FTSE MIB Moves Higher

The FTSE MIB rose to around 51,800 on Thursday, rebounding from a slight decline in the previous session, as gains in financial stocks supported the index. UniCredit advanced 1% after JPMorgan reiterated its Buy rating. Its peers also traded higher, with Intesa Sanpaolo up 0.6%, Banca Mediolanum 0.6%, Mediobanca 0.5%, BPER Banca 0.4%, and Banco BPM 0.4%. Defence stocks also extended their gains, with Leonardo, Fincantieri, and Avio rising 3.1%, 1.5%, and 1.1%, respectively. On the downside, technology-related stocks continued to decline amid renewed concerns over elevated AI-related valuations, with STMicroelectronics falling 0.7% and Prysmian losing 2.8%. On the data front, Italy’s jobless rate fell to 5% in May, below expectations and April’s 5.1%, and marking the lowest reading since records began in 1983.

The FTSE MIB fell 0.2% to close at 51,604 on Wednesday, pressured by energy producers and continued volatility in AI-related stocks. ENI dropped 2.6% and Saipem lost 3.5% as restored oil exports from the Middle East lowered global prices. AI-related stocks weakened following their rally this week, with STMicroelectronics (-3.3%) and Prysmian (-2.2%) posting notable losses. Meanwhile, defense stocks advanced after the UK announced a reallocation of €15 billion in defense spending, boosting Leonardo (+4.4%), Fincantieri (+1.5%), and Avio (+1.1%). Banking stocks were mixed following softer-than-expected inflation data in the Eurozone, with UniCredit adding 0.5%. Also on the financial front, Unipol added 3.9% after receiving an upgrade from Intermonte. Nexi soared 6.4% on a strong session for payment infrastructure globally.

The FTSE MIB Index fell 78 points or 0.15 percent on Wednesday to close at 51605 points. Leading the losses are Saipem (-3.06%), STMicroelectronics (-3.04%) and Eni (-2.62%). Top gainers were Nexi (6.25%), Leonardo SpA (4.22%) and Amplifon (4.09%).