FTSE MIB’s Morning Optimism Fades into Negative Territory

Tuesday saw the FTSE MIB surrender its early gains, slipping 1% lower, echoing the trend across European markets. The shift in sentiment arose from concerns over rising bond yields, casting doubts on the Federal Reserve’s potential monetary easing for the year.

Meanwhile, in the United States, job openings surged to 8.756 million, surpassing the anticipated 8.75 million consensus.

Closer to home, the manufacturing PMI signaled a noteworthy turnaround, marking the first month of expansion after a prolonged eleven-month contraction period.

On the corporate scene, Telecom Italia experienced a 0.7% dip following accusations from Elon Musk’s SpaceX, alleging obstruction in the deployment of its high-speed satellite internet service, Starlink.

In contrast, the energy sector witnessed a robust surge of nearly 2%, driven by escalating tensions in the Middle East, propelling crude oil prices to their highest point in six months.

Of particular note, both Eni and Saipem recorded notable gains, boasting increases of around 3% and 2% respectively.