FTSE MIB slips 0.2% amid Middle East tensions and deal focus
FTSE MIB fell 0.2% to 51,792 as traders weighed US strikes on Iran alongside rising European gas prices. Utilities stayed pressured; financials were mixed amid ongoing merger talks.
The FTSE MIB edged down 0.2% to 51,792 on Wednesday, as traders assessed corporate developments against escalating tensions in the Middle East as the US carried out further strikes on Iran.
Utilities remain under selling pressure as European gas prices continue to climb and European countries grapple with low natural gas stockpiles ahead of winter.
Heavyweight financials were mixed while focus remains in merger talks.
Intesa Sanpaolo (-0.2%) stated it does not expect its takeover bid of MPS (-0.2%) to be hampered by defence bids, in an answer to Consob.
Meanwhile, a council meeting in Siena added pressure on the shares from the Ministry of Economy and Finance to defende MPS's integrity, and adding that its headquarters must remain in the region.
Commerzbank's CEO has confirmed direct talks were underway with UniCredit (0.5%).
On the upside, tech stocks outperformed, with STMicroelectronics adding (3.3%) after Citigroup confirmed its buy recommendation of the stock.
Prysmian added 1.7%.