The FTSE MIB Index Closes 0.49% Higher

The FTSE MIB rose 0.5% to 50,483 on Friday, as losses in financial and defense stocks offset gains on chip-related and utilities stocks. STMicroelectronics (6.7%), Technoprobe (6%) and Prysmian (4%) led the gains, tracking a broader rally across the sector after a weaker-than-expected US jobs report reduced expectations of a Federal Reserve rate hike this month and renewed investor appetite for riskier assets. Luxury stocks also advanced, with Brunello Cucinelli rising 1.5%, while utilities gained, led by Enel (1.5%). Eni rose 0.7% after extending its 20% discount on diesel and gasoline through the end of October. Financials underperformed as elevated energy prices pushed Eurozone inflation to its highest level in three years, supporting bets of a ECB hike by year-end, while the BTP to safe-haven Bund spread rose by 115bps. Unipol led losses at 1.1%. Defense stocks also declined amid expectations that Italy will reduce defense spending. Fincantieri fell 2%, while Leonardo lost 0.9%.

The FTSE MIB Index went up by 245 points or 0.49 percent on Friday to close at 50483 points. The rise was led by STMicroelectronics (6.36%), Technoprobe (5.14%) and Prysmian (4.08%). On the downside, the weakerst performers were Fincantieri (-1.98%), Amplifon (-1.95%) and Unipol Gruppo (-1.74%).

The FTSE MIB rose to around 50,500 on Friday, rebounding slightly from its lowest level since June, as easing pressure in bond markets offered some relief to equities. Across the bourse, technology shares outperformed, with Prysmian rising 3.5% and STMicroelectronics gaining 2.0%. Auto stocks also advanced, led by Stellantis, which climbed 4.6%, while Ferrari gained 1.0%. Luxury names traded higher as well, with Moncler up 0.7% and Brunello Cucinelli adding 2.2%. Meanwhile, some financials traded lower, including UniCredit falling 1.8%, Intesa Sanpaolo slipping 0.1%, Generali declining 0.3% and Banco BPM losing 0.2%. Eni also fell 0.2% after extending its 20% discount on diesel and gasoline for agricultural and fishing customers until the end of October. Despite Friday's gain, the benchmark index was heading for its worst week since mid-June.