Markets appear to be clinging to any signs of de-escalation, despite deep-seated divergences remaining on critical issues such as uranium enrichment and control of the Strait of Hormuz.
Sentiment was further supported by remarks from U.S. Secretary of State Marco Rubio, who noted 'some positive signs' in negotiations, while an Iranian source stated that gaps have narrowed, although many hurdles remain.
Around 9:50 CET, the FTSE Mib index was up 0.5%, driven by industrial and tech stocks, offsetting weakness in the energy sector. Investor attention in Milan remains focused on several individual movers.
Among these, STELLANTIS rebounded by 3% following yesterday's declines during its lengthy Capital Markets Day. After initial skepticism, investors are reacting with greater optimism to the financial targets unveiled by the group late yesterday evening.
Conversely, AMPLIFON slipped 1%, approaching the 10 euro per share price at which the company placed new shares via an Accelerated Bookbuild (ABB) to fund the acquisition of GN Hearing. Beyond the stock's physiological adjustment, analyst commentary on the deal has been generally positive, noting that it was executed on better-than-expected terms and removes uncertainty regarding the timing and scale of the previously announced capital increase.
RECORDATI remained largely unchanged (-0.1%) following the 10.7 billion euro takeover bid launched by CVC and GBL at 51.29 euros per share, aimed at delisting the company.
At the top of the FTSE Mib, STM climbed 3.5% amid a broader rally in European tech stocks.
Outside the main index, THE ITALIAN SEA GROUP plunged 9% after the Board of Directors reported losses exceeding legal thresholds and announced a turnaround plan to restore financial stability and ensure business continuity.
(Andrea Mandalà, editing Claudia Cristoferi)
