Milan shares edge higher, with the FTSE MIB up 0.4%, as investors rotate into defensives and utilities while a weak Saipem weighs on the laggards.
FTSE MIB rises as defensives and banks gain
Unipol leads the advance in the banking and insurance-heavy index, while Enel and Italgas also post solid gains, giving Piazza Affari a firmer tone than most European peers. The move comes as volatility across global equities remains elevated, with Adalytica’s S&P 500 trade-signal gauge showing extreme fear, a backdrop that tends to favor lower-beta names and dividend payers.
Sentiment Indicators
Banks turn positive as well, with MPS up 0.97%, UniCredit 0.79% higher and Intesa Sanpaolo essentially flat, suggesting buyers are still willing to add financials even as the broader market stays cautious. Saipem is the main drag, falling 2.67%, underscoring how selective flows remain in an index where energy and infrastructure names can move the benchmark.
Among mid-caps, Italian Sea Group drops 14.11%, a sharp move that stands out even in a session shaped by broad stock-picking rather than a clear macro catalyst. The market now looks to whether the bid for defensives can hold in the next sessions if risk appetite abroad stays fragile and European equities continue to trade without a strong directional trigger.
| Entity | Gains | Losses |
|---|---|---|
| Unipol | ▲Tops Milan gainers | ▼Faces valuation pullback risk |
| Enel and Italgas | ▲Defensive inflows | ▼Limited upside if risk appetite returns |
| Saipem | ▲None | ▼Sells off 2.67% |
| Banks / MPS / UniCredit / Intesa | ▲Mild rebound in financials | ▼Still sensitive to market caution |
