FTSE MIB Ticks Higher

The FTSE MIB edged above 49,900 on Wednesday, after declining in the previous session, as traders looked for clearer signals from US–Iran negotiations following renewed hostilities that stalled efforts to reopen the Strait of Hormuz. Auto stocks and luxury brands led gains, with Stellantis jumping 3.6% and Ferrari rising 1%, while Moncler and Brunello Cucinelli advanced 3.3% and 2.7%, respectively. Heavyweight financials were also mostly in the green, namely Intesa Sanpaolo (+1.2%), Banco BPM (+1.1%), Mediobanca (+1.9%), and BPER Banca (+1.2%). On the flip side, energy related stocks declined, including Eni (-2%), Enel (-2%), Tenaris (-1.5%), Snam (-1.4%), and Terna Rete Elettrica Nazionale (-1.4%).

The FTSE MIB Index fell 321 points or 0.64 percent on Tuesday to close at 49899 points. Leading the losses are Ferrari NV (-7.71%), Brunello Cucinelli (-2.93%) and Nexi (-2.19%). Top gainers were STMicroelectronics (3.19%), Avio (2.71%) and Leonardo SpA (1.54%).

The FTSE MIB fell 0.6% to close at 49,899 on Tuesday, pulling back after a record high in the previous session as renewed military action weakened hopes for a US-Iran peace agreement. The US and Israel carried out targeted strikes in Iran, renewing uncertainty over the reopening of the Strait of Hormuz and reviving concerns about prolonged inflation driven by elevated energy prices. ECB board member Isabel Schnabel said the ECB should proceed with a June rate hike even if tensions ease. Financials traded lower, with UniCredit down 0.8%, Intesa Sanpaolo losing 0.6%, and Generali shedding 1.2% after unveiling Redion, its new global care platform brand. Ferrari plunged 8.4% after investors reacted negatively to its new Luce electric car. STMicroelectronics rose 3.1% as chipmakers continued to benefit from the AI boom in the US, while Eni gained 0.6% on oil supply concerns.