FTSE MIB Approaches 4-Week High
The FTSE MIB rose to around 52,400 on Wednesday, approaching a four-week high, as falling oil prices continued to support sentiment and ease some concerns over inflationary pressures. Oil prices declined for a sixth consecutive session as signs of a potential US-Iran agreement raised hopes of an end to the war and the reopening of the Strait of Hormuz. Heavyweight financials were among the top performers, rebounding after coming under pressure in the previous session amid opposition from European banks to proposed EU rules on sovereign exposures. Notable gainers included UniCredit (+1.6%), Intesa Sanpaolo (+1%), Banco BPM (+1.9%) and Banca Monte dei Paschi di Siena (+1.1%). Luxury names also advanced, with Ferrari rising 1.5%, while Moncler and Brunello Cucinelli gained 1.2% and 0.8%, respectively. Utilities shares also traded higher.
The FTSE MIB rose to around 52,400 on Wednesday, approaching a four-week high, as falling oil prices continued to support sentiment and ease some concerns over inflationary pressures. Oil prices declined for a sixth consecutive session as signs of a potential US-Iran agreement raised hopes of an end to the war and the reopening of the Strait of Hormuz. Heavyweight financials were among the top performers, rebounding after coming under pressure in the previous session amid opposition from European banks to proposed EU rules on sovereign exposures. 1%).
8%, respectively. Utilities shares also traded higher.