Investors are struggling to navigate the international landscape, weighing hopes for a resumption of US-Iran talks in Pakistan against fears over the war's impact on the global economy, underscored by the International Monetary Fund's somber forecasts.
By 11:55 CET, the FTSE Mib index was down 0.1% on turnover of approximately 1.2 billion euros.
Stock highlights:
** STELLANTIS (+2.8%) is in the spotlight, extending its recovery from recent lows supported by this morning's first-quarter delivery growth data. According to Equita, while the increase benefited from a favorable year-on-year comparison, it nonetheless exceeded expectations.
** Banks are largely flat, though MPS (+2.2%) is outperforming as the bank holds its annual general meeting to appoint a new board.
** Luxury names are under pressure, with FERRAGAMO and MONCLER shedding 1.5% and 1.6% respectively, following a slump in Hermes and weakness in Kering after its quarterly results.
** Energy stocks are soft, led by a nearly 2% decline in SAIPEM, as crude prices remain stable below 100 dollars per barrel.
(Claudia Cristoferi, editing Stefano Bernabei)
