The FTSE MIB Index Closes 0.80% Higher

The FTSE MIB Index rose 414 points or 0.80 percent on Wednesday to close at 51969 points. Leading the gains are Prysmian (3.55%), Italgas (2.42%) and Brunello Cucinelli (2.22%). Top losers were Stellantis N.V. (-2.99%), Nexi (-1.19%) and Eni (-0.80%).

The FTSE MIB rose 1% to 51,969 on Wednesday, amid gains across sectors. Sovereign yields declined as the surge in crude prices eased, while markets awaited the Fed’s monetary policy decision after the close, with a rate hike widely expected. Although higher rates could weigh on credit demand, financials outperformed in Milan. Consob opened an investigation into Intesa’s (0.6%) bid for MPS (-0.1%). Although Intesa had agreed to dispose of half of MPS’s branches, preliminary checks by the authorities indicated that the deal could still raise competition concerns regardless of the divestment. Tech stock STMicroelectronics advanced 2%, while defense stocks Leonardo (1%) and Avio (0.4%) outperformed, driven by renewed signs of the need to rebuild Western arsenals. Utilities also extended recent gains, led by A2A (2%). Stellantis dropped 3.3%, while Prime Minister Meloni announced the abolition of road tax for small and medium-sized vehicles.

The FTSE MIB rose to around 51,800 on Wednesday after being nearly unchanged in the previous session, as a pause in the oil price rally and lower global bond yields eased pressure on markets. Investors now turned their attention to the Federal Reserve’s policy decision later today, with a 25-basis-point rate hike already fully priced in. At the sector level, technology shares outperformed, with STMicroelectronics and Prysmian each advancing nearly 2%. Banking stocks were also mostly in the green, including UniCredit (+1.3%), Mediobanca (+0.8%), Banco BPM (+0.8%), BPER Banca (+1.2%), and Banca Mediolanum (+0.4%). On the downside, oil major Eni declined 0.3%, while auto shares Ferrari and Stellantis fell 0.8% and 1.8%, respectively. On the data front, Italian annual inflation was confirmed at 3.3% in August, the highest level since September 2023.