Le notizie di oggi — July 5, 2026

Front Page

Piazza Affari flies past 52,800 points, a new high for 2026

• What happened: The FTSE MIB closed on Friday, July 3, at 52,818.85 points, gaining 0.75% with 2.74 billion euros in trading volume. Amplifon saw a 4.71% jump, and Saipem rose 3.63%. The BTP-Bund spread is at 77.4 basis points.
• Context: In the first half of 2026, Milan gained 15%, outperforming other European markets and climbing past 52,000 points. The index pulled back from the all-time high of 52,432 reached on June 27, but maintains solid performance in the second half.
• Why it matters: The resilience of Piazza Affari signals confidence in Italian assets despite global volatility. Analysts are now looking at which sectors will support the rally in the coming months, with a focus on technology and industrials.

Italian service sector returns to growth, PMI confirms easing cost pressures

• What happened: The Italian services PMI index signals a return to growth, with cost pressures significantly lower than in previous periods. Data show a recovery in the sector after months of difficulty.
• Context: The inflationary pressure that hindered the sector in early 2026 is gradually easing, creating more room for service companies to maneuver.
• Why it matters: A return to growth in the service sector is a positive sign for Italian employment and consumption in the second half of the year. It also reflects the gradual normalization of the European economic cycle.

Borsa Italiana loses its appeal: 130 billion lost in 10 years

• What happened: According to Assonime data, Borsa Italiana has suffered a market capitalization loss of 130 billion euros over the decade due to delistings and the relocation of companies to other European exchanges.
• Context: The issue reflects the difficulty Piazza Affari faces in attracting new listings and retaining established companies within an environment of European financial market consolidation.
• Why it matters: The situation raises questions about Milan's structural competitiveness as a European financial hub and the need for reforms to build a more robust "European market system."

Economy and Business

FTSE MIB consolidates gains as global markets watch US employment data

• The fact: The US economy added 57,000 jobs in June (down from 129,000 in May), with the 10-year US Treasury yield falling to 4.46%. This scenario has supported European markets, including the FTSE MIB.
• Impact: Reduced pressure on interest rates favors European yield-sensitive stocks, particularly banks and real estate. The easing of monetary tightening expectations has boosted investor sentiment.

STMicroelectronics and the tech sell-off test the resilience of the Italian market

• The fact: Over the past week, STMicroelectronics suffered a significant sell-off following a global decline in tech stocks linked to AI concerns. This tested the FTSE MIB.
• Impact: The correction in semiconductors reflects volatility in global artificial intelligence markets and requires vigilance regarding potential further fallout. However, the diversification of Piazza Affari limits the overall damage.

From the World

Geopolitical tensions in Crimea: Ukrainian attack leaves 4 dead, 28 injured

• Where and what: A Ukrainian drone attack on Russian-controlled Crimea caused 4 deaths and 28 injuries according to the Russian-installed authorities on the peninsula. The episode underscores the military escalation in the conflict.
• Reflections for Italy/EU: Tensions in the Ukrainian theater continue to generate volatility in European markets and influence EU energy policies. Italy, as a member of the Atlantic Alliance, is monitoring developments closely.

EU debate on building a European financial market system

• Where and what: European institutions are discussing the need to harmonize continental financial markets to counter fragmentation and the migration of companies to non-European exchanges. Borsa Italiana is at the center of this debate.
• Reflections for Italy/EU: Strengthening European markets, with Milan as a central hub, could raise Italy's and the Eurozone's economic influence in global finance. It is a strategic priority for the Italian government.

Italian Politics in Brief

• Meloni vs. Trump on the G7 issue: The Italian Prime Minister accused President Trump of "totally inventing" the story that she had "begged" him for a photo at the early June G7. The verbal clash marks a deterioration in relations between the two once-allied leaders.

• Electoral reform: Meloni pushes forward, opposition cries "authoritarianism": The Prime Minister is promoting a major reform of the Italian electoral system. The opposition denounces the attempt to change the rules before the 2026 elections to benefit the governing coalition.

• Meloni attends swimming championship: The Prime Minister attended the first day of the 62nd Settecolli swimming trophy at the Foro Italico in Rome (June 26-28), an international event of sports significance.

Analysis of the Day

The week that is ending sees Piazza Affari consolidate its gains in a climate of relative macroeconomic stability. The signs of recovery in the Italian service sector, combined with the drop in cost and inflation pressures, suggest that the Italian economic cycle is entering a new phase, less turbulent than in the first months of 2026. The structural vulnerability of Borsa Italiana — with 130 billion in capitalization evaporated in ten years — remains a strategic priority that requires coordinated European interventions. Politically, the clash between Meloni and Trump highlights a shift away from traditional transatlantic dynamics, while the Prime Minister's push for electoral reform fuels domestic democratic debate. In the global context, tensions in Ukraine and the fluctuations of American tech markets continue to represent risk factors for Italian and European stability.

Keep an Eye On

• US employment data and rate repercussions: Weakness in American employment could push the Federal Reserve toward more aggressive cuts, with positive effects on European markets. Next release date: the first Friday of every month.

• Italian electoral reform: The parliamentary calendar and negotiations with the governing coalition will determine the timing of the 2026 elections and the possibility of changing the system. Follow government and opposition statements in the coming days.

• Tech and semiconductor volatility: STMicroelectronics and other European tech stocks remain sensitive to global AI movements. Monitor quarterly results and trends in the semiconductor sector in the coming quarters.

For Further Reading

• State of the Italian markets: Consult official data from Borsa Italiana (borsaitaliana.it) and the Italian Government (governo.it) for real-time updates on listings, BTP-Bund spreads, and policy initiatives.

• Analysis of Piazza Affari's competitiveness: The Assonime report on the loss of capitalization is available from the association (assonime.it). It is an important read for understanding the structural challenges of Italian financial markets.

• Economic calendar appointments: The upcoming month of July will bring ECB decisions on interest rates (expected in the week of July 17-18). Mark the official communication times on your calendar to plan investments and hedging strategies.

1 sources

governo.it

governo.it