6% - announced the launch of a share buyback program for a maximum amount of EUR 300 million, with a deadline set for December 31, 2025.

Recordati - up 0.1% - announced that it had acquired treasury shares for a total value of EUR 4.5 million.

Snam - flat at EUR5.224 - successfully completed its first bond issue in US dollars, raising USD2.0 billion through a multi-tranche placement in a Sustainability-Linked format for institutional investors.

Among the losers, Amplifon fell 1.8%, while Stellantis slipped 1.7%.

On the Mid-Cap, Fincantieri led the gains for the sixth consecutive session. The stock updated its annual high at EUR14.54 per share at the opening.

Cembre is up 1.8% to EUR56.00, continuing yesterday's gains and exceeding Berenberg's target price of EUR49.00.

De' Longhi is down 0.3% to EUR29.10 per share. Berenberg raised its target price on the stock to EUR32.00 from EUR31.00 with a 'hold' recommendation.

Mediobanca has filed the document for the public exchange offer on Banca Generali with Consob, thus officially launching the authorization process for a transaction worth EUR 6.3 billion, with the aim of creating a large Italian savings hub.

Banca Generali is down 0.5% at the start of trading.

Caltagirone is at the bottom of the second tier, down 2.7%.

On the Small Cap market, among the stocks with the highest trading value, Tinexta lost 3.3%. The company announced the completion of the closing of the call option exercised by its subsidiary Tinexta Innovation Hub, which led to the acquisition of 25% of the share capital of ABF Group from ABF Holding. The consideration for the transaction was symbolically set at EUR1.00.

Banca Profilo - flat at EUR0.1805 - has renewed its board of directors for the two-year period 2025-2026. The board is composed of nine members: Centonze has been appointed chairman, while Gigante will serve as vice chairman.

EuroGroup Laminations is down 0.4% to EUR3.148. Berenberg cut its target price to EUR2.60 from EUR2.70 after the board approved the accounts on Monday, closing the first quarter of 2025 with a net loss of EUR2.1 million, compared with a profit of EUR8.3 million in the same period of 2024.

illimity Bank rose 0.5%, recovering the previous day's losses.

Among SMEs, Laboratorio Farmaceutico Erfo got off to a good start, advancing 8.8%. The company announced the launch and marketing of its new product Osteo-therapy, currently in the patent process.

This is a nutraceutical supplement developed to accelerate the osseointegration process following the placement of dental implants.

Allcore - up 2.1% - closed the first quarter with consolidated revenues of EUR 12.0 million, up 15% compared to the same period in 2024.

Emma Villas - still not trading - recorded a total value of confirmed bookings for the entire year of EUR 28.2 million as of May 20, up 4.2% compared to EUR 27.0 million recorded on the same date in 2024.

Among the stocks at the bottom of the alternative listing, Eles fell 5.6% at the start of trading. The company closed the first quarter with consolidated revenues of approximately EUR 5.7 million, down 12% compared to EUR 6.5 million in the same period of 2024.

In New York on Tuesday evening, the Dow closed down 0.3% at 42,677.24, the Nasdaq fell 0.4% to 19,142.72, while the S&P 500 lost 0.4% to 5,940.46.

In Asia, the Nikkei closed down 0.6%, the Shanghai Composite rose 0.2%, while the Hang Seng is advancing 0.5%.

Among currencies, the euro is trading at USD 1.1328 from USD 1.1259 on Tuesday evening, while the pound is trading at USD 1.3433 from USD 1.3367 on Tuesday evening.

Among commodities, Brent crude is trading at USD 66.06 per barrel from USD 65.10 per barrel on Tuesday evening, while gold is trading at USD 3,312.94 from USD 3,277.04 per ounce on Tuesday evening.

In Wednesday's macroeconomic calendar, at 1300 CEST from the US, focus will be on the mortgage market report, while at 1630 CEST data on crude oil inventories will be available.

Among companies, Assicurazioni Generali and MFE-MediaForEurope are expected to report their results.

By Antonio Di Giorgio, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2025 Alliance News IS Italian Service Ltd. All rights reserved.