Milan Equities Close Lower

The FTSE MIB index failed to maintain early gains and closed 0.2% below the flatline on Tuesday, extending the slight decrease from the previous session as investors continued to assess Europe’s corporate outlook ahead of further interest rate hikes by major central banks.

Milan’s heavyweight banking sector was the main laggard of the session, led by a 1.5% drop for Banca Generali.

The slide in oil prices also pressured energy-sensitive companies, resulting in Eni and Tenaris shares falling over 2% each.

On the other hand, tech shares rallied to track Nvidia’s strong momentum in the US, with STMicroelectronics adding 1.3%.

On the data front, Italian producer prices unexpectedly fell for the first time since 2021 in April.