Italian Stocks Rebound from Five-Month Low
Italy’s FTSE MIB closed 1.2% higher at 49,643 on Wednesday, rebounding from a five-month low, lifted by gains in tech and heavyweight financials. Prysmian (2.8%), Technoprobe (2.8%) and STMicroelectronics (2.6%) advanced, tracking optimism across the sector following upbeat results from SpaceX and Super Micro Computer. Financials also outperformed while discussions on the sector’s contribution to Italy’s public finances were postponed until next week. Intesa rose 1.3% aid reports that it's working on significant risk transfers to hedge more than €5 billion in assets, despite concerns over debt and geopolitical tensions. Energy shares gained on a rebound in oil prices, led by Saipem (1.8%) and ENI (1.8%). Utilities also advanced, with Snam rising 1.2%. Stellantis dropped 0.4% amid increased short positions by asset managers. Defense stocks declined as trilateral talks involving the US, Russia and Ukraine on a potential peace deal resumed, with Leonardo dropping 2% to lead losses.
Italy’s FTSE MIB closed 1.2% higher at 49,643 on Wednesday, rebounding from a five-month low, lifted by gains in tech and heavyweight financials. Prysmian (2.8%), Technoprobe (2.8%) and STMicroelectronics (2.6%) advanced, tracking optimism across the sector following upbeat results from SpaceX and Super Micro Computer. Financials also outperformed while discussions on the sector’s contribution to Italy’s public finances were postponed until next week. Intesa rose 1.3% aid reports that it's working on significant risk transfers to hedge more than €5 billion in assets, despite concerns over debt and geopolitical tensions.
Energy shares gained on a rebound in oil prices, led by Saipem (1.8%) and ENI (1.8%). Utilities also advanced, with Snam rising 1.2%. Stellantis dropped 0.4% amid increased short positions by asset managers. Defense stocks declined as trilateral talks involving the US, Russia and Ukraine on a potential peace deal resumed, with Leonardo dropping 2% to lead losses.