FTSE MIB extends slide to near 51,800, 5-week low
FTSE MIB extended its decline to around 51,800 on Wednesday, the lowest level in almost five weeks. Escalating Middle East tensions lifted oil, while bond yields pressured equities and banking deal updates drew stock-specific moves.
The FTSE MIB extended its decline to around 51,800 on Wednesday, hitting its lowest level in almost five weeks, as escalating Middle East tensions pushed oil prices higher and strengthened concerns over inflation and tighter monetary policy.
The bond sell-off also intensified, with Italian bond yields reaching their highest levels since late 2023, adding pressure on equities.
Domestically, attention remained on banking consolidation, with Intesa Sanpaolo saying it does not expect its buyout offer for MPS to be hampered by the target’s defensive bids or clarifications sought by Consob.
Intesa edged up 0.1%, while MPS slipped 0.2%.
Banco BPM gained 0.2%, while Banca Generali fell 0.5%.
Outside financials, Lottomatica dropped 2% after announcing its takeover of Spain’s Cirsa.
On the data front, Italy’s annual producer inflation picked up to 7.8% in July, the highest level since February 2023.