FTSE MIB Approaches May Lows

Italy’s FTSE MIB fell 1.7% to 48,800 on Thursday, approaching its lowest level since May, as banks, and technology stocks came under pressure. Prysmian plunged 4.1%, while STMicroelectronics dropped 3.5%, amid renewed concerns over AI-related valuations. UniCredit and Intesa Sanpaolo lost 2.2% and 2.6%, respectively, while Banco BPM fell 2.9% and BPER Banca shed 2.5%. Stellantis also dropped 2.3%, despite a 10.2% rise in September registrations, as its sales increased by just 4.5%. On the flip side, Moncler rose 0.8% after reporting broadly flat third-quarter revenue at constant exchange rates, as weaker tourist spending in Europe weighed on performance. Leonardo gained 0.3% following reports that its joint venture with Rheinmetall secured €3.7 billion in Italian Army contracts. Meanwhile, Italy’s energy minister said EU-backed measures expected to take effect in January could reduce wholesale electricity prices by around 10%.