The FTSE MIB Index Closes 0.01% Lower

The FTSE MIB closed largely unchanged at 53,699 on Wednesday, holding near record levels for a third straight session as losses for utilities offset renewed positive sentiment over AI spending. AI-related stocks advanced after upbeat sales forecasts from Tencent, CoreWeave, and Super Micro Computer, driven by stronger AI spending, with Prysmian rising 3% and STMicroelectronics adding 0.6% in Milan. Defense stocks also gained amid elevated geopolitical risks, led by Avio (1.7%) and Leonardo (1.4%). Financials remain mixed despite easing pressures of a Fed rate hike in September, while consolidation prospects continue. Unipol gained 1.9% after Berenberg stated the lender fully set to implement an MPS carve-out deal, while UniCredit lost 0.1% after reports that the ECB is leaning towards approving the lender's takeover bid of Commerzbank. Utilities weighed as European natural gas prices surged, led by Enel (-1.3%). Diasorin fell 3.3% after a UBS downgrade to "sell".

The FTSE MIB Index fell 8 points or 0.01 percent on Wednesday to close at 53699 points. Leading the losses are Diasorin (-3.32%), Stellantis N.V. (-2.86%) and Brunello Cucinelli (-2.79%). Top gainers were Prysmian (3.49%), Unipol Gruppo (2.25%) and Avio (1.73%).

The FTSE MIB traded flat to slightly higher on Wednesday, extending the subdued session from the previous day, as markets remained cautious over the prospects of a deal to reopen the Strait of Hormuz. Markets also awaited the US CPI report, which could offer further insight into inflation trends and influence expectations for the Fed’s upcoming policy decisions. Tech-related stocks led gains, with Prysmian advancing 2.6% amid a broader global tech rally, while STMicroelectronics gained 0.7%. Another notable performer was Unipol, which added 1.1%, while Eni rose 0.2% after agreeing to take a 40% stake in Uruguay’s Off-6 oil and gas exploration block, with drilling of the first well scheduled for 2027. On the downside, DiaSorin fell 3.7%, while luxury names such as Moncler and Brunello Cucinelli lost over 1% each. On the data front, Italy’s annual inflation rate was revised up to 2.9% in July from a preliminary 2.8%, while monthly inflation was revised up to 0.3% from 0.2%.