The FTSE MIB Index Closes 0.10% Lower

The FTSE MIB fell 0.1% to 52,178 on Tuesday, as investors focused on developments across sectors. Stellantis fell 3.2% as Canadian tariffs on US goods took effect, although the EU and Canada are reportedly working toward a broader relationship spanning trade and security, with plans to be announced next week. Poste Italiane (0.5%) upgraded its takeover offer for Telecom Italia (2.9%), while Inwit (3.1%) also advanced. Energy stocks outperformed, tracking higher oil prices, while Eni gained 1.2% after signing an agreement with Malaysia’s Petronas to develop bio-gasoline for motorsport racing. Defense stocks also advanced after Italy and Greece signed an agreement for two FREMM frigates, with Fincantieri (2.1%) to play a leading role. Leonardo’s (0.9%) joint venture also signed an agreement with Madrid. Avio rose 1.8%. Heavyweight financials remained mixed, while UniCredit (0.3%) obtained ECB authorization to apply lighter capital rules to its insurance holdings.

The FTSE MIB Index dropped 52 points or 0.10 percent on Tuesday to close at 52177 points. Losses were led by STMicroelectronics (-3.57%), Stellantis N.V. (-3.12%) and Ferrari NV (-2.19%). Offsetting the fall, top gainers were Infrastrutture Wire (2.88%), Telecom Italia (2.66%) and Prysmian (2.61%).

The FTSE MIB fell to around 51,800 on Tuesday, approaching its lowest level since late July, as rising oil prices weighed on markets amid elevated tensions in the Middle East. The developments fueled inflation concerns and strengthened expectations that central banks may need to keep interest rates higher, with the ECB widely expected to raise borrowing costs later this week. Financial stocks were among the worst performers, with UniCredit falling 1.3% despite receiving ECB approval to use the Danish Compromise on its insurance holdings. Its peers Assicurazioni Generali, Unipol Gruppo, Banca Mediolanum, and MPS also fell more than 1%. Technology and utilities shares were also under pressure. On the flipside, Poste Italiane rose 0.5% after raising its takeover bid for Telecom Italia, whose shares climbed nearly 3%. Lottomatica also extended its rally after providing additional details on its planned merger with Spain’s Cirsa. Energy giant Eni rose more than 1%.