FTSE MIB Ends 0.7% Higher at 51,755 but Fades From a Six-Week High After US CPI

Piazza Affari closed higher for a second day on Tuesday, 10 November, but finished well below its intraday peak. The FTSE MIB rose 0.69% to 51,755 points after trading as high as about 52,235 earlier in the session, its highest level since 29 September.

The index had already jumped 2.69% to 51,399 on Monday, led by banks. Milan was one of Europe's strongest markets in the morning, up as much as 1.3%, before the afternoon release of US inflation data cooled the rally across the continent.

What happened

Banks and defence-linked industrials did most of the lifting. Fincantieri, BPER Banca and UniCredit were among the best performers. Banks have been supported by the view that interest rates will stay higher for longer, which protects lending margins.

On the downside, Stellantis fell about 3.2% amid reports of a continuing production halt at its Mirafiori plant in Turin. Utility A2A and energy group Eni also weighed on the index. Eni's weakness tracked the sharp drop in crude, with Brent briefly falling below $90 on hopes of a US-Iran peace deal.

When US October CPI came in hotter than expected, traders raised the odds of a Federal Reserve hike in December. That pushed global yields up and took some steam out of European equities into the close.

Why it matters for traders

• Banks set the tone in Milan. Financials carry a heavy weight in the FTSE MIB, so the index often behaves differently from tech-heavy markets when rate expectations rise.
• Fading from highs is a signal. Closing far below the intraday high shows sellers were active at higher levels. Traders often watch whether the next session can recover the peak.
• Energy cuts both ways. Lower oil hurts Eni but helps manufacturers and consumers through lower costs over time.
• US data now moves Europe. The afternoon US release changed the direction of the session, showing how closely European markets follow Fed expectations.

What to watch

• Whether the FTSE MIB can close above the 52,000 area, which has acted as resistance since late September.
• European Central Bank speakers on how a more hawkish Fed affects their own path.
• Italian BTP yields and the spread over German Bunds.
• Further third-quarter results from Italian mid-caps this week.

Educational content, not investment advice. Practise trading Italian stocks risk-free in the Trading Titans paper trading app.