Milan`s Piazza Affari started the summer season on a downward trend, concluding the first trading session with a notable 1% decline, closing at 38,840 points. The day`s performance was influenced not only by the detachment of numerous dividends but also by the climate of uncertainty created by renewed geopolitical tensions following a US attack on Iran.
The market jitters extended to other European exchanges: Paris lost 0.69%, Frankfurt 0.35%, London 0.19%, and Madrid 0.08%. This collective downturn underscores how sensitive markets remain to scenarios of international instability.
In the bond market, the spread between Italian BTPs and German Bunds with a ten-year maturity slightly widened to 97.4 basis points, up from 94 points at the market opening. Yields decreased, with the Italian ten-year rate falling to 3.47% (-1.5 basis points) and the German equivalent settling at 2.5% (-1 point).
On the currency front, the Euro remained stable against the US Dollar, trading around 1.155. Gold registered a slight increase of 0.52%, while WTI crude oil stayed below $74 a barrel, finishing with a modest decrease of 0.69%.
The main index in Milan was also pressured by several stocks trading ex-dividend, including Leonardo (-2.19%), Poste Italiane (-2.38%), and Pirelli (-1.44%). However, some stocks like Snam (+0.47%), Hera (+1.04%), and StMicroelectronics still managed slight gains despite the ex-dividend effect, with the latter rising 0.81%.
Among the stocks most significantly penalized were Azimut (-2.63%), Iveco (-2.54%), and Telecom Italia (-2.42%). The entire banking sector showed weakness, with declines seen in Popolare di Sondrio (-2.22%), Bper (-2.12%), Banco Bpm (-2.01%), and Unicredit (-1.4%). Intesa Sanpaolo (-1.19%) and Mediobanca (-0.55%) experienced more contained losses, while Mps managed to close in positive territory (+0.17%).
Sales were also noted in other sectors. Saipem (-1.72%), Interpump (-1.4%), Prysmian (-1.28%), and Campari (-1.05%) were down. Eni finished 0.57% lower, pressured towards the close by the slight downturn in WTI oil.
In the automotive sector, both Stellantis (-2.10%) and Ferrari (-0.23%) registered losses.
Few large-cap stocks posted gains. Utilities proved to be a positive exception and reaffirmed their role as a safe haven during volatility. A2a (+1.37%), Terna (+1.31%), and Enel (+1.16%) all saw increases.
In the mid-cap segment, some of the most robust performances included Technoprobe (+3.32%), Juventus (+1.88%), Anima Holding (+1.68%), and Ascopiave (+1.53%).
Conversely, Comer Industries experienced significant selling pressure, closing with a sharp drop of 7.81%. D`Amico (-3.31%), Ferretti (-2.74%), and Fincantieri, which lost 2.71%, also performed poorly.