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The FTSE MIB pared some of its sharp early losses but still closed 0.3% lower at 44,025 on Monday, in line with declines across other major European equity benchmarks. Markets were pressured by the escalation of the conflict involving Iran, which pushed energy prices higher and reinforced inflationary concerns.
Bank shares extended their steep declines as rising BTP yields further weighed on the sector’s lending outlook. UniCredit fell 1.6%, while Mediobanca and Mediolanum each lost more than 2%. Luxury names were also hit by the prospect of more expensive credit, with Ferrari down 2.5% and Brunello Cucinelli off 3.8%.
In contrast, defense stocks outperformed, with Leonardo jumping between 6.8% and 7%, as the worsening situation in Iran bolstered expectations for increased orders in the defense sector.
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