Italian Stocks Inch Higher
Italy’s FTSE MIB extended gains, closing 0.4% higher at 49,824 on Wednesday, supported by a 15.4% surge in Stellantis after the automaker reaffirmed its 2026 outlook and expressed confidence in its cost-cutting efforts. Meanwhile, Italy approved its 2027 budget bill, which is expected to include contributions from the financial and energy sectors. Energy stocks outperformed amid higher oil prices, with Saipem rising 0.4% and Tenaris gaining 1.3%, while Eni added 1.6% as it continued its buyback program. Banks traded mostly flat, although MPS (-0.7%) and Intesa (-0.5%) fell more sharply after the ECB approved Intesa’s takeover of MPS. The offer document is expected to receive Consob approval early next month. Banca BPM rose 1.3%, while utilities advanced, led by Hera (+0.5%). Technoprobe and Prysmian gained 1.7% and 1.4%, respectively. On the downside, Telecom Italia fell 1.5%, while Campari and Brunello Cucinelli lost 0.7% and 0.8%, respectively.
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Italy’s FTSE MIB extended gains, closing 0.4% higher at 49,824 on Wednesday, supported by a 15.4% surge in Stellantis after the automaker reaffirmed its 2026 outlook and expressed confidence in its cost-cutting efforts. Meanwhile, Italy approved its 2027 budget bill, which is expected to include contributions from the financial and energy sectors. Energy stocks outperformed amid higher oil prices, with Saipem rising 0.4% and Tenaris gaining 1.3%, while Eni added 1.6% as it continued its buyback program. Banks traded mostly flat, although MPS (-0.7%) and Intesa (-0.5%) fell more sharply after the ECB approved Intesa’s takeover of MPS.
The offer document is expected to receive Consob approval early next month. Banca BPM rose 1.3%, while utilities advanced, led by Hera (+0.5%). Technoprobe and Prysmian gained 1.7% and 1.4%, respectively. On the downside, Telecom Italia fell 1.5%, while Campari and Brunello Cucinelli lost 0.7% and 0.8%, respectively.