Futures point lower; Poste targets TIM

Web Desk March 23, 2026

0 1 5 minutes read

(Alliance News) – European equity markets were set to open lower on Monday, extending last week’s sell-off as investors monitor developments in the Middle East conflict and assess the impact of high energy prices on inflation and growth.

The war involving the US, Israel, and Iran has entered its fourth week with no signs of abating. President Donald Trump has threatened strikes against Iranian power plants should the Strait of Hormuz fail to reopen, while Tehran has warned it would target strategic US and Israeli assets in the region if its own energy infrastructure is attacked.

The sharp rise in energy prices has fueled global inflationary concerns, pushing major central banks toward a more hawkish stance. Last week, the ECB left rates unchanged but signaled a readiness to hike in the near term should price pressures continue to intensify.

Ahead of the opening bell, Poste Italiane announced the launch of a voluntary totalitarian public tender and exchange offer for Telecom Italia, with a total value of approximately EUR10.8 billion. The move aims to create an integrated group active in financial services, insurance, logistics, telecommunications, and digital services.

The offer for each TIM share consists of a cash component of EUR0.167 and a stock component of 0.0218 new Poste Italiane shares, resulting in a total valuation of EUR0.635 per share. This represents a 9.01% premium over the official price on March 20.

Consequently, the FTSE MIB – after closing down 2.0% at 42,840.90 on Friday evening – is currently indicating a loss of 542.00 points.

London’s FTSE 100 is down 128.00 points, the Paris CAC 40 is shedding 75.90 points, while the Frankfurt DAX 40 is retreating by 427.00 points.

On Friday evening, the Mid-Cap fell 1.3% to 51,303.67, the Small-Cap lost 1.3% to 31,685.48, while Italy Growth recorded a 0.4% decline to 8,301.02.

In the previous session, Amplifon featured among the minority of gainers, rebounding 4.2% to EUR8.37 per share following recent weakness.

Moncler also performed well, gaining 0.7% to EUR52.10 per share. Notably, Oddo BHF upgraded the stock to “outperform” and raised its price target to EUR65.00 from EUR60.00.

Inwit – down 7.5% – announced that its board of directors reviewed the status of relationships with anchor tenants, specifically Telecom Italia and Fastweb, in light of a potential joint venture project between the operators to build new mobile sites in Italy.

This context, combined with a lack of discretionary investment in the sector, led to the suspension of certain initiatives and a halt in the development of new activities, resulting in a downward revision of estimates for the 2026-2030 period.

Enel – down 3.2% – announced it achieved all 2025 strategic targets, closing the year with a group ordinary net profit of EUR7.01 billion, compared to EUR7.13 billion in 2024. The 2024 ordinary net profit, excluding the contribution from discontinued operations, was EUR6.63 billion. This 2025 result exceeded the market guidance of EUR7 billion. However, the group’s net result amounted to EUR4.22 billion, down from EUR7.0 billion the previous year.

On the mid-cap segment, PharmaNutra advanced 2.9% to EUR75.40 per share after a 2.0% loss in the previous session.

Fiera Milano gained 2.1% to EUR7.33 per share following a 2.2% decline at Thursday’s close.

De’Longhi shed 2.0% to EUR29.44 per share. UBS confirmed its “buy” recommendation on the stock but reduced the price target to EUR46.00 from EUR50.50, citing a more volatile macro environment weighing on the shares, while maintaining its positive medium-term outlook.

Analysts Natasha Brilliant, Akshayah Dayanamby, and Louise Wiseur noted that De’Longhi shares have fallen more than 20% over the past month, despite 2025 results exceeding both guidance and expectations.

Interpump Group – bearish with a 2.0% drop – announced Friday that it closed the 2025 financial year with a consolidated net profit of EUR209.7 million, down 8.2% from EUR228.5 million in 2024. The board is proposing a dividend of EUR0.35 per share, up from EUR0.33 the previous year.

Avio fell 6.7% to EUR35.00. Intesa Sanpaolo maintained its “buy” recommendation but lowered the price target to EUR47.00 per share from EUR49.50 following a downward revision of estimates, though it remains positive on the investment case. The analysis by Gabriele Gambarova highlighted that fourth-quarter and full-year 2025 results were broadly in line with expectations, while 2026 guidance was characterized by caution.

On the Small-Cap index, Beewize gained 8.2% to EUR0.3570 after a 7.8% contraction the previous day.

The board of B&C Speakers – down 0.4% – approved on Thursday the draft financial statements as of December 31, closing with a total group profit of EUR9.6 million, down from EUR18.2 million the previous year. The board will propose an ordinary dividend of EUR0.7 per share. The payout ratio rises to 86% of the year’s profit. Last year’s dividend was EUR1.0.

FNM – down 0.4% – announced Thursday that it closed 2025 with a net profit of EUR73.6 million, up 24% from EUR59.3 million recorded as of December 31, 2024. The board will propose a dividend of EUR0.023 per share, totaling EUR10 million, an increase from last year’s dividend of EUR0.0184 per share.

Aedes – down 2.0% – announced Thursday that it closed 2025 with a profit of EUR972,547, compared to a loss of EUR1.5 million in 2024. Total revenues amounted to EUR929,426 against EUR241,211 the previous year, while EBITDA stood at a negative EUR871,414 compared to an operating loss of EUR1.3 million the year before.

Zucchi, meanwhile, shed over 11% after two flat sessions, ending at EUR0.60 per share.

Among SMEs, Cyberoo fell 4.7% following a 1.4% loss the previous day, bringing the price to EUR1.02 per share.

ISCC Fintech – down 4.3% – announced Thursday that it approved a binding offer from a major Italian financial operator for the purchase of an NPL credit portfolio with a total GBV of approximately EUR51 million.

DHH – up 1.9% – announced Friday that it closed 2025 with a net profit of EUR4.6 million, up 25% from EUR3.7 million in 2024. Revenues reached EUR41.8 million, a 13% increase from EUR37.1 million, with recurring revenues accounting for 91% of the total.

Adventure – flat at EUR17.50 – announced Friday that its parent company Media Content Srl acquired a 5% minority stake in Paper-One, a company that publishes three national economic magazines through its subsidiaries. To execute the acquisition, Media Content carried out a share swap of 9,822 ordinary shares of Adventure – equal to 0.1% of the share capital – exchanged at a price of EUR21.99 per share, for a total value of approximately EUR216,000.

In New York on Friday, the Dow Jones fell 1.0%, the S&P 500 retreated 1.5%, while the Nasdaq shed 2.0%.

In Asia, the Nikkei fell 3.5%, the Shanghai Composite dropped 3.6%, while the Hang Seng is currently down 4.0%.

On the currency front, the euro is trading at USD1.1532 from USD1.1560 on Friday evening, while the pound is at USD1.3291 from USD1.3322 on Friday evening.

Among commodities, Brent crude is trading at USD113.50 per barrel from USD109.65 on Friday evening, while gold is valued at USD4,152.50 per ounce from USD4,591.18 on Friday evening.

Regarding Monday’s economic calendar, Spain’s trade balance data will be available at 1000 CET.

At 1630 CET, a 3-month and 6-month Treasury bill auction is scheduled in the US.

Among Piazza Affari companies, numerous corporate results are expected, including those from Altea Green Power, Banca Profilo, Class CNBC, IMMSI, Iren, and Rai Way.

By Maurizio Carta, Alliance News reporter

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