Trading opened with moderate weakness at Piazza Affari, reflecting a global mood dampened by market disappointment over Oracle's financial results.
The forecasts announced by the U.S. tech giant have stoked concerns about profitability in the artificial intelligence sector, cooling the upbeat sentiment sparked by the Federal Reserve. The Fed's anticipated rate cut was accompanied by less 'hawkish' commentary than expected.
Around 9:30 a.m., the Ftse Mib index was down 0.1%.
Standout performer BRUNELLO CUCINELLI rose 2.7% after the market closed yesterday, following its forecast of 11% to 12% constant-currency revenue growth in 2025--surpassing early-year expectations.
STELLANTIS and FERRARI moved in opposite directions at the open, tracking recommendations from Exane BNP Paribas. Stellantis slipped 1.4% after being downgraded to 'underperform' from 'neutral,' while Ferrari climbed 1.6% after being upgraded to 'outperform' from 'neutral.'
CAMPARI gained 0.7% after Barclays raised its target price to EUR8.6 from EUR7.9. RECORDATI and DIASORIN also performed well.
On the downside, STM fell about 1% as the European tech sector felt the impact of Oracle's results. PRYSMIAN also dropped, down 2.2%.
(Reporting by Sabina Suzzi, editing by Claudia Cristoferi)
