FTSE MIB Slides on Renewed Oil Spike

The FTSE MIB fell 2.3% to 43,701 on Thursday after new Iranian attacks on Middle Eastern energy infrastructure, including a major Saudi refinery and a Qatari LNG facility, triggered fresh oil price surges. Italgas lost 2.5% amid the crisis, while Eni surged 3.7% on higher oil quotes. Meanwhile, the ECB kept rates unchanged as expected, but increased its forecast for inflation in the upcoming years to drive markets to price two rate hikes this year. Financials sold off, Intesa Sanpaolo was down 2.6%, UniCredit 2.9%, and MPS nearly 4%. In other news, Inwit plunged 15.6% to a 52-week low after Swisscom announced a joint venture with Telecom Italia (-5.7%) to build competing infrastructure, wiping out over one-sixth of its market value in one session.

The FTSE MIB Index dropped -1021 points or 2.28 percent on Thursday to close at 43721 points. Losses were led by Infrastrutture Wire (-15.72%), Interpump Group (-5.86%) and Telecom Italia (-5.57%).

The FTSE MIB fell nearly 2% to below 44,000 in early trading on Thursday, extending losses from the previous session, as escalating tensions in the Middle East unsettled investors. Iran carried out a series of retaliatory strikes targeting key energy infrastructure in neighboring Gulf states after Israel struck its largest gas field, heightening concerns about prolonged disruptions to supply. Meanwhile, investors await the European Central Bank’s rate decision later today. With the central bank widely expected to hold interest rates steady, investors will scrutinize policymakers’ comments for indications of how surging energy prices might affect economic growth and inflation. Notable losses were seen in Infrastrutture Wire (-17.2%), Interpump Group (-3.7%), Prysmian (-3.9%), Telecom Italia (-3.1%), and Bper Banca (-3.0%).