FTSE MIB Extends Gains

The FTSE MIB rose above 45,000 on Wednesday, extending gains for a third straight session and tracking broader European peers. Markets remained focused on key central bank decisions this week, with the Federal Reserve’s announcement due later today. Risk sentiment improved somewhat, supported by renewed enthusiasm for AI and a decline in oil prices. Supply concerns eased after Iraq agreed to resume shipments through Turkey’s Ceyhan terminal, while Washington stepped up efforts to reopen the Strait of Hormuz. Tech-related stocks advanced, with Prysmian and STMicroelectronics gaining over 2% and 1%, respectively. Heavyweight financials were also mostly higher, including Unicredit (+1%), Intesa Sanpaolo (+1%), Banco BPM (+2.2%), BPER Banca (+1.6%), and Banca Monte dei Paschi di Siena (+1.7%). On the other hand, energy stocks underperformed, with Eni and Enel both falling around 1%.

The FTSE MIB rose 1.2% to close at 44,887 on Tuesday amid gains of energy related stocks as oil quotes saw a new uptick. Oil prices climbed after fresh Iranian attacks on the United Arab Emirates rekindled supply fears, adding to ongoing shipping disruptions through the Strait of Hormuz. Eni and Tenaris gained 3.6%. Meanwhile, the European Central Bank is expected to keep interest rates unchanged at it's meetings this week. The BTP-Bund spread narrowed, and financial stocks posted gains. Intensa Sanpaolo was up 1.1%, while MPS advanced 2.1% and BPM gained 1.5%. Also, UniCredit (+0.5%) cranked up the pressure on Commerzbank to accept merger talks on Monday with a low-ball ?bid to raise its stake in the German lender above 30%. The German government says hostile takeover of Commerzbank would be unacceptable. Commerzbank CEO Bettina Orlopp said that the offer was "very low" and complained that the Italian bank was keeping it in the dark on ?its vision for a tie-up.

The FTSE MIB Index went up by 529 points or 1.19 percent on Tuesday to close at 44876 points. The rise was led by Tenaris (3.61%), Eni (3.42%) and Telecom Italia (3.28%).