Italian Stocks Close Flat

Milan’s FTSE MIB closed largely unchanged at 49,071 on Tuesday, as oil prices declined sharply late in the session amid new efforts of de-escalation in the Middle East conflict. Sovereign yields eased, offering some relief to banks, although financials traded mixed amid discussions of a sector contribution to state finances. Intesa’s CEO (-0.4%) criticised the plan, noting that the sector had already committed to a three-year contribution last year. MPS rose 0.3%, while Intesa remained confident in its takeover bid. Falling European gas prices boosted utilities, with Inwit (2.4%) leading gains. Stellantis fell 0.7% while European automakers agreed to an 87.5% emissions reduction target by 2035 with the EU. Luxury remained under pressure, led by Brunello Cucinelli (-1.7%). Tech Technoprobe (-3%) and Prysmian (-2.6%) also declined. Defence Fincantieri fell 0.6%. Energy-related Saipem fell 4.3%, while Eni (-0.7%) reversing initial gains linked to a potential increase in its share buyback.