Italian Stocks Edge Higher
Italy's FTSE MIB closed 0.4% higher at 48,559 on Friday but held near a May low, as gains in energy offset losses in AI, auto and luxury. Energy shares rallied as global oil prices continued climbing, with Tenaris (4.5%) and Saipem (4.2%) advancing. Eni surged 5.8% after beating earnings estimates and announcing plans to expand its buyback this year, buoyed by soaring refining margins. A late-session rally in financials lifted Milan, with Banco BPM (1.1%) and MPS (0.8%) leading gains, while Banca Mediolanum and Unipol each fell 1.1%. Weaker Chinese demand weighed on autos and luxury, reflected in a third-quarter loss at Volvo and declining sales at Gucci. Moncler tumbled 3.2%, Brunello Cucinelli fell 2%, and Ferrari dropped 1.3%. Stellantis plunged 6.3% after announcing a collaboration with Nvidia and Wayve to explore AI-driven driving. AI-related shares remained under pressure, led by Technoprobe (-3.6%). Despite the upside, the benchmark dropped around 2.5% over the week.
Italy's FTSE MIB closed 0.4% higher at 48,559 on Friday but held near a May low, as gains in energy offset losses in AI, auto and luxury. Energy shares rallied as global oil prices continued climbing, with Tenaris (4.5%) and Saipem (4.2%) advancing. Eni surged 5.8% after beating earnings estimates and announcing plans to expand its buyback this year, buoyed by soaring refining margins. A late-session rally in financials lifted Milan, with Banco BPM (1.1%) and MPS (0.8%) leading gains, while Banca Mediolanum and Unipol each fell 1.1%.
Weaker Chinese demand weighed on autos and luxury, reflected in a third-quarter loss at Volvo and declining sales at Gucci. Moncler tumbled 3.2%, Brunello Cucinelli fell 2%, and Ferrari dropped 1.3%. Stellantis plunged 6.3% after announcing a collaboration with Nvidia and Wayve to explore AI-driven driving. AI-related shares remained under pressure, led by Technoprobe (-3.6%).
Despite the upside, the benchmark dropped around 2.5% over the week.