Piazza Affari opened the week in the red after U.S. forces bombed Iranian nuclear sites over the weekend, ushering in a period of heightened uncertainty for global geopolitical stability.
Around 9:15 a.m., the FTSE MIB index was down 1%, mirroring declines across European markets.
The surge in oil prices provided some support to energy sector stocks such as Saipem, Eni, and Tenaris, which managed to partially withstand the downward pressure impacting most other sectors. Eni (flat) also finalized a deal to sell a 20% stake in Plenitude to Ares funds at a valuation in line with expectations.
The banking index slipped 0.8%, while the automotive index dropped 0.9%. Stellantis fell by 2% after an initial stumble that saw it plunge as much as 5.7% and triggered a brief trading suspension. Antonio Filosa, who officially takes over as CEO of the group today, has appointed a new management team drawn entirely from within the company, while retaining direct oversight of North American operations and American Brands.
(Reporting by Claudia Cristoferi, editing by Sabina Suzzi)
