Piazza Affari is trading higher, mirroring the positive opening seen across other European stock exchanges as markets attempt to catch their breath. Investors have been reassured by the latest news from the Middle East, where the immediate risk of an escalation in the conflict between Israel and Iran appears to have been averted.
U.S. President Donald Trump stated yesterday that a decision regarding potential American involvement in the conflict will be made within the next two weeks, effectively leaving room for possible diplomatic efforts.
Around 10:00 a.m., the Ftse Mib index was up 1.1%.
The less tense atmosphere in the final trading session of the week, which marks the return of U.S. investors following yesterday's holiday closure, is prompting some repositioning towards riskier assets that had recently been penalized by uncertainty stemming from geopolitical tensions.
In this context, STMicroelectronics rose by 2.2%. Buying has also returned to banking stocks after yesterday's declines, with the sector index up 2%.
UniCredit, in particular, advanced 2.3% following the European Antitrust authority's approval of its takeover bid for Banco BPM. However, investor attention today is focused on comments from UniCredit CEO Andrea Orcel, who, in an interview with la Repubblica, suggested he may withdraw the offer in light of restrictions imposed by the government for approving the deal. "We appreciate the maintenance of a disciplined approach to M&A, given that, unless clarified, the current conditions make the deal difficult to pursue," commented Equita in its daily note.
Banco BPM gained 1.5%, unaffected by the possibility of a withdrawal of UniCredit's offer, which, at current prices, still represents a discount compared to Banco BPM's share value.
Other notable banking performers included MPS (+2.2%), Intesa Sanpaolo (+1.8%), BPER (+1.7%), and Mediobanca (+1.5%).
Elsewhere on the index, oil and utility stocks were weak.
(Reporting by Andrea Mandalà, editing by Antonella Cinelli)
