Italy's FTSE MIB Drops to June Levels as Bank Losses Weigh
Dow Jones
Oct 07
1535 GMT - Italy's premier stock index wipes out its summer gains, falling to lows last seen in June as tumbling banking and AI-linked stocks weigh. Stocks linked to the AI buildout fall sharply, with semiconductor-testing company Technoprobe down 6.3%, while electrification group Prysmian falls 4.7%. Banks also drop sharply as higher oil prices and fiscal concerns weigh on the broader European sector. Banca Monte dei Paschi di Siena falls 4.1%, while UniCredit loses 4.4%. Banca Mediolanum falls 3.8%. The FTSE MIB drops 2.7%, on track to close at its lowest level since June 5.
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