FTSE MIB Ends Flat Near Record Highs

The FTSE MIB closed largely unchanged at 53,699 on Wednesday, holding near record levels for a third straight session as losses for utilities offset renewed positive sentiment over AI spending.

AI-related stocks advanced after upbeat sales forecasts from Tencent, CoreWeave, and Super Micro Computer, driven by stronger AI spending, with Prysmian rising 3% and STMicroelectronics adding 0.6% in Milan.

Defense stocks also gained amid elevated geopolitical risks, led by Avio (1.7%) and Leonardo (1.4%).

Financials remain mixed despite easing pressures of a Fed rate hike in September, while consolidation prospects continue.

Unipol gained 1.9% after Berenberg stated the lender fully set to implement an MPS carve-out deal, while UniCredit lost 0.1% after reports that the ECB is leaning towards approving the lender's takeover bid of Commerzbank.

Utilities weighed as European natural gas prices surged, led by Enel (-1.3%).

Diasorin fell 3.3% after a UBS downgrade to "sell".