FTSE MIB Hits 16-Week Low

The FTSE MIB declined more than 1% to around 50,700 on the first trading day of October, hitting its lowest level since June, as surging global yields and higher oil prices weighed on risk sentiment. Losses were broad-based, with heavyweight financials taking the brunt. UniCredit fell 2.2%, while Intesa Sanpaolo, Banco BPM and BPER Banca dropped 1.4%, 2.3% and 2.1%, respectively. Among other major stocks, Eni and Enel slipped 0.9% and 0.9%, respectively, while Ferrari fell 0.7%. STMicroelectronics and Prysmian bucked the broader trend, gaining 0.9% and 1.7%, respectively. Meanwhile, Italy is seeking additional flexibility from EU budget rules to account for the impact of higher energy costs.