FTSE MIB Approaches 4-Month Low

The FTSE MIB fell to around 49,600 on Thursday, moving close to the four-month low touched earlier this month, led by sharp losses in technology shares. STMicroelectronics plunged 7.5%, while Prysmian dropped 7.2%, as a global selloff in technology stocks, fueled by hotter-than-expected US inflation data and concerns over higher borrowing costs, weighed on sentiment toward AI-related investments. On the flip side, utilities advanced, helping limit the index's losses, with Hera rising 1.9%, Snam gaining 1.8%, Terna adding 1.5% and Enel climbing 1.3%. Financial stocks also provided support, led by FinecoBank, up 1.5%, and Assicurazioni Generali, up 1.3%, while Telecom Italia gained 0.9%. Meanwhile, investors continued to monitor geopolitical developments and corporate earnings worldwide.