FTSE MIB Trades Lower

The FTSE MIB fell around 0.5% to 48,960 on Tuesday, giving back some of the previous session's gains, weighed down by losses in heavyweight financials. Mediobanca dropped 1.5%, while Monte dei Paschi di Siena lost 0.8%, UniCredit fell 0.8% and Intesa Sanpaolo shed 0.7%. European banking sentiment came under pressure after regional peer HSBC's third-quarter revenue missed forecasts. Investors also monitored Italy's 2027 budget plans, including proposed contributions from financial institutions to help fund tax cuts and spending. Luxury stocks remained under pressure, with Moncler down 1.3% and Brunello Cucinelli losing 0.8%. Automakers also traded lower, with Ferrari falling 0.4% and Stellantis dropping 1.7%. In contrast, technology shares gained, led by STMicroelectronics (+1.1%), while Prysmian rose 0.5%. Utilities also advanced, with Snam and Italgas gaining 0.9% and 0.8%, respectively.