Although investors have so far managed the evolving crisis in Venezuela without particular tension, the steady stream of news on the geopolitical front suggests a general sense of caution.
Around 9:50 a.m., the Ftse Mib index was up slightly by 0.14%.
Defense stocks stood out, rallying across Europe after U.S. President Donald Trump called for an increase in American defense spending. LEONARDO jumped to the top of the Ftse Mib with a gain of nearly 4%, while FINCANTIERI advanced by 1.9%. The European aerospace and defense sector index rose by around 2%, reaching new historic highs.
Banks recovered after weakness in the last two sessions, as did oil stocks, which benefited from the rebound in crude prices following declines tied to the prospects of Venezuelan stock sales.
Among utilities, ITALGAS continued its rally, up 1.6%.
On the downside, STELLANTIS fell by 1.2% despite being upgraded to 'overweight' by Piper Sandler, and TELECOM slipped 1.9% on profit-taking.
In the luxury sector, profit-taking also hit FERRAGAMO, which dropped 5.8%.
Elsewhere on the list, DANIELI gained over 4% following a $650 million mega-contract with Hyundai for the construction of a new plant in the United States.
(Andrea Mandalà, editing by Sabina Suzzi)
