The session opened on a positive note at Piazza Affari, buoyed by Wall Street's strong overnight close. Both the S&P 500 and Dow Jones reached new all-time highs, driven by investor interest in financial stocks after the Federal Reserve tempered aggressive expectations and signaled potential new expansionary moves for U.S. rates--contrasting with the outlook for eurozone and UK rates.
Tokyo's stock market also posted significant gains this morning.
Around 9:35 am, the Ftse Mib index was up 0.77%, climbing back above the 44,000-point threshold, a key technical resistance level.
Banks remained strong, with the sector index rising 1.1%, mainly propelled by UNICREDIT and INTESA, up 1.45% and 1% respectively. Among the popular banks, POP SONDRIO surged over 1%, reaching new record highs at EUR15.72. A trader noted that the likelihood of a European rate hike next year is boosting the sector, as lenders stand to benefit from increased interest margins.
DANIELI jumped 5% (with savings shares up 4.1%) after announcing it will supply three new plants to Sail at the IISCO facility in Burnpur, West Bengal. The total value of orders secured by Danieli in India stands at around EUR500 million, set to take effect upon contract signing by the end of December.
BRUNELLO CUCINELLI continued its upward momentum, gaining 0.7% after raising its 2025 revenue forecasts.
TIM ordinary and savings shares rose 1.8% after Poste Italiane acquired the remaining stake in Tim held by Vivendi, amounting to 2.51% of ordinary shares. This brings Poste's holding to 27.32% of the former monopoly's capital. Having surpassed the current takeover threshold, Poste intends to make use of the exemption from the mandatory public purchase offer.
LOTTOMATICA also performed well, advancing 2.3%.
(Giancarlo Navach, editing by Stefano Bernabei)
