FTSE MIB Moves Higher
The FTSE MIB rose to around 51,900 on Monday, paring losses from last week, as oil prices eased for a fourth consecutive session, soothing some concerns over inflationary pressures. Sentiment was also lifted by optimism ahead of this week’s Trump-Xi summit. Domestically, the Italian government planned to reduce the country’s gas-price premium and said it was prepared to act even without EU approval. Financial stocks led gains, with Banco BPM up 3.8%, UniCredit 1.5% and BPER Banca 1.2%. Intesa Sanpaolo (+1.2%) and Monte dei Paschi di Siena (+1.1%) also gained amid reports that the ECB could approve Intesa’s takeover bid for MPS by mid-October, with the tender offer potentially starting in mid-November. Technology shares also advanced, with Prysmian and STMicroelectronics gaining 2.2% and 1.7%, respectively.
The FTSE MIB rose to around 51,900 on Monday, paring losses from last week, as oil prices eased for a fourth consecutive session, soothing some concerns over inflationary pressures. Sentiment was also lifted by optimism ahead of this week’s Trump-Xi summit. Domestically, the Italian government planned to reduce the country’s gas-price premium and said it was prepared to act even without EU approval. 2%.
1%) also gained amid reports that the ECB could approve Intesa’s takeover bid for MPS by mid-October, with the tender offer potentially starting in mid-November. 7%, respectively.