FTSE MIB Slips amid Lenders Rating Downgrades
The FTSE MIB index fell 0.2% to 43,433, driven by declines in financial stocks. UniCredit dropped 1% after Fitch's negative outlook, Mediobanca fell 1.8% following a Barclays downgrade, and Eni lost 1.5% due to a JPMorgan downgrade. Conversely, Stellantis rose 2.3% after a UBS upgrade, with STMicroelectronics and Ferrari also posting gains.
The FTSE MIB slipped 0.2% to close at 43,433 on Friday, reversing earlier gains as financials dragged the index lower.
UniCredit fell 1% after Fitch affirmed its BBB+ rating but maintained a negative outlook.
Mediobanca dropped 1.8% after Barclays cut its rating to “underweight” and trimmed its price target to €17.50.
MPS also eased 0.6% as it continues to face legal scrutiny over its takeover of Mediobanca.
Other financials also weakened, with Intesa Sanpaolo and Generali edging down.
Likewise, Eni lost 1.5% after JPMorgan downgraded the stock to “underweight” from “overweight.” On the upside, Stellantis rose 2.3% following the earlier upgrade from UBS, while STMicroelectronics gained 1.6% and Ferrari added 0.6%
