Yesterday, Wall Street closed slightly higher, and Tokyo also performed well this morning. However, many Asian markets remain closed due to Lunar New Year celebrations.
On the US macroeconomic front, the minutes from the January meeting—due out this evening—could offer valuable insights into the outlook for interest rate cuts, with markets currently expecting a reduction in June according to the CME’s FedWatch Tool.
This afternoon will bring a series of data releases, including new housing starts and durable goods orders for December in the United States, as well as January’s industrial production figures.
Around 9:40 a.m., the FTSE MIB was up 0.76%.
The spotlight remains on banks, with MEDIOBANCA rallying by 8%, while parent company MPS rose 3.4% after the Siena-based bank’s board yesterday gave the green light to a full merger with Piazzetta Cuccia, which will result in the delisting of the Milanese bank after 70 years. The anticipated launch of the mandatory public tender offer on Mediobanca’s remaining free float is the main driver behind the stock’s movement, a trader noted.
Major lenders also performed well, with UNICREDIT up 1.2% and INTESA up 1.4%.
LEONARDO was also in demand, rising by about 2.5%, followed by FINCANTIERI at +1.4% in a European defense sector buoyed by the better-than-expected results of British firm BAE Systems, which climbed over 4%.
ERG continued to attract buying, up 4.6% amid speculation of a possible reshuffling of the renewable energy producer’s shareholder base. Utilities were also in demand today as investors await further details on the government’s energy decree, which could penalize companies producing energy from renewable and hydroelectric sources. Both ENEL and A2A were up 1% in the sector.
EDISON’s savings shares fell sharply, down about 4% after its 2025 results showed a net profit of 240 million euros, a steep drop from the 403 million recorded in 2024, while EBITDA was in line with forecasts at 1.305 billion, compared to 1.708 billion in 2024.
RECORDATI posted a cautious 1% gain following its 2025 results.
The entire luxury sector was sold off, with FERRAGAMO down 1.7% and CUCINELLI down 0.8% as the market awaits their preliminary 2025 results, due out after the close today.
(Giancarlo Navach, editing by Andrea Mandalá)
