European shares closed lower on Tuesday, but Milan outperformed as strong quarterly updates from Intesa Sanpaolo, Ferrari and Lottomatica helped the FTSE MIB end almost unchanged at 49,942 points.
FTSE MIB Flat as Intesa, Ferrari Lift Milan
The broad tone across the region was weak, with London falling 1.14%, Paris down 0.34% and Frankfurt finishing slightly below the previous session, even as investors digested another round of earnings that is steering stock-specific moves more than the macro backdrop.
Sentiment Indicators
In Milan, Intesa Sanpaolo led the support after lifting its full-year net profit forecast to “well above” 10 billion euros following third-quarter results that beat expectations. Ferrari rose after slightly raising its full-year outlook on better-than-expected third-quarter results, while Lottomatica confirmed its 2026 guidance at the top end of its range after reporting a 19% increase in adjusted EBITDA in the first nine months of the year.
That mix mattered because it showed earnings are still compensating for a cautious market that is contending with softer risk appetite, oil that slipped after an early rebound, and persistent uncertainty around the geopolitical and rate backdrop. The euro was little changed at $1.119, while the spread between Italian and German 10-year bonds stayed at 112 basis points, with the BTP yield at 4.43%.
Sector rotation was visible within Piazza Affari. Ferrari added 4.47% and Amplifon gained 2.98%, while Stellantis dropped 3.88%, Brunello Cucinelli lost 3.55% and Tenaris fell 2.42%. On the mid-cap market, Technogym, TXT E-solutions and Intercos advanced, but BFF Bank sank 6.04%.
The message for investors is that Italian large caps with earnings momentum can still defend the index even when Europe as a whole struggles. The next catalyst is the rest of the earnings season, with markets also watching oil, U.S. geopolitical developments in the Gulf and any fresh move in bond yields that could reset risk appetite.
| Entity | Gains | Losses |
|---|---|---|
| FTSE MIB | ▲Holds near flat | ▼Trails stronger stock pickers |
| Intesa Sanpaolo, Ferrari, Lottomatica | ▲Higher profits/outlook upgrades | ▼Short sellers and cautious holders |
| European benchmark indices | ▲None broadly | ▼London, Paris and Frankfurt |
| Stellantis, Brunello Cucinelli, Tenaris, BFF Bank | ▲None | ▼Daily price pressure |
