Milan’s FTSE MIB index opened the week positively, gaining 1.1% as banks drove a recovery from Friday’s sharp decline triggered by disappointing US jobs data. The advance mirrored gains across other major European markets. Investor skepticism grew regarding a proposed windfall tax championed by Italy’s League party. Leading the gainers were Banca Popolare di Sondrio (+3%), Mediobanca (+2.1%), UniCredit (+1.8%), Mediolanum (+1.8%), and Leonardo (+1.8%), closely followed by Azimut (+1.7%), Banco BPM (+1.7%), and Intesa Sanpaolo (+1.6%). Generali edged up 0.5% ahead of its results and its awaited response to Mediobanca’s renewed offer for Banca Generali (+0.9%) – an alternative proposed by Mediobanca CEO Alberto Nagel to acquiring Monte dei Paschi (+1.7%). Campari fell 2.5% on profit-taking following Friday’s post-earnings rally, while Ferrari (-0.6%) and Amplifon (-0.4%) remained weak.
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