The FTSE MIB rose 0.5% to 43,702 on Thursday, in line with European peers as investors digested central bank moves and Oracle’s weak results, which rekindled fears of an AI bubble. As expected, the Federal Reserve cut rates by 25 bps, bringing the target range to 3.50–3.75%. The BTP–Bund spread narrowed by 2.3%, supporting financials, with UniCredit up 2.4% and Intesa Sanpaolo 1.6%. Luxury names also advanced: Brunello Cucinelli jumped 2.9% after projecting 11–12% revenue growth for 2025 and confirming its 2026 outlook, alongside an upgrade to “Buy” from Equita, while Ferrari gained 1.3%. In contrast, concerns over tech valuations weighed on STMicroelectronics (-1.2%) and Leonardo (-2.1%). Other decliners included Prysmian (-2.8%), and Eni (-0.7%) amid softer oil prices.