FTSE MIB edges up 0.3% on banking merger focus
Italy’s FTSE MIB rises 0.3% to 52,720, led by banking merger developments and a rebound in Prysmian and STMicroelectronics, while luxury and energy lag.
The FTSE MIB edged up 0.3% to 52,720 on Tuesday, as banking mergers remained in focus while sentiment toward AI overspending improved.
Prysmian (2.9%) and STMicroelectronics (0.8%) rebounded amid renewed optimism and ahead of Nvidia’s earnings.
Stellantis added 1.4% as Canada imposed retaliatory tariffs on several US goods.
Banking consolidation remained in focus, with Banco BPM’s (-0.5%) board reaching a unanimous decision regarding the aquisition offer from Banca MPS (0.5%), although a formal statement was still awaited.
Intesa Sanpaolo (0.3%) will decide on approval for a capital increase to finance its takeover bid for MPS in September, while the Italian state said it would not sell its 4.8% stake on MPS.
The Generali (0.5%) board is also expected to meet on Thursday.
Luxury stocks underperformed amid profit-taking across the sector, with Moncler falling 2.2%.
Eni (-1.2%) remained under pressure as Italy considers a tax on windfall energy profits.