FTSE MIB extends losses to about 51,900 amid oil surge
The FTSE MIB fell to around 51,900 on Wednesday, extending losses. Rising oil prices pushed market pressure, with Brent around $100 as financials lagged and oil-linked Eni rose more than 1%.
The FTSE MIB fell to around 51,900 on Wednesday, extending losses from the previous session as rising oil prices continued to pressure markets. Brent crude surged to $100 per barrel as US-Iran tensions intensified, stoking inflation concerns and adding pressure on central banks to keep or further tighten restrictive monetary policy. Financial stocks were among the weakest, with UniCredit down -2%, Banca Mediolanum -2.1%, Intesa Sanpaolo -0.9%, BPER Banca -1.4% and Unipol Gruppo -1.2%. Monte dei Paschi slipped -0.6% as documents for its bids for Banca Generali and Banco BPM are set to be submitted to market watchdog Consob between Wednesday and Thursday.
On the upside, Eni rose more than 1%, while Ferrari and Stellantis gained 1.9% and 0.7%, respectively.