FTSE MIB Plunges to Over Four-Month Low
The FTSE MIB closed 1.4% lower at 49,298 on Thursday, reaching a more than four-month low, weighed down by financials and Milan's bank mergers. Banks underperformed as French concerns continued to pressure the sector, while the Italian government held talks with banks and energy groups over a potential contribution to state finances. MPS fell 2.9% after its second-largest shareholder said it would not support its dual bid for Banco BPM (-2%) and Banca Generali. Crédit Agricole also decided not to tender its Banco BPM shares to MPS. Generali fell 1.4% amid reports it could be preparing a bid for Banca Generali. UniCredit dropped 3.1% as Germany’s finance minister said he was coordinating with counterparts on its takeover bid for Commerzbank. Stellantis lost 3% as higher fuel prices boosted demand for EVs. On the upside, utilities advanced after US-Russia talks on potential US investment in Nord Stream, a pipeline that delivered gas to Germany before the conflict with Ukraine.
4% lower at 49,298 on Thursday, reaching a more than four-month low, weighed down by financials and Milan's bank mergers. Banks underperformed as French concerns continued to pressure the sector, while the Italian government held talks with banks and energy groups over a potential contribution to state finances. 9% after its second-largest shareholder said it would not support its dual bid for Banco BPM (-2%) and Banca Generali. Crédit Agricole also decided not to tender its Banco BPM shares to MPS.
4% amid reports it could be preparing a bid for Banca Generali. 1% as Germany’s finance minister said he was coordinating with counterparts on its takeover bid for Commerzbank. Stellantis lost 3% as higher fuel prices boosted demand for EVs. On the upside, utilities advanced after US-Russia talks on potential US investment in Nord Stream, a pipeline that delivered gas to Germany before the conflict with Ukraine.