The FTSE MIB edged down 0.2% to 53,583 on Friday, as geopolitical uncertainty weighed on utilities while lifting defense stocks. Chip stocks declined on profit-taking ahead of Unitree’s IPO, with Prysmian falling 2% and STMicroelectronics 1.9%. Utilities underperformed as higher European gas prices pressured margins. Enel fell 2%, suffering from a lar firm seeking more than $3 million in legal fees. Italgas fell 1.6%. Defense stocks gained amid elevated tensions, with Fincantieri rising 3.2% on expectations of a key role in efforts to revitalize US shipbuilding, while Leonardo added 1% after Deutsche Bank reiterated its “Buy” rating. Amplifon advanced 2.5% after completing the sale of its Indian business to Hearzap. Consolidation prospects continued to drive financials, with MPS (0.7%) and Intesa Sanpaolo (0.6%) rising after Italy’s prime minister expressed hopes that MPS would not be “dismembered” following Intesa’s takeover bid.