US index futures are slightly higher after yesterday's strong performance, driven by better-than-expected results from Goldman Sachs and Morgan Stanley, as well as positive forecasts for the chip sector.
In Milan and across Europe, however, banks and tech stocks are retracing today, hit by profit-taking, while the defense sector is climbing amid mounting geopolitical tensions, especially in the Arctic region.
Around 12:10 p.m., the FTSE Mib index is down 0.3% with volumes around €1.2 billion.
Stocks in focus:
** LEONARDO rises 2.4%, leading the Ftse Mib, while FINCANTIERI is up more than 3% in a positive context for the European defense industry as NATO and EU circles discuss US President Donald Trump's ambitions regarding Greenland.
** Banks are slightly down, with MPS standing out with a nearly 3% drop as it continues to retrace following denials by UNICREDIT (+0.2%) first and then Delfin regarding a possible transfer of their stake in the Siena-based bank.
** The automotive sector is under heavier pressure, also across the rest of the Continent. STELLANTIS drops 1.5%, with analysts considering credible the rumors that the group may decide to stop selling Fiat and Alfa Romeo brands in the US. FERRARI loses 1.6% following reports in Il Sole 24 Ore suggesting that the renewal of the shareholder agreement with Pietro Ferrari could allow the family to sell a 5% stake. However, Equita considers another placement unlikely in the short term, especially at current market prices.
** The luxury sector continues to slide, both in Italy and the rest of Europe, with FERRAGAMO down 3% and CUCINELLI dropping 4.8%. BofA Global Research downgraded the cashmere group to 'neutral' from 'buy', with a target price of €100 from €115. In a study on the entire sector, for which BofA recommends a cautious approach after the recent rally, the broker still sees the stock as very defensive, but sees little room for further appreciation.
(Claudia Cristoferi, editing by Andrea Mandalà)
