Bearish
FTSE MIB drops 1.7% to 51,545 amid energy supply concerns and rising bond yields.
The FTSE MIB declined by 1.7% to 51,545 on Friday, driven by concerns over energy supply disruptions and increasing bond yields. The eurozone's sovereign bond yields rose following reports that Saudi Arabia would not supply oil to European buyers next month, raising inflation worries. Additionally, Italy's growing public debt, projected at 139% of GDP, added to market unease.
Key points
- Energy stocks, including Eni, fell over 1% due to supply concerns.
- Banking stocks like Unipol, UniCredit, Banco BPM, and BPER Banca declined by more than 2% amid rising bond yields.
- Defense stocks underperformed, with Fincantieri dropping 1%.
- Utilities reversed recent gains as European gas prices rebounded, led by A2A's 3.2% decline.
Sources
AI-generated from public news sources. Not financial advice.
