With the weekend approaching and geopolitical uncertainty prevailing, investors are refraining from taking new positions following the buying seen in recent sessions, which had been fueled by bets on a potential agreement to end the conflict.
As of 9:50 CET, the FTSE Mib index is down 0.3%, weighed down primarily by selling pressure on banks, while the oil sector sees some buying interest as crude prices climb.
Against this backdrop, TENARIS is up 1.5% after Barclays raised its price target to 34.5 euros from 33 euros, while ENI is advancing by nearly 2%.
The broad return of risk aversion is penalizing the banking sector. Among the weakest performers, BPER is losing 1.9%, continuing the retracement triggered yesterday by quarterly results that offered no surprises and following the stock's recent all-time highs. Kepler Cheuvreux downgraded the Emilian lender to 'hold' from 'buy', cutting its target to 13.3 euros from 13.9.
UNICREDIT is shedding 1.3% and INTESA is down 0.8%, with the latter awaiting its quarterly earnings report.
PRYSMIAN is trading in positive territory, up 1%, after Deutsche Bank upgraded its rating to 'buy' with a price target of 167 euros, highlighting a very favorable environment driven by surging fiber optic prices and strong demand linked to data centers and artificial intelligence.
Elsewhere, BREMBO (+5.8%) continues the rally sparked yesterday by better-than-expected quarterly results and an upward revision of its 2026 guidance, while Kepler Cheuvreux raised its price target to 10 euros from 9.
(Andrea Mandalà, editing Stefano Bernabei)
