Milan’s FTSE MIB index pared early advances, closing just 0.1% higher. The market was weighed down by a steep sell-off in STMicroelectronics (STM), plunging 12.8% following an unexpected Q2 loss and disappointing current-quarter forecasts. Moncler also fell sharply, down 4.2% after its half-year results, trailed by Popolare di Sondrio (-2%) and Brunello Cucinelli (-1.3%). Utilities weakened across the board, led by Enel (-0.3%).
Conversely, Prysmian gained 2.7% and Saipem rose 2.3% after announcing a merger agreement with Subsea7 and reporting results. Italgas remained flat (+0.1%) despite its earnings release. Telecom Italia (TIM) advanced 1.5%, while Iveco Group and UniCredit both climbed 1.3% following better-than-expected earnings and the conclusion of UniCredit’s Banco BPM share sale. Recordati (+1%), Mediolanum (+1.1%), and Iveco (+1%) also closed in positive territory.
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