The FTSE MIB fell 0.4% to close at 41,907 on Wednesday, dragged down by losses in the financial sector. Generali dropped 2.9% after disclosing several portfolio adjustments, including reducing its holdings in Netflix (-9.2%) and Coca-Cola (-9.7%) while increasing positions in Blue Owl Capital and Goldman Sachs. Intesa Sanpaolo fell 1.6% as its merger with First Bank entered the final phase, with completion expected by October 31 pending final regulatory approval. Other major banks also retreated, with Banca Popolare di Sondrio down 3.1% and BPER 3.0%. Nexi tumbled 5.4% after BNP Paribas Exane downgraded the stock to Neutral and cut its target price to EUR 5.30, citing extraordinary events such as the de-migration of Banco BPM (-2.8%) and CCB, and the re-insourcing of a Nordic client’s operations. Leonardo declined over 4% as easing geopolitical tensions in the Middle East weighed on defense stocks, while automakers outperformed, with Ferrari up 2.9% and Stellantis 3.2%.