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The FTSE MIB rose 0.3% to close at a record high of 52,959 on Monday, supported by expectations of higher military spending across NATO members. Defense stocks led gains after NATO members, including Italy, increased military spending. Fincantieri jumped 11.4% after announcing four acquisitions worth just over €1 billion, while Leonardo gained 4.6% and Avio added 2.6%. Ferrari rose 2.2%, extending gains as it continued its share buyback program as following the unveiling of its new model. Banks also advanced on expectations for a ECB rate hike, with Banco BPM up 2.2% after unveiling a €1.5 billion credit facility for Italian businesses' digital and ecological transition. Finecobank (1.2%) and Intesa Sanpaolo (1.1%) also advanced while insurers Unipol (0.3%) and Generali (0.1%) followed. Prysmian led losses at 2.1% and utilities underperformed, with Italgas down 1.7%, Terna losing 1.6%, and A2A falling 1.4%.

FTSE MIB at Record Highs

European stock indexes eased from their records on Monday as amid losses for consumer staple companies and pharmaceutical giants. The Euro STOXX 50 dropped 0.2% to 6,398 and the STOXX Europe 600 fell 0.4% to 650. Anheuser Busch InBev sank 4% and L'Oreal dropped over 1% to set the pace for consumer defensive stocks, while Inditex dropped more than 2% and both LVMH and Hermes pulled back 1% on a weak session for discretionary goods. Sovereign yields in the Eurozone rose further amid a curve steepening session as markets priced a hawkish ECB, despite recent signs that inflation may have topped in the currency bloc. On the other hand, banks closed higher with Deutsche Bank, ING, and Intesa Sanpaolo adding more than 1%. Also, Rheinmetall added 3.5% on a strong session for the defense sector.

European Stocks Inch Down from Records

The FTSE MIB Index went up by 140 points or 0.27 percent on Monday to close at 52959 points. The rise was led by Fincantieri (11.42%), Leonardo SpA (4.78%) and Avio (2.61%). On the downside, the weakerst performers were Prysmian (-2.08%), Italgas (-1.66%) and Terna Rete Elettrica Nazionale (-1.55%).

The FTSE MIB Index Closes 0.27% Higher

The DAX Index rose 39 points or 0.15 percent on Monday to close at 25818 points. Leading the gains are Rheinmetall (3.60%), Scout24 (2.47%) and Fresenius (1.81%). Top losers were Bayer (-4.09%), Merck (-2.16%) and Continental (-2.16%).

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