The FTSE MIB index closed 1.9% higher at 27,070 on Friday, notching a 1.4% gain on the week with support from banks, commodity-backed stocks, and automobile producers. Fresh data showed that the US economy added more jobs than expected in May, although wage growth slowed and the unemployment rate exceeded expectations. The results supported rallies for equity markets worldwide, despite the increase in US bond yields. Oil companies led the gains on the corporate front, benefiting from another upturn in crude oil prices with Saipem surging 5.6% while Eni and Tenaris both added more than 2%. Banks also extended the last session’s strong momentum. Lastly, Moncler added 4% to track the rise in luxury brands amid hopes of Chinese demand.
Historically, the Italy Stock Market Index (IT40) reached an all time high of 50108.56 in March of 2000. Italy Stock Market Index (IT40) - data, forecasts, historical chart - was last updated on June of 2023.
The Italy Stock Market Index (IT40) is expected to trade at 26134.16 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 23471.44 in 12 months time.