FX.co ★ Italian Stocks Slide After US Strikes on Iran

The FTSE MIB fell by 0.9% to just below the 38,900 mark in early Monday trading, marking its lowest point since early May, as market sentiment was rattled by US airstrikes on Iranian nuclear facilities. These actions have heightened concerns about the potential for an expanded conflict. Investors are now carefully monitoring the situation to see if Iran might respond by closing the Strait of Hormuz, a critical route for global shipping. Back in Italy, all eyes will be on the upcoming release of economic indicators, including June's business and consumer confidence surveys and industrial sales data for May. In the corporate realm, utility stocks faced significant declines, with Hera down 4.4%, Snam dropping 3.7%, Terna Group slipping 3.1%, and Italgas shedding 2%. Other major decliners in the market included Poste Italiane, which fell by 5.1%, Pirelli with a 4.8% decline, Telecom Italia down 2.1%, and Leonardo decreasing by 1.8%.