The FTSE MIB gained 0.6% to close at 41,010 this Wednesday, tracking broad-based gains across European markets.
Italian industrial output rose unexpectedly by 0.2% in June from the previous month, offering a tentative sign of recovery for the country’s struggling manufacturing sector after a negative surprise in May.
On the corporate front, Banca dei Monte Paschi di Siena (+5%) and Mediobanca (+4%) led gains.
Banca MPS raised its profit outlook after strong Q2 results and reaffirmed its intent to acquire larger rival Mediobanca.
Meanwhile, top insurer Generali gained 2.4% after reporting earnings and said it would continue assessing Mediobanca’s offer for Banca Generali, which includes a revised distribution agreement.
Mediobanca’s bid for Banca Generali, whose majority shareholder is Generali, aims to strengthen its position and fend off a hostile takeover from Banca MPS.
