FTSE MIB Edges Lower

Milan’s FTSE MIB edged higher to around 50,000 on Thursday after trading near the flatline, as investors digested the ECB’s policy decision. The central bank kept rates unchanged, as widely expected, adopting a wait-and-see approach and noting no second-round effects from higher energy prices so far. Financial stocks were mostly lower as attention turned to MPS’s shareholder meeting and Italy’s 2027 budget, which includes higher taxes on the financial sector, potentially weighing on profits. Energy stocks ENI and Saipem also traded near the flatline amid increased taxation. Prysmian surged 5.8%, supported by its results and upward revisions to estimates. Defense shares Fincantieri (2%), Leonardo (3.5%) and Avio (1.7%) also traded higher. STMicroelectronics fell 0.7% despite better-than-expected Q3 operating profit, tracking declines among US hyperscalers. Stellantis dropped 2.7% after Jefferies cut its price target, while Campari slid 5% despite quarterly results beating expectations.

Italy’s FTSE MIB edged lower to around 49,700 on Thursday, pausing a four-day winning streak as investors assessed corporate earnings ahead of the European Central Bank’s policy decision. Davide Campari-Milano tumbled 5.8% despite a 3.4% increase in Q3 organic revenue that beat expectations, as the company flagged a slowdown in North America. STMicroelectronics fell 1.2% despite reporting better-than-expected Q3 operating profit, supported by demand from AI data centers and satellite operators. On the upside, Prysmian gained 1.1% after posting record quarterly adjusted EBITDA and raising its full-year guidance. Meanwhile, the ECB is widely expected to keep interest rates unchanged. Domestically, September unemployment data and October consumer and business confidence figures are also due later today.

The FTSE MIB Index rose 157 points or 0.32 percent on Wednesday to close at 49785 points. Leading the gains are Stellantis N.V. (15.61%), Lottomatica (3.00%) and Eni (1.63%). Top losers were Telecom Italia (-1.65%), Davide Campari-Milano (-1.42%) and Fincantieri (-1.42%).