FTSE MIB flat as Amplifon, Tenaris rise

Amplifon climbed 3.66% after investors rewarded the hearing-aid maker for the latest results from GN Hearing, the Danish unit it agreed to buy earlier this year. The deal, still expected to close by the end of 2026, keeps the market focused on integration prospects and the strategic logic of expanding Amplifon’s footprint in a fragmented healthcare device niche.

Tenaris rose 4.42% after reporting quarterly results above expectations, making it one of the day’s clearest earnings winners in Milan. For investors, the move reinforces how resilient cash-generative industrial and energy-linked names can outperform when macro signals are mixed.

That macro backdrop was not enough to move the overall index. Italian retail sales rose just 0.1% in value in September from the prior month, while eurozone producer prices accelerated, French industrial output unexpectedly fell and German factory orders rebounded less than expected.

The euro was little changed at $1.124, oil edged higher to $88.56 a barrel and gold continued to firm, while Italy’s 10-year bond yield stood at 4.29% and the spread over Germany narrowed to 102 basis points. With the FTSE MIB hovering near the 50,800 area and Tenaris and Amplifon already trading above their 50-day moving averages, the next catalysts are likely to come from follow-through on earnings and any further signs that Europe’s growth recovery is stalling.