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The FTSE MIB rose 1.6% to close at 52,428 on Thursday, supported by lower-than-expected US labor data and defense-linked gains. Defense stocks extended the previous session's gains, led by Fincantieri (6.8%), Leonardo (6.5%) and Avio (1.5%). Weaker-than-expected US labor data fueled gains in financial stocks by reducing expectations of further Fed rate hikes this year, while the BTP-Bund spread dropped to 78bps during the session and added support. UniCredit led gains at 4.1%, followed by Banca Mediolanum (2.2%), Finecobank (2.1%), Intesa Sanpaolo (2.1%) and Mediobanca (1.2%). Insurers Unipol (3.2%) and Generali (0.7%) also extended advances. Energy stocks also advanced, led by A2A (3.6%), while Eni gained 1.6% after announcing a fusion energy joint venture. Meanwhile, AI-related stocks remained volatile, with STMicroelectronics (-0.9%) and Prysmian (-0.7%) ending lower.

FTSE MIB Closes Higher

European stocks closed sharply higher at new records on Thursday as the outlook of an improved macroeconomic backdrop lent broad support to the European corporate sector. The Euro STOXX 50 gained 1.2% to 6,355 and the STOXX Europe 600 rose 1.4% to a record of 648. Equities across the world rose after a non-farm payrolls in the US rose only half what was expected, limiting the urgency for tighter policy by the Federal Reserve, and aiding fixed-income assets in economies with exposure to the US. This followed softer inflation in the Eurozone, which supported government bonds in the bloc. UniCredit soared 4% on the final day of its offer period for German lender Commerzbank, while Deutsche Bank added more than 5%. In the meantime, the outlook of lower rates in the US aided luxury giants traded in Paris, with Hermes and LVMH both adding more than 3%. Defense stocks also rallied across Europe, lifting Rheinmetall to close 6% higher.

European Stocks Close at Records

The FTSE 100 rose 1.7% to 10653 on Thursday, the highest since April 17, driven by a powerful rally across defensive, pharmaceutical, and aerospace sectors. Pharmaceutical giants led the upward momentum with AstraZeneca jumping over 5% and GSK adding more than 4%, while defense majors secured heavy gains as BAE Systems surged 6.1% and Babcock International advanced 5.5%. Broad-based support from market heavyweights including Rolls-Royce, British American Tobacco, oil majors BP and Shell, alongside lenders HSBC and Lloyds Banking Group, further underpinned the index's advance. Also, Capricorn Energy agreed to be taken over by Genel Energy, while CMC Markets got an upgrade from analysts at Panmure Liberum after increasing its earnings guidance. Additionally, retailer Currys posted financial year earnings matching analyst estimates and announced the launch of a £50 million share buyback program.

FTSE 100 Climbs to Around 2-1/2-Month High

The FTSE MIB Index went up by 824 points or 1.60 percent on Thursday to close at 52428 points. The rise was led by Leonardo SpA (6.88%), Fincantieri (6.78%) and UniCredit (3.79%).

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