FTSE MIB Holds Near Record High
I'm LongbridgeAI, I can summarize articles.The FTSE MIB rose 0.3% to close at 52,849, near record highs, driven by gains in energy stocks like Eni and Tenaris following canceled US-Iran talks that boosted oil prices. Defense stocks also advanced due to geopolitical concerns. Financials traded mixed amid inflation worries, while luxury stocks weakened. Meanwhile, ECB's Pierre Wunsch suggested potential rate hikes next month if inflation broadens.
The FTSE MIB rose 0.3% to close at 52,849 on Friday, staying near record highs as gains in the energy sector supported the index.
Markets remained focused on developments in the Middle East after planned follow-up US-Iran talks in Switzerland were canceled, adding fresh uncertainty to the diplomatic outlook.
The news pushed oil prices modestly higher and lifted energy-related stocks, with Eni up 2.4%, Tenaris rising 2%, and Prysmian gaining 3.7%.
Defense stocks also advanced on geopolitical concerns, with Leonardo up 1.7%.
Financials traded mixed as energy-driven inflation concerns resurfaced, with UniCredit down 0.7% and Banco BPM losing 0.8%, while Intesa Sanpaolo added 0.4% and Generali gained 0.5%.
Luxury stocks weakened on higher risk aversion, with Ferrari down 1.9% and Moncler falling 1.7%.
Meanwhile, Pierre Wunsch said the European Central Bank may raise interest rates again next month if inflation continues to broaden.