Italy: FTSE MIB Closes Sharply Lower.

The FTSE MIB plunged 2.8% to close at 51,316 on Thursday, pressured by rising oil prices and weaker-than-expected chip earnings. STMicroelectronics tumbled 17.7%, leading losses after reporting results below expectations, despite forecasting accelerating revenue growth in the fourth quarter on stronger data center demand. Moncler dropped 7.9% as weaker European sales overshadowed resilient Asian demand. Ferrari (-3.4%) and Campari (-3.3%) followed. The ECB left interest rates unchanged, with markets now expecting a rate hike in September amid rising oil prices. Higher sovereign yields followed, with the BTP-Bund spread increasing to 85 bps, weighing on banks balance sheets and pressuring financial firms. UniCredit fell 4.8% despite upbeat earnings and upgraded profit outlook, as uncertainty surrounding its suspended share buyback while pursuing Commerzbank weighed on the lender, aiming to acquire the German lender by year-end. Nexi shed 6%, also weighing on the index.