Italian Stocks Erase Early Gains as Banking Shares Weigh
Milan’s FTSE MIB erased its early-session gains to trade around 51,700 on Wednesday, but remained near its highest level since late September, as renewed optimism surrounding AI-related stocks offset losses among heavyweight financials. Tech shares led the benchmark higher, with Technoprobe, STMicroelectronics and Prysmian advancing between 3% and 5.5%, supported by an upbeat outlook from CoreWeave. Telecom Italia also climbed 2.5% after reporting third-quarter core earnings broadly in line with expectations. Financial and banking stocks are weighing heavily as sovereign yields surged on growing expectations of a Fed hike, with Banca Mediolanum losing over 3% and other banks posting smaller declines. A2A extended its decline, dropping more than 3%. Stellantis also remained under pressure, falling over 2% after selling its Toronto factory, prompting Canadian Prime Minister Mark Carney to threaten legal and policy measures to protect laid-off workers.
Milan’s FTSE MIB erased its early-session gains to trade around 51,700 on Wednesday, but remained near its highest level since late September, as renewed optimism surrounding AI-related stocks offset losses among heavyweight financials. Tech shares led the benchmark higher, with Technoprobe, STMicroelectronics and Prysmian advancing between 3% and 5.5%, supported by an upbeat outlook from CoreWeave. Telecom Italia also climbed 2.5% after reporting third-quarter core earnings broadly in line with expectations.
Financial and banking stocks are weighing heavily as sovereign yields surged on growing expectations of a Fed hike, with Banca Mediolanum losing over 3% and other banks posting smaller declines. A2A extended its decline, dropping more than 3%. Stellantis also remained under pressure, falling over 2% after selling its Toronto factory, prompting Canadian Prime Minister Mark Carney to threaten legal and policy measures to protect laid-off workers.