FX.co ★ Italian Stocks Close at Over One-Month High

The FTSE MIB advanced by 0.8% to settle at 43,079 on Wednesday, marking its highest point in over a month, driven by widespread gains. Notably, banking stocks saw an uptick with Unicredit rising by 0.6% and Intesa Sanpaolo increasing by 1.4%. Shares of MPS surged by 2.9% following indications that JPMorgan banker Vittorio Grilli is anticipated to be appointed as the new chair of Mediobanca. This development comes in the wake of MPS's recent €16 billion acquisition of Mediobanca, capturing 86.3% of its capital and prompting the resignation of the board. Additionally, Goldman Sachs unveiled a 6.65% stake in Mediobanca, achieved through its subsidiaries, securities lending, and swap contracts set to mature between 2025 and 2035. In the energy sector, Tenaris rose by 4.1% after successfully completing a phase of its $1.2 billion share buyback program. Automotive company Stellantis climbed by 3.5% after it expanded its partnership with the French AI company Mistral. Furthermore, Rome announced that strong revenue forecasts suggest its budget deficit will conform to the European Union's 3% threshold this year, achieving the target one year ahead of schedule, which in turn bolstered the relative strength of Italian bonds.