Piazza Affari is trading slightly lower in late morning deals, tracking the cautious sentiment across European markets following yesterday’s sharp rally.
Investors are struggling to navigate the international landscape, weighing hopes for a resumption of US-Iran talks in Pakistan against fears over the war’s impact on the global economy, underscored by the International Monetary Fund’s somber forecasts.
By 11:55 CET, the FTSE Mib index was down 0.1% on turnover of approximately 1.2 billion euros.
Stock highlights:
** STELLANTIS (+2.8%) is in the spotlight, extending its recovery from recent lows supported by this morning’s first-quarter delivery growth data. According to Equita, while the increase benefited from a favorable year-on-year comparison, it nonetheless exceeded expectations.
** Banks are largely flat, though MPS (+2.2%) is outperforming as the bank holds its annual general meeting to appoint a new board.
** Luxury names are under pressure, with FERRAGAMO and MONCLER shedding 1.5% and 1.6% respectively, following a slump in Hermes and weakness in Kering after its quarterly results.
** Energy stocks are soft, led by a nearly 2% decline in SAIPEM, as crude prices remain stable below 100 dollars per barrel.
(Claudia Cristoferi, editing Stefano Bernabei)