Italian exchange traded funds and stocks light up on the market’s radar at the start of the trading week as conditional results demonstrated that Italy’s Giorgia Meloni is set to become the nation’s far-right prime minister.
Giorgia Meloni gained the most significant number of votes in elections that were held on Sunday and appears to be at the cornerstone of Italy's first far-right government since World War II.
Piggybacking off the news, the FTSE MIB has picked up 1.4%, outperforming other major benchmark indices in Europe. Also coming into play is the Italian focused fund iShares MSCI Italy ETF (NYSEARCA:EWI) as it has picked up 0.7% early on.
Other Italian names to watch are Eni (NYSE:E), Genenta Science (NASDAQ:GNTA), Natuzzi (NTZ), STMicroelectronics (NYSE:STM), and Telecom Italia (TI.A). On Monday, E is -0.2%, GNTA has gained 1.4%, while, STM, and TI are +0.2% and +4.7%.
Year-to-date price action: E -26.1%, GNTA -55.9%, STM -33.5%, and TI.A is -65.2%.
In other market related news, major averages look for direction as they trade in a choppy fashion on Monday.