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Market Update: Italian Stocks Outperform in Europe
The FTSE MIB managed to close 73 points or 0.3% higher at 25,452 on Thursday, a level not seen since before the pandemic, after trading mostly under the flatline. Italian shares outperformed its European peers, underpinned by industrials and upbeat private sector health data. The Italian services PMI jumped to 53.7 in May from 47.3 in the prior month and above the 52.5 seen in above preliminary figures, as new business growth got a lift from company re-openings. In turn, the Italian composite PMI expanded at the fastest pace in over three years. On the corporate side, Ferrari was in the leaderboard with a 2% rise as traders digested the newly appointed board of directors, headed by Luigi Ferraris. Also among the top performers stood Saipem, up 1.4% on news that the Italian drilling company has secured an integrated project with offshore services company Acteon for casing installation and drilling support on an offshore wind farm off the coast of Normandy. [/s2If]
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