Piazza Affari opened on an uncertain note amid a global backdrop that remains difficult to decipher. Hopes for a resumption of U.S.-Iran talks in Pakistan are currently offsetting concerns over the war's impact on the global economy, recently underscored by the International Monetary Fund's somber forecasts.

Around 9:25 a.m., the FTSE Mib index was flat (-0.01%), trading in line with broader European markets.

STELLANTIS (+4%) is a standout performer, extending its recovery from recent lows. The stock is being supported by data released this morning showing a growth in deliveries for the first quarter.

Banking stocks are largely unchanged, though MPS (+2.3%) is gaining ground as shareholders meet today to appoint a new board of directors.

The luxury sector is under pressure, with FERRAGAMO and MONCLER both shedding more than 2%. The decline follows a slump in Hermes and a retreat in Kering shares after the release of their quarterly results.

(Claudia Cristoferi, editing Alessia Pé)