Milan, Feb 22, 2026, 07:52 (CET) — Market is shut.
- Milan stocks wrapped up the week higher, lifted by gains in luxury shares and financials.
- Enel and Eni serve up new signals for Italy’s utilities and energy-driven indexes.
- Banks have Italy’s bond auctions and the ECB outlook hanging in the background.
The FTSE MIB in Milan wrapped up Friday at 46,472.98, gaining 1.48%. That leaves Borsa Italiana looking at a full docket when trading picks up again Monday. (Yahoo Finance)
Timing is key here. Banks, utilities, and energy make up a big slice of the benchmark, and those groups tend to move with bond yields and whatever central banks are signaling. Next week crams multiple catalysts into just a handful of sessions.
Italian stocks caught a lift on Friday, riding Europe’s broader rally after the U.S. Supreme Court tossed out President Donald Trump’s broad tariffs. Still, policy jitters aren’t going anywhere. “It has good elements to it and slightly less good elements, because it will increase this legendary uncertainty that markets, of course, always fear,” IG chief markets strategist Chris Beauchamp said. (Reuters)
Milan’s luxury sector cut through the noise, with Moncler reporting a 7% rise in fourth-quarter revenue at constant exchange rates. Executive chairman Remo Ruffini made his stance obvious on the analyst call: “But let me be clear, I’m not stepping down, I’m not stepping back.” (Reuters)
Financials drew attention as Unipol reported full-year profit and a dividend ahead of what analysts were looking for, with insurance operations and bank affiliates doing much of the heavy lifting. Chair Carlo Cimbri sounded a warning on consolidation during a call with reporters, saying, “We are equipping ourselves to stay safe in a world of wolves.” (Reuters)
Utilities step up early this week. Enel plans a special meeting with the financial community on Feb. 23, aiming to provide an update on the group’s strategic plan.
Next up for energy traders: Eni. On the calendar, Feb. 25 marks a board meeting to review preliminary 2025 results and make a call on whether to pay out reserves instead of Eni’s third 2025 dividend tranche. Look for a press release and conference call the following day, Feb. 26. (Eni)
Bond supply remains a swing factor, and shifts here tend to jolt Italian yields—bank stocks usually react in lockstep. BOTs, those short-term Treasury bills, come up for auction Feb. 25: there’s 2.0 billion euros of the 91-day line, plus another 2.5 billion euros set for the 154-day tranche, according to SoldiOnline. (Soldionline)
The day before, the Treasury is set to auction a BTP Short Term line maturing in February 2028—a government bond featuring a coupon and a longer term than BOTs. SoldiOnline reported the offer size will range from 2.0 to 2.5 billion euros, carrying a 2.2% annual gross coupon. (Soldionline)
On the supply front, the Treasury plans to reopen two BTP€i issues—these are bonds tied to euro zone inflation—plus the BTP Short. According to We Wealth, the total amount on offer across these three lines, before any supplementary auction, could reach 4.5 billion euros. (We Wealth)
ECB chatter remains in focus for rate watchers. Governing Council’s Fabio Panetta, speaking Saturday, described inflation risks as “significant” on both sides. He also highlighted pressure from low-cost Chinese imports and referenced fresh ECB staff forecasts coming in March. (Reuters)
Macro signals were all over the place. According to Reuters, the euro zone’s purchasing managers survey—PMI, where anything over 50 marks expansion—showed business activity picking up in February. Manufacturing managed to swing back to growth for the first time since October. (Reuters)
Still, nothing is set in stone this week. Softer demand at bond auctions could send yields spiking, a scenario that tends to hit rate-sensitive stocks like banks hardest. Trade headlines are another wild card after the U.S. tariff decision, while a geopolitical jolt could easily push energy prices higher.
Enel’s strategy update kicks things off on Monday. After that, a string of Italian debt auctions and Eni’s Feb. 26 conference call land in quick succession. The ECB Governing Council gathers on Feb. 25 for a non-monetary policy session. (Europa)
