FTSE MIB Hits 3-Month Low
The FTSE MIB slid over 1% to around 50,800 on Tuesday, its lowest level in three months, as higher oil prices and rising global bond yields weighed on risk appetite. Escalating tensions in the Middle East continued to fuel oil-driven inflation concerns, raising expectations of further interest rate hikes by central banks worldwide this year. Financial stocks bore the brunt of the selloff as Italian 10-year bond yields rose to levels last seen in late 2023. UniCredit fell 2.5%, Intesa Sanpaolo declined 1.9%, Assicurazioni Generali dropped 1%, Mediobanca lost 2%, BPER Banca fell 2.4%, and Banca Monte dei Paschi di Siena declined 2.2%. Other major stocks also traded lower, including Telecom Italia (-1.2%), Enel (-1.4%), Ferrari (-1.4%), and Poste Italiane (-1.6%).
The FTSE MIB slid over 1% to around 50,800 on Tuesday, its lowest level in three months, as higher oil prices and rising global bond yields weighed on risk appetite. Escalating tensions in the Middle East continued to fuel oil-driven inflation concerns, raising expectations of further interest rate hikes by central banks worldwide this year. Financial stocks bore the brunt of the selloff as Italian 10-year bond yields rose to levels last seen in late 2023. 2%.
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