At Piazza Affari, the final session of the week continues to reflect the cautious approach adopted by investors at the opening, as the weekend approaches.

Despite a reduction in tensions over recent days, uncertainty remains regarding the geopolitical landscape and the decisions of Donald Trump's U.S. administration, keeping market participants on alert.

With markets closed over the weekend, the prevailing watchword in trading rooms is extreme caution, limiting today's moves mainly to some profit-taking.

Signals in this direction are also coming from Wall Street, where futures are trading lower after the rally of the previous two sessions.

Around 1:00 p.m., the Ftse Mib is down 0.52%, projecting a weekly loss of about 2%—the first negative week after three consecutive gains.

Stocks in focus:

** Bank stocks are weak, suffering most from market volatility. Among the main targets of profit-taking is MPS, down 1.6%. The stock is also weighed down by uncertainties surrounding the governance of the Siena-based group ahead of the board renewal. Yesterday, the Rocca Salimbeni board took more time on the rules for the board list. The press continues to highlight an intense internal debate regarding the possible exclusion of CEO Lovaglio—currently under investigation over an alleged secret pact for control of Mediobanca and Generali—from both shareholder consultations and the candidate selection process, as well as from the final vote on the list. "We believe that at this stage, full clarity on the bank's governance is crucial, particularly with regard to the Mediobanca strategy, the integration process, and the actual ability to achieve the expected synergies," comments Equita.

** The rest of the sector sees declines of around one percentage point for INTESA SANPAOLO, BPER, POP SONDRIO, and BANCO BPM.

** At the bottom of the Ftse Mib, NEXI drops 2.7% as MF reports rumors that CFO Bernardo Mingrone may leave the company to take on the role of CEO at Tinexta.

** Some industrials are also weak, such as STELLANTIS, down 2.7%, and luxury with CUCINELLI at -1.8%.

** Oil stocks are positive, with SAIPEM up 3.6% and ENI up 1.4%, following the rebound in crude prices after comments by Trump on the U.S. fleet being ready to deploy in the Persian Gulf against Iran.

** Defense stocks are moving against the market trend. FINCANTIERI jumps 2.45% after yesterday's 8.7% plunge, and LEONARDO advances 1.7% after a roughly 3% drop the previous day.

(Andrea Mandalà, editing Claudia Cristoferi)