FTSE MIB Edges Higher

The FTSE MIB edged above 50,100 on Thursday, paring some losses from the previous session, supported by easing oil prices as traders sought clearer confirmation of progress toward a possible agreement with Iran. This came after Israel and Lebanon reached a ceasefire, although earlier US-Iran tensions continued to keep markets on edge. Leading the gains were financials, including Intesa Sanpaolo (+1.2%), BPER Banca (+1.5%), Unipol Gruppo (+0.8%), Banca Mediolanum (+0.8%), and FinecoBank (+1%). On the other hand, losses were led by STMicroelectronics (-3.5%), tracking a global retreat in technology stocks. Other laggards included Prysmian (-1.7%), Tenaris (-1.2%), and Avio (-4.8%). On the economic front, a fresh PMI survey showed that Italy’s construction sector downturn eased in May.

The FTSE MIB Index fell 540 points or 1.07 percent on Wednesday to close at 50038 points. Leading the losses are Stellantis N.V. (-3.98%), Amplifon (-3.20%) and Leonardo SpA (-2.71%).

The FTSE MIB fell 1.1% to close at 50,038 on Wednesday as renewed tensions in the Middle East and fresh US tariff threats weighed on sentiment. The US Trade Representative proposed additional duties of up to 12.5% on imports from 60 trading partners, including the EU. Meanwhile, hostilities in the Gulf intensified after Iranian attacks on Kuwait damaged the country's airport and injured dozens, while the US carried out strikes near the Strait of Hormuz. Oil prices rose, reviving concerns about energy-driven inflation and higher borrowing costs as bond yields increased and the BTP-Bund spread widened. Financials led losses, with UniCredit and Intesa Sanpaolo down 1.9%, while MPS and BPER fell 2.1%. Luxury shares also weakened, with Ferrari losing 2.4% and Moncler down 2%. Stellantis shed 4% after denying it had committed to producing one million vehicles annually in Italy.