Milan Stock Market Outshines Europe Amid Global Shifts

European stock markets presented a mixed picture on February 3, 2026, with Milan standing out as the lone major index to post gains, even as the pace of growth slowed following a record-breaking session the previous day. According to reporting by Il Sole 24 Ore, Piazza Affari, Milan’s main stock exchange, had surged past the 46,000-point threshold—its highest since December 2000—before settling into a more measured advance. The Italian market’s resilience was attributed to robust performances from companies like DiaSorin, Campari, and a buoyant banking sector.

Elsewhere in Europe, sentiment was more subdued. Frankfurt and Madrid managed to claw back to near parity by the end of trading, while Paris slipped slightly despite expectations surrounding the approval of the budget law. Amsterdam lagged behind, weighed down by losses in the energy sector, and London closed the session in the red. The momentum in Europe notably failed to match the exuberance seen in Asian markets, where investors were celebrating the recent trade agreement between the United States and China.

That agreement, as detailed by Il Sole 24 Ore, saw Washington commit to reducing tariffs on Indian goods from 25% to 18% with immediate effect. In return, India agreed to halt imports of Russian oil and pledged to purchase over $500 billion in American products. This deal spurred significant rallies in Asian markets, with Seoul soaring 6.8% and Tokyo up 3.9%, the latter buoyed further by expectations of new, more accommodative fiscal policies from Japan’s incoming government. Mumbai’s index climbed 2.8%, while Shenzhen and Shanghai rose 2.3% and 1.3% respectively. Sydney and Hong Kong posted more modest gains of 0.9% and 0.3%.

Back in Milan, the FTSE Mib index was up 0.9% at around 12:45 p.m., with trading volumes at approximately €1.4 billion, Reuters reported. Italian banks led the charge, with the banking index rising 1.6%—outperforming the European average. Unicredit and BPER posted gains of 2.2% and 1.9% respectively, with Intesa Sanpaolo also advancing. Generali shares increased by 1.3%.

Among individual stocks, DiaSorin advanced by 1.7% after announcing it had submitted a request to the U.S. Food and Drug Administration (FDA) for authorization and a CLIA waiver for its Group A Streptococcus molecular test, intended for use on its diagnostic platform. Recordati climbed 1.5% after Kepler Cheuvreux upgraded its rating from ‘Hold’ to ‘Buy’, citing an “attractive valuation” ahead of the company’s annual results. The pharmaceutical and diagnostics sectors thus provided a notable boost to Milan’s overall performance.

Not all companies fared as well. MFE fell 2.7% following disappointing results from its German subsidiary ProSiebenSat.1, which struggled with a challenging advertising market. Amplifon slumped about 5% in the wake of a sharp drop in rival Demant’s shares after lackluster forecasts for 2026. De Nora plunged 10% after a Kepler Cheuvreux note warned of a “challenging” year ahead. Meanwhile, BFF Bank continued its downward spiral, dropping an additional 2.5% after a 44% plunge the previous day. The bank’s troubles stemmed from a drastic revision of its full-year estimates, a cut to 2026 targets, and the resignation of CEO Massimiliano Belingheri. Intermonte, as cited by Reuters, commented, “The company now needs to deliver results and shareholder returns that can restore credibility with investors after two extremely disappointing years, marked by a ban on dividend distribution and a lack of profitability.”

Other notable moves included Leonardo, which announced a partnership with India’s Adani Defence, and Prysmian, which signed a major contract for the construction of the Eastern Green Link 4 energy interconnection project. Poste Italiane continued its positive streak, having hit an all-time high of €22.63 the previous day. On February 3, shares were further boosted by Berenberg raising its target price to €26.4 and reaffirming a ‘Buy’ recommendation.

In the broader European context, the euro weakened against the dollar, trading at 1.1817 (down from 1.179 at the previous close), and slipped slightly against the yen. Commodity markets saw oil prices edge lower, with WTI crude at $61.87 per barrel (down 0.51%) and Brent at $65.98 (down 0.32%). Natural gas traded in Amsterdam dropped 4.59% to €32.38 per megawatt hour but later rebounded, with spot contracts up 4.87% and futures up 5.54%. Silver saw a significant jump, rising 8.6% to $86.

Meanwhile, Wall Street opened slightly higher but soon turned negative, as investors digested a flurry of corporate earnings reports. Palantir surged following its results, while PayPal and Pfizer lost ground. Merck and Pfizer both released their financial statements, and chip giant AMD was set to report after the closing bell. In Italy, Mediolanum closed the year with a 2025 earnings ratio above estimates, drawing attention from analysts and investors alike.

The technology and telecommunications sector also saw significant developments. Intred SpA, a Lombardy-based telecommunications operator, reported that it closed 2025 with total revenues of €55.8 million, up 1.1% year-on-year. Core revenues rose 8.4% to €47.4 million, with over 95% coming from recurring subscriptions. This growth was driven by an 11% increase in ultra-broadband connections, a 6.8% rise in voice and data services, and a remarkable 42.4% surge in data center revenues. The company expanded its proprietary fibre network from 13,500 km to about 15,000 km across Lombardy, strengthening its position in local public administration and professional segments. Intred has also launched an uplisting process to Euronext Milan and established an ESG Committee to enhance governance and market visibility. The latest analyst rating on Intred stock is a ‘Buy’ with a €16.00 price target, according to TipRanks.

Looking ahead, U.S. futures were slightly higher, with investors awaiting earnings from tech giants Alphabet and Amazon. However, the release of key U.S. employment data, originally scheduled for February 7, was postponed indefinitely due to a government shutdown, adding a layer of uncertainty to global market sentiment.

In the Italian bond market, the spread between BTP and German Bunds narrowed to 60 basis points, two points lower than the previous close, signaling a modest improvement in investor confidence in Italian debt.

All in all, February 3, 2026, was a day of contrasts in global markets—Milan’s resilience shone amid mixed European fortunes, Asian exuberance, and a swirl of corporate and macroeconomic developments spanning continents. Investors will be watching closely in the days ahead to see whether Milan’s momentum endures or if broader caution prevails.