FTSE MIB Closes Sharply Lower
The FTSE MIB fell 0.8% to 51,372 on Wednesday, weighed down by heavyweight financials and ongoing merger talks involving Milan’s banks. Monte dei Paschi fell 1.4% after urging investors to support its dual takeover offer for Generali-controlled (-1.8%) Banca Generali and Banco BPM (-2.1%), saying that keeping the plan alive would give him more options to maximize value for shareholders. Further weighing on lender demand, higher-than-expected inflation across major economies in the Eurozone have raised bets of a third ECB rate hike by year-end. Inflation in Italy remained at a three-year high. Intesa Sanpaolo, Unipol and UniCredit each fell more than 1%. Eni declined 1.1% after announcing that its low-carbon unit Plenitude would offer households a 30% discount on its standard fixed electricity and gas rates, with prices locked in for two years. Luxury stocks also weakened, with Ferrari and Brunello Cucinelli both falling more than 1.6%. Over the third quarter, the benchmark edged 0.8% l
8% to 51,372 on Wednesday, weighed down by heavyweight financials and ongoing merger talks involving Milan’s banks. 1%), saying that keeping the plan alive would give him more options to maximize value for shareholders. Further weighing on lender demand, higher-than-expected inflation across major economies in the Eurozone have raised bets of a third ECB rate hike by year-end. Inflation in Italy remained at a three-year high.
Intesa Sanpaolo, Unipol and UniCredit each fell more than 1%. 1% after announcing that its low-carbon unit Plenitude would offer households a 30% discount on its standard fixed electricity and gas rates, with prices locked in for two years. 6%. 8% l