FTSE MIB falls on higher oil prices and Middle East tensions
The FTSE MIB fell to around 51,800 Tuesday as rising oil prices weighed on markets. Higher crude stoked inflation concerns and expectations that rates may stay elevated, with the ECB expected to lift borrowing costs later this week.
The FTSE MIB fell to around 51,800 on Tuesday as higher oil prices weighed on markets amid elevated tensions in the Middle East. Higher crude prices added to inflation concerns and supported expectations that central banks may need to keep interest rates elevated, with the ECB widely expected to raise borrowing costs later this week. Losses were broad-based, with financial stocks among the worst performers. 3% even after receiving ECB approval to use the Danish Compromise on its insurance holdings.
Assicurazioni Generali, Unipol Gruppo, Banca Mediolanum and MPS also dropped by more than 1%. Technology and utilities shares were also under pressure. 5% after raising its takeover bid for Telecom Italia, whose shares climbed nearly 3%. Lottomatica extended its rally after giving additional details on its planned merger with Spain’s Cirsa.
Energy group Eni rose more than 1%.