FTSE MIB Inches Higher
The FTSE MIB rose 0.5% to 50,483 on Friday, as losses on financials and defense were offset by gains in chips and utilities stocks. STMicroelectronics (6.7%), Technoprobe (6%) and Prysmian (4%) led gains, tracking gains on the sector following weaker-than-expected UD jobs report that lowered odds of a Fed rate hike this month and reignited investors’ appetite for riskier stocks. Luxury stocks also traded higher, with Brunello Cucinelli advancing 1.5%. Utilities also gainned, led by Enel (1.5%). Eni rose 0.7% after extending its 20% discount on diesel and gasoline until the end of October. On the downside, financials underperformed as elevated energy prices pushed Eurozone inflation to its highest level in three years, supporting bets of a ECB hike by year-end, while the BTP to safe-haven Bund spread rose by 115bps. Unipol led losses at 1.1%. Defense stocks underperformed as Italy is set to cut its defense spending. Fincantieri and Leonardo fell 2% and 0.9%, respectively.
5% to 50,483 on Friday, as losses on financials and defense were offset by gains in chips and utilities stocks. 7%), Technoprobe (6%) and Prysmian (4%) led gains, tracking gains on the sector following weaker-than-expected UD jobs report that lowered odds of a Fed rate hike this month and reignited investors’ appetite for riskier stocks. 5%. 5%).
7% after extending its 20% discount on diesel and gasoline until the end of October. On the downside, financials underperformed as elevated energy prices pushed Eurozone inflation to its highest level in three years, supporting bets of a ECB hike by year-end, while the BTP to safe-haven Bund spread rose by 115bps. 1%. Defense stocks underperformed as Italy is set to cut its defense spending.
9%, respectively.