A negative session for Piazza Affari, weighed down by declines in the banking and asset management sectors, while trading remains lively amid ongoing quarterly earnings season across Europe and overseas.

Tokyo Stock Exchange is closed today for a public holiday.

Looking to Wall Street, futures on the main U.S. equity indices are mixed, with investors awaiting key nonfarm payroll data in the early afternoon—delayed due to a partial federal shutdown—which are crucial for indications on the Federal Reserve's next moves.

Around 1:00 p.m., the FTSE Mib is down 0.74%. Trading volumes stand at 1.9 billion euros.

Today's standout stocks:

** The entire asset management sector is sharply lower. The worst performer is FINECOBANK, down 7.8%, followed by BANCA GENERALI (-7%) which has just released its quarterly results. BANCA MEDIOLANUM also falls by 6.5%, and AZIMUT by 4.3%. A trader notes that the sector is under pressure following last night's announcement that Altruist, a U.S. startup specializing in wealth management, has launched tax planning functionalities based on artificial intelligence. Brokerage stocks plummeted on Wall Street. Altruist stated its Hazel platform automates tax planning within minutes, reducing advisors' reliance on traditional brokerage support.

** Banks are also sharply lower, with the sector index down 2.1%. Among the big names, UNICREDIT loses 1% and INTESA drops over 2.5%.

** FERRARI continues its positive run, up more than 2% after yesterday's rally following the release of quarterly results. Broker Equita upgraded its recommendation to 'buy', highlighting better-than-expected free cash flow and "good quality" 2026 guidance.

** TIM is also in demand, rising 1.6% and reaching new highs since July 2028 at 0.6294 euros. A trader points out that fourth-quarter results from subsidiary Tim Brasil exceeded expectations.

** NEXI is sharply down, falling 2.6%. Equita downgraded its recommendation to 'hold', with a new price target of 4 euros from the previous 7 euros "due to limited visibility on a recovery in medium- and long-term growth."

** Utilities are being picked up, with ITALGAS up 2.2% and HERA rising 1.9%.

(Giancarlo Navach, editing by Sabina Suzzi)