The FTSE MIB dropped nearly 1.6% to close at 40,987 on Thursday, leading losses among European markets as earnings drove sentiment.
The index fell sharply after nearing its May 2007 peak the previous session, dragged by steep declines in Ferrari (-11.6%), Tenaris (-6.2%), and Iveco (-4.5%).
Ferrari disappointed investors with in-line results and underwhelming guidance, falling short of its typical outperformance.
Tenaris, despite beating forecasts, flagged weaker second-half sales, while Iveco cut its 2025 guidance and triggered a sell-the-news reaction after announcing the sale of its defense unit to Leonardo and remaining assets to Tata Motors.
On the upside, Prysmian jumped 2.7% after raising its outlook, and Banca Mediolanum added 1.2% on strong earnings.
Mediobanca slipped 0.3% despite posting its “best year ever,” as the bank stated it would bring forward its attempt to acquire Banca Generali to fend off the takeover by Banca MPS.
