The FTSE MIB fell 1.3% to close at 41,955 on Wednesday as investors awaited the outcome of the two-day FOMC meeting, with markets expecting a 25bps rate cut on evidence of a deteriorating labor market.On the corporate front, UniCredit (-3.6%) slumped after CEO Andrea Orcel highlighted Poland, Italy, and Germany as potential M&A targets. UniCredit’s bid for Banco BPM (-1.5%) collapsed earlier this year, while German opposition has stalled a deal with Commerzbank, where UniCredit’s stake is set to rise to 29% by year-end through derivative conversion. Other Italian banks also fell (Intesa Sanpaolo -1.3%, Banca Mediolanum -1.8%). Ferrari (-2.6%) and Leonardo (-2.5%) declined, while Nexi (+1.9%) outperformed.