European stock exchanges weak as we approach April 2, the day the measures are due to come into force duties Americans. Investors are waiting to hear what US President Donald Trump's final decisions will be on tariffs, which could be softer than feared, while the Financial Times talks about a two-stage approach, with significant tariffs on some countries with parallel concessions to others. EU Trade Commissioner, Maros Sefcovic, met with top US trade officials yesterday to try to avoid the imposition of heavy tariffs on EU products, but the results of the talks are unclear and do not appear to have brought any breakthrough to the situation.
It remains in the spotlight the war in Ukraine on the eve of the summit that will be held in Paris to take stock of the situation in which the Prime Minister, Giorgia Meloni, will also take part.
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In this context, all continental stock markets are performing weakly, with Paris and Frankfurt recording the worst performances. Milan, which had opened up 0,1%, is now in negative territory, with investors' eyes focused on the banking risk. In the morning The ECB has given a negative opinion on the application of the Danish Compromise in the context of the takeover bid launched by Banco Bpm on Anima. The Piazza Meda stock falls to the bottom of the Ftse Mib, while Unicredit and Anima travel in slight decline.
volatile Prysmian on the day of the presentation of the strategic plan to 2028, which foresees a significant increase in adjusted ebitda in a range between 2,95 and 3,15 billion euros compared to 1,92 billion in 2024 with a CAGR in the period equal to 12,2%. Spotlight on Terna (+0,3%), after the presentation of the industrial plan for 2024-2028, with an estimated investment of 17,7 billion euros (+7%).
It's going negatively Pirelli: the board of directors is meeting today to approve the accounts, but the market is mainly wondering about the moves of the Chinese partner Sinochem, which currently holds around 37% of the capital. Financial Times claims that Pirelli could ask Sinochem to drop at least below Camfin's 26,4% stake, but it is not known whether the Chinese group will accept the proposal. If it decides to reduce its grip, it would have to sell at least 12% of the shares, for a value of around 690 million euros. However, it is not clear whether this will happen on the market or whether other companies will come forward. Equita points out that Camfin could increase its share capital, up to a maximum of 29,9%, meaning it could acquire around 3,5% of the shares. Instead, in the absence of an agreement, again according to press leaks, the Italian government could step in, exercising its golden power.
At the top of the Ftse Mib we find instead Brunello Cucinelli, Saipem, Mediolanum Bank and Leonardo. Outside the main basket, Mfe A sale is traveling on the rise in anticipation of the possible announcement of a takeover bid on the German Prosieben. On the shields Danieli following the half-year results as of December 31st, which show a gross operating profitability up 2% with a high and stable cash flow and a good net profit, in line with the group's forecasts.
