Milan, Feb 21, 2026, 07:54 CET — Market closed
- FTSE MIB closed up 1.48% on Friday; Moncler rose 13.41%, Unipol gained 8.67%, Tenaris fell 4.16%
- Global risk mood improved after a U.S. tariff ruling, but traders are bracing for fresh twists in trade policy
- Italy inflation and confidence data are due next week, alongside a key update from Eni
Italy’s FTSE MIB, the main blue-chip index on Borsa Italiana, ended Friday up 1.48% at 46,472.98 points, after trading between 45,803.22 and 46,713.45. Moncler surged 13.41% to 57.00 euros and Unipol climbed 8.67% to 21.13 euros, while Tenaris dropped 4.16% to 22.14 euros. (Borsa Italiana)
The move mattered beyond Milan because Europe’s STOXX 600 closed at a record after the U.S. Supreme Court struck down President Donald Trump’s sweeping tariffs, loosening a knot in global risk sentiment. “It has good elements to it and slightly less good elements,” IG chief markets strategist Chris Beauchamp said, warning the ruling could still “increase this legendary uncertainty” as markets weigh what comes next. (Reuters)
That uncertainty is the thing traders will carry into Monday. Italy’s market is heavy with banks and consumer names; it doesn’t take much of a shift in rate bets, or trade headlines, to swing the index.
Moncler’s jump followed results that beat expectations in key geographies. The luxury outerwear group said fourth-quarter revenue rose 7% at constant exchange rates — stripping out currency swings — and full-year revenue totalled 3.13 billion euros, above a company-compiled consensus of 3.06 billion, while 2025 operating profit edged down 0.3% to 913.4 million euros. Remo Ruffini told analysts the arrival of incoming CEO Bartolomeo Rongone in April was “a natural next step,” adding: “I’m not stepping down, I’m not stepping back.” (Reuters)
Unipol also fed the rally with a profit-and-dividend beat, helped by its insurance business and contributions from banking associates BPER and Banca Popolare di Sondrio, the group said. The insurer proposed a dividend of 1.12 euros a share, up 31.8% from a year earlier, after net profit jumped to 1.53 billion euros in 2025; chair Carlo Cimbri said Unipol was “equipping ourselves to stay safe in a world of wolves” as it watches for more banking consolidation. (Reuters)
The risk is that tariff “relief” turns into a shorter chapter than markets would like. The Supreme Court ruled 6-3 that Trump lacked authority under a 1977 emergency powers law to impose the global levies, and Trump vowed to pursue a new 10% global tariff under a different statute, keeping the trade outlook in play. (Reuters)
Italy’s next domestic catalysts are on the data calendar. National statistics office ISTAT is due to publish January consumer prices on Monday, Feb. 23 at 10 a.m. local time, followed by consumer and business confidence on Thursday, Feb. 26, and December industry-and-services turnover plus January non-EU trade figures on Friday, Feb. 27. (Istat)
Corporate watchers also have Eni on the radar: the group’s calendar shows preliminary financial statements as at Dec. 31, 2025 are due on Feb. 26. (Eni)
Borsa Italiana itself isn’t a separately listed stock, so the “Borsa Italiana price” most investors mean is the FTSE MIB and its biggest constituents — banks, insurers and a handful of heavyweight consumer names — that set the tone for Milan.
