(Alliance News) – On Monday, with US markets closed for Labor Day celebrations, European markets are moving in opposite directions.
However, there were positive signs for the Eurozone, where unemployment fell to 6.2%, although concerns remain high on the French front, where government instability could have a knock-on effect in the EU.
Despite this, there is also anticipation for US labor market figures, which will determine the Federal Reserve’s next moves in mid-September and which currently has to navigate political pressures and potential scandals involving one of its governors.
The FTSE Mib closed up 0.5% at 42,409.71 points, the Mid-Cap up 0.1% at 56,703.80, the Small-Cap was up 0.1% at 34,660.68, and the Italy Growth was up 0.1% at 8,498.06 points.
Elsewhere, the CAC 40 in Paris was slightly down at 7,702 points, the DAX 40 in Frankfurt was up 0.4%, and the FTSE 100 in London was slightly up 0.1%.
Chris Beauchamp, chief market analyst at IG, commented: “The FTSE 100, like other European markets, was set to start September differently due to Labor Day. Last week saw the worst performance for the FTSE 100 since early May, and an empty corporate calendar this week suggests the trend could continue.”
“At least precious metals have attracted some interest today, particularly silver. Demand for gold’s cheaper cousin remains robust, fueled by industrial appetite and a persistent deficit that is expected to intensify next year,” the analyst continued.
“All eyes are now on inflation and the Fed’s expected rate cut; a rise in inflation this year should only further enhance silver’s appeal,” Beauchamp concluded.
On the Milan Stock Exchange, Leonardo continued its positive run, gaining 4.5% to EUR50.94 per share, taking advantage of a geopolitical context that is still to be defined and with defense remaining the prerogative of the Old Continent’s states, regardless of the developments in the ongoing conflicts.
Telecom Italia, after recording an overall decline of 11% over the past week, managed to recover, with analysts viewing the company’s future positively, following Iliad’s failed takeover bid and whose stock could, according to estimates, even recover up to a potential 5.6% by the end of the year. The stock rose 3.3% to EUR0.4233 per share.
Ferrari also saw sustained buying, with the stock remaining the only one to benefit from the positive wave that affected luxury brands last week. Shares closed up 1.2% at EUR411.40, while Brunello Cucinelli lost 0.8% and Moncler fell 0.5%.
On the banking front, the board of Monte dei Paschi di Siena – up 0.3% – is considering a possible relaunch of the OPS on Mediobanca – flat at EUR20.70 – presented on January 24. The current exchange ratio – 2.533 MPS shares for each Mediobanca share – leaves a gap of about 4%, equal to EUR700 million, and the market expects a cash supplement.
Prysmian, up 0.9%, announced that through its subsidiary Draka Comteq, it has signed a placing agreement for the sale of approximately 37.6 million H shares of Yangtze Optical Fibre and Cable Joint Stock Limited Company listed on the Hong Kong Stock Exchange to a limited number of institutional investors.
Campari closed the day down 1.4%.
On the Mid-Cap, TXT Solutions rose 3.0% to EUR30.95 per share.
Italmobiliare announced that it had acquired 12,019 of its own ordinary shares between August 25 and 29 at an average price of EUR28.2571 per share, for a total value of EUR339,622.40. The stock closed up 0.9%.
Credito Emiliano continued its buyback program, purchasing 35,000 ordinary shares at a weighted average price of EUR 13.4843 per share, for a total value of EUR 471,950. The stock gained 0.3%.
Alerion rose 1.8%, while the worst performers of the day were Comer Industries, down 4.7%, and NewPrinces, down 2.4%.
Among small caps, Softlab led the way with a sharp double-digit increase of 18% to EUR 1.57 per share, followed at the start of the day by Mondo TV, which gained 14% after announcing that as of July 31, total revenues – amounting to EUR 960,000 – exceeded the budget of EUR 503,000, representing an increase of 52%.
Gas Plus updated its 52-week high to EUR 5.80 per share, and the stock gained 1.1%.
BasicNet, which purchased treasury shares for EUR 255,000, ended the session up 0.2%.
V-Valley, a company belonging to the Esprinet group, which was up 3.9%, announced on Monday that it had signed a partnership agreement with AnyDesk Software GmbH. The deal will help strengthen their respective markets by expanding their customer base.
EPH broke away from the bottom of the list, gaining 1.4%.
Bestbe Holding, the worst performer, fell 5.5%.
Safilo Group also recorded a negative performance of 2.1%, following a buyback of EUR 840,000.
On the Italia Growth index, Predict signed a new distribution agreement with Airs Medical Europe Gm, the European branch of South Korea’s AIRS Medical, a leader in AI-powered diagnostic imaging. The stock surged 2.3%.
Vimi Fasteners, which presented its half-year results, announced on Friday that it had closed the first half of the year with a 4.1% year-on-year decline in revenue, to EUR 28.8 million from EUR 30.0 million in the same period last year. The stock gained 6.0%.
ICF Group purchased 4,500 of its own ordinary shares at an average price of EUR 6.3733 per share, for a total value of EUR 28,680: the stock closed flat at EUR 6.44.
Once again, Ecosuntek was the best performer of the day, up 20% on the back of results that saw an increase in energy and gas sales in the first half of the year.
Pozzi Milano, up 13%, welcomed the merger by incorporation of Mascagni Casa, a wholly owned subsidiary of the group active in home decor.
In New York – with the stock markets closed today for Labor Day – on Friday evening, the Dow Jones fell 0.2%, the Nasdaq fell 1.2%, while the S&P 500 closed down 0.6%.
On the currency front, the euro traded at USD 1.1703 from USD 1.1693 at Friday’s stock market close, while the pound traded at USD 1.3540 against USD 1.3497 on Friday evening.
Among commodities, Brent crude traded at USD 68.23 per barrel from USD 68.05 per barrel at Friday evening’s stock market close, while gold was worth USD 3,476.46 per ounce from USD 3,437.102 per ounce on Friday evening.
On Tuesday’s economic calendar, the Italian producer price index is scheduled for release at 1100 CEST.
At the same time, the EU consumer price index will also be released, while at 1200 CEST it will be the turn of car registration data in Spain.
At 1330 CEST, Ederson of the European Central Bank is scheduled to speak, and at 1600 CEST, data on the US manufacturing sector and car sales are expected.
Data on car registrations in Italy, on an annual basis, will be released at 1830 CEST.
No significant events are expected from the Italian stock exchange.
By Michele Cirulli, Alliance News Reporter
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