The Milan Stock Exchange is set to end 2025 in second place in terms of performance, with the blue-chip index Ftse Mib up more than 30%, trailing only Spain's Ibex, which has climbed 48%. For the third consecutive year, Piazza Affari ranks among the top-performing European stock markets.
No EU macroeconomic data is expected today, while attention turns to some indicators from the United States. Last week, GDP figures showed the U.S. economy grew faster than expected in the third quarter, at an annualized rate of 4.3%, well above the 3.3% estimate from a Reuters poll.
Around 12:45, the Ftse Mib index was down a marginal 0.07%. Trading volumes slightly exceeded 730 million euros.
** The defense sector was sold off, led by LEONARDO down 3.4%, followed by FINCANTIERI at -1.3%, as hopes for a ceasefire in Ukraine spurred profit-taking ahead of the year-end. Since the start of the year, Leonardo has posted an 83% gain and Fincantieri 135%. Other European defense stocks were also sold after this year's rally driven by global geopolitical tensions.
** Profit-taking also hit banks after a strong 2025, with heavyweights UNICREDIT and INTESA SANPAOLO slipping 0.3% and 0.10% respectively. In contrast, MPS advanced 0.95% and MEDIOBANCA rose 0.5%.
** NEXI stood out, rising 2.3% after being largely overlooked this year. In an interview with la Repubblica, the CEO of rival Worldline said the French group does not foresee a merger with the Italian fintech company. According to Intermonte, "the exclusion of such an extraordinary transaction removes a speculative scenario that would have been complex in terms of execution and governance."
** DIASORIN performed well, up 3.1% after the FDA approved its molecular respiratory 4-plex panel on the Liason Nes platform, capable of detecting influenza A and B, RSV, and Sars Cov 2 in about 15 minutes. The stock is also benefiting from short-covering ahead of the close of a lackluster year that saw it post a loss of over 30%.
** Profit-taking hit TIM, which slipped 0.75% after a strong rally this year for the telecom stock.
(Giancarlo Navach, editing Andrea Mandalà)
