Italian Stocks Close Flat
Milan’s FTSE MIB closed largely unchanged at 49,942 on Tuesday as investors assessed the latest batch of third-quarter earnings. Lottomatica gained 0.9% after reporting a 5% year-on-year rise in revenue. Financial stocks mostly underperformed, although Intesa rose 0.6% after beating third-quarter expectations before asking MPS (-0.4%) shareholders on a decision on its takeover bid, pending antitrust approval. Banco BPM led losses, down 0.8%, while other lenders traded near the flatline. Brunello Cucinelli plunged 3.6%, diverging from the broader luxury sector, as Moncler gained 0.2% and Ferrari surged 4.5% after raising its full-year guidance and beating third-quarter estimates. Campari slipped 0.5% after BlackRock increased its short position. Stellantis fell 3.9% as Italian market sales dropped 4.8% year-on-year in October. Energy shares also weakened, with Saipem, Eni and Tenaris down 1.4%, 1.8% and 2.4%, respectively, as oil prices extended their decline.
Story updates
Milan’s FTSE MIB closed largely unchanged at 49,942 on Tuesday as investors assessed the latest batch of third-quarter earnings. Lottomatica gained 0.9% after reporting a 5% year-on-year rise in revenue. Financial stocks mostly underperformed, although Intesa rose 0.6% after beating third-quarter expectations before asking MPS (-0.4%) shareholders on a decision on its takeover bid, pending antitrust approval. Banco BPM led losses, down 0.8%, while other lenders traded near the flatline.
Brunello Cucinelli plunged 3.6%, diverging from the broader luxury sector, as Moncler gained 0.2% and Ferrari surged 4.5% after raising its full-year guidance and beating third-quarter estimates. Campari slipped 0.5% after BlackRock increased its short position. Stellantis fell 3.9% as Italian market sales dropped 4.8% year-on-year in October. Energy shares also weakened, with Saipem, Eni and Tenaris down 1.4%, 1.8% and 2.4%, respectively, as oil prices extended their decline.