FTSE MIB Recovers from Four-Month Low

The FTSE MIB closed 0.9% higher at 49,746 on Friday, rebounding from a four-month low as a slowdown in the bond market selloff provided some relief. Financial stocks pared recent losses, with UniCredit rising 1.1% as it sought approval from Brussels for its Commerzbank deal, with a decision expected on November 16th. MPS gained 1.3% after its largest shareholder, Delfin, agreed to suspend additional share purchases until after Intesa’s deal. Nexi advanced 1.8% amid further details on the adoption of the digital euro. Defense stocks also recovered, led by Fincantieri at 6.9%. Utilities also advanced while Italy and the European Commission are to reach a deal on a natural gas price cap following a recent surge in prices, led by Enel (1.3%). Stellantis edged up 0.1% while the EU reached an agreement with China that could halve its hybrid car exports. Elsewhere, Amplifon, Inwit, Saipem, and Buzzi posted strong gains, rising between 2.3% and 6.8%.