The Milan Stock Exchange falls with Europe, Mediobanca retreats, and luxury drags it down.

The Piazza Affari index in red in line with the main European stock exchanges, with Mediobanca recording a sharp decline. Weakness of the luxury sector, with Moncler, Ferragamo and Tod's suffering losses.

The spread between BTPs and Bunds extended to 173 basis points.

Piazza Affari opens the session in the red, following the negative trend of the main European stock exchanges. The FTSE MIB index loses 0.7%, settling at 26,240 points, penalized by the decline of the banking sector. Mediobanca, in particular, shows a sharp decline of 2.4%, to 10.14 euros, after the news of the reduction of the stake in Generali. Weakness also for the luxury sector, with Moncler losing 2.3% to 54.05 euros, Ferragamo 1.9% to 20.72 euros and Tod's 1.8% to 36 euros.

The spread between BTPs and Bunds widens to 173 basis points, with the yield on the ten-year BTP rising to 4.23%. Among the main European stock exchanges, London loses 0.5%, Paris 0.6%, Frankfurt 0.4% and Madrid 0.3%. The decline on the Asian stock exchanges continues, with Tokyo closing down 1.2%, Hong Kong 1.8% and Shanghai 1%. On the currency market, the euro/dollar exchange rate is around 1.06, while the euro/yen exchange rate is at 138.