Indexes remain weak at Piazza Affari, hit particularly hard by the collapse of Stellantis and declines in the luxury sector, as earnings season reaches its peak.

On the macroeconomic front, in the United States, the monthly employment data for January has been postponed to next Wednesday, February 11, due to a three-day federal shutdown that disrupted the collection of statistics. However, according to the Bureau of Labor Statistics, inflation data for January is still expected to be released today.

Around 12:20 pm, the Ftse Mib is down by 0.30%. Trading volumes stand at 1.8 billion euros. Today, the Milan Stock Exchange is among the worst performers in Europe.

KEY STOCKS IN FOCUS TODAY

** An extremely tough session for STELLANTIS, which plunges by about 25%, returning to lows not seen since June 2020 after the market was caught off guard by a preliminary loss announcement of between 19 and 21 billion euros in the second half of 2025 and the suspension of this year's dividend, dragging down the entire European auto sector. Equita notes that extraordinary charges foresee a cash outflow of 6.5 billion euros over four years, "well above our expectations (over 2 billion euros) and, we believe, also above consensus." Additionally, the broker highlights in its daily note that guidance for 2026 is worse than anticipated. "Estimates will need to be adjusted based on updates from the conference call at 2 pm," it adds.

** Other industrial and automotive stocks are also down, including FERRARI, dropping 1.65%, PIAGGIO (-2.9%), and PIRELLI (-0.84%).

** The luxury sector is also sharply lower, with BRUNELLO CUCINELLI, FERRAGAMO, and MONCLER all falling by more than 2%. The European sector is weighed down by Kering (PRTP.PA) (-2.7%), as investors question the prospects for a return to growth for flagship brand Gucci in 2026, ahead of next week's release of 2025 results.

** Banks are bucking the trend as they report quarterly results. FINECOBANK jumps 3.1% after results "well above expectations with prospects for an improved 2026 consensus," according to a Citi report. BPER also rises, up more than 2.2% after its results. Equita has raised its target price for the stock by 2% to 14.3 euros. POP SONDRIO remains strong, up 1.5%.

** Utilities are in demand, led by A2A, up 1.1%, ERG (+1.2%), and ITALGAS (+1.65%).

** At the bottom of the basket, JUVENTUS slips 2.6% after a 3-0 defeat to Atalanta in the Coppa Italia quarterfinals.

(Giancarlo Navach, editing by Sabina Suzzi)