FTSE MIB edges higher as Middle East tensions, oil steady
Italy’s FTSE MIB was flat to slightly higher around 51,800, near a five-week low, while investors tracked heightened Middle East tensions. Sector gainers included STMicroelectronics (+1.8%) and Poste Italiane (+1.3%); oil prices and bond yields steadied.
The FTSE MIB was flat to slightly higher at around 51,800 on Thursday, but hovering close to its lowest level in five weeks, as investors continued to monitor the heightened tensions in the Middle East.
Oil prices and bond yields also steadied after their sharp gains earlier in the week, offering some relief to broader market sentiment.
At the sector level, gains were seen in STMicroelectronics (+1.8%), Poste Italiane (+1.3%), Prysmian (+1.3%), and Telecom Italia (+0.9%).
Financials were also mostly in the green, led by Mediobanca (+0.9%), after reports that the ECB is expected to approve by mid-September its merger into MPS.
Banco BPM (+0.6%), Intesa Sanpaolo (+0.5%), and BPER Banca (+0.3%) also advanced.
On the flip side, oil major Eni fell more than 1%, tracking crude prices lower, while defence stock Leonardo was down over 2%.
On the data front, the PMI survey showed that Italy’s services sector expanded at its fastest pace in over three years.