The FTSE MIB Index Closes 0.80% Higher

The FTSE MIB Index went up by 416 points or 0.80 percent on Thursday to close at 52386 points. The rise was led by Poste Italiane (3.55%), Telecom Italia (2.80%) and Stellantis N.V. (2.54%). On the downside, the weakerst performers were Davide Campari-Milano (-1.56%), Buzzi Unicem (-0.91%) and Tenaris (-0.71%).

The FTSE MIB rose 0.8% to 52,386 on Thursday, amid improved sentiment that reverberated across sectors. Sovereign yields declined as global oil prices fell for a second consecutive session, easing concerns over inflationary pressures and providing relief for banks’ balance sheets. Additionally, eurozone inflation was revised downward from its preliminary estimate. Still, inflation remains well above the central bank’s target, with markets pricing in at least another rate hike by year-end. Financials advanced, led by Mediobanca (1.4%) and Monte Paschi Siena (1.3%). Utilities extended gains as European gas prices continued to decline, led by Hera (2%). Luxury stocks also advanced ahead of Milan’s Fashion Week, with Brunello Cucinelli (1.6%) and Moncler (0.6%) rising. Stellantis gained 2.3% after reports that BYD stated Italy had become a “plan B”, as the Italian automaker remains unwilling to sell any plants.

The FTSE MIB rose to around 52,000 on Thursday, extending gains from the previous session and tracking moves across regional peers. Markets digested the Federal Reserve’s expected 25-bps rate hike and signal of at least one more increase this year, as its continued focus on containing inflation helped bolster confidence in the central bank’s policy stance. Easing bond yields and softer oil prices provided additional support to market sentiment. At the sector level, luxury names outperformed, with Moncler and Brunello Cucinelli advancing more than 2%. Other notable gainers included Fincantieri (+1.9%), Leonardo (+0.7%) and Stellantis (+2%). Most heavyweight financials also traded higher. On the flipside, STMicroelectronics slipped more than 1%.