Piazza Affari is down early in the session on the heels of the weak opening of other European bourses.

In the absence of any new cues, the stock market seems to repeat the dynamic seen in the last stock market week, which was dominated by the U.S. presidential election theme: that is, the divergence between the strength of U.S. equities and the weakness of European equities. A divergence that analysts explain by the implications of U.S. tariff policy and the political crisis in Germany.

Around 10:15 a.m., the Ftse Mib gives up 0.7 percent.

Prominent on the negative side is Mediobanca down 6.9 percent in sharp contrast to the banking sector after first-quarter results that disappointed expectations on the revenue front, although profit was in line or slightly above expectations.

In the sector Bper rises more than 2%, Banco Bpm and Pop Sondrio around 1%.

Iveco does well, +1.6% after preliminary agreement with Leonardo to supply functional components for future contracts under the JV between Leonardo and Rheinmetall.

Weighting down the stock market index were luxury stocks, with Cucinelli at -3.1% and Moncler at -2.5%, as well as utilities.

(Andrea Mandalà, editing Stefano Bernabei)