FTSE MIB slips 0.3% as financials drag after strong US labor
The FTSE MIB declined 0.3% to 52,100 on Friday, pressured by financials after US labor data came in well above expectations. UniCredit fell 1.2%; energy was lower, while Stellantis rose 1.8%.
The FTSE MIB declined 0.3% to 52,100 on Friday, weighed down by financials following US labor data that came in well above expectations.
The figures pointed to a resilient labor market, prompting traders to raise expectations for a Fed rate hike at its September meeting.
At the same time, the ECB is also expected to raise rates at next week’s meeting, which could weigh on credit demand for lenders.
UniCredit fell 1.2% as the bank moved closer to taking control of Commerzbank and is set to meet with the German finance minister.
Meanwhile, the ECB approved MPS’s (0.3%) merger with Mediobanca.
Energy shares also traded lower.
On the upside, Stellantis gained 1.8% after a coalition of major US automakers urged lawmakers to permanently ban Chinese vehicles from the US.
STMicroelectronics and Prysmian added 1.9% and 2.1%, respectively, while utilities also outperformed, led by A2A (1.7%).