Italian Stocks Close Sharply Higher
The FTSE MIB closed 1.3% higher at 49,187 on Monday, lifted by defense, tech and heavyweight financials. Defense Leonardo (1.9%) and Fincantieri (3.5%) rose as Europe's five largest defense spenders warned of Russia's threat to the continent. Avio rose 5.8% after Berenberg raised its target price and rating to "Buy". Prysmian gained 3.9% after Citigroup reiterated its "Buy" recommendation. Tech stocks advanced amid reports of Anthropic's IPO filing, lifting Technoprobe (5.6%) and STMicroelectronics (2.7%). Financials outperformed as sovereign yields retreated, tracking lower oil prices early in the session. Additionally, Deputy Prime Minister Tajani stated he opposed taxing excess profits, assuring it wouldn't feature in Italy's 2027 budget, although backing a contribution. Banca Mediolanum led sector gains at 2.9%. In turn, ENI fell 1.8%. Attention now turns to Tuesday's cabinet meeting on the 2027—2029 budget, amid reports Italy may consider higher taxes on energy companies.
The FTSE MIB closed 1.3% higher at 49,187 on Monday, lifted by defense, tech and heavyweight financials. Defense Leonardo (1.9%) and Fincantieri (3.5%) rose as Europe's five largest defense spenders warned of Russia's threat to the continent. Avio rose 5.8% after Berenberg raised its target price and rating to "Buy". Prysmian gained 3.9% after Citigroup reiterated its "Buy" recommendation.
Tech stocks advanced amid reports of Anthropic's IPO filing, lifting Technoprobe (5.6%) and STMicroelectronics (2.7%). Financials outperformed as sovereign yields retreated, tracking lower oil prices early in the session. Additionally, Deputy Prime Minister Tajani stated he opposed taxing excess profits, assuring it wouldn't feature in Italy's 2027 budget, although backing a contribution. Banca Mediolanum led sector gains at 2.9%.
In turn, ENI fell 1.8%. Attention now turns to Tuesday's cabinet meeting on the 2027—2029 budget, amid reports Italy may consider higher taxes on energy companies.