FTSE MIB Declines on Monday

The FTSE MIB fell to around 52,300 on Monday, giving back some of last week’s gains, with technology-related stocks leading losses. STMicroelectronics and Prysmian fell 4.1% and 5.1%, respectively, as investors reacted to Anthropic’s call over the weekend for a slower pace of AI development amid growing safety concerns. Risk appetite was also weakened by a renewed surge in oil prices amid escalating Middle East tensions and supply concerns. Other notable laggards included Enel (-1.0%) and Buzzi Unicem (-1.2%), while most financial stocks also traded lower. Monte dei Paschi di Siena fell 0.4% and Banco BPM 0.2% after MPS said its offers for Banco BPM and Banca Generali would remain valid even if Intesa Sanpaolo takes control of MPS. MPS said the implied premiums stood at 3.4% for Banco BPM and 12.8% for Banca Generali as of September 11. Generali rose 0.7%, while Intesa fell 0.3%.

The FTSE MIB Index gained 705 points or 1.36 percent on Friday to close at 52512 points. Gains were led by Avio (3.89%), Moncler (3.00%) and Prysmian (2.63%).

The FTSE MIB rose 1.4% to 52,512 on Friday, amid broad-based gains across sectors, while bank merger talks remained in focus. Financials outperformed after the Antitrust Authority stated it would launch an in-depth investigation into the MPS divestment between Intesa Sanpaolo (2.6%) and Unipol (0.2%). Additionally, Prime Minister Meloni stated the state will refrain from interfering in Intesa’s takeover bid for MPS (2.5%). Meanwhile, UniCredit (1.6%) CEO is set to meet the German Finance Minister on Monday to discuss a potential deal involving Commerzbank. Avio advanced 3.9% after reporting upbeat first-half profits, while Prysmian rose 3% after completing a capital increase to partially finance its acquisition of Atkore. Utilities found some respite as European gas prices declined, while Italy adopted measures aimed at boosting domestic oil and gas production to reduce its dependence on fuel imports. On the downside, Saipem (-1.2%) led the losses.