Market Day

Stock exchanges, 2025 record for Milan with banks and defence. The Ftse Mib ends the year at the top since January 2001

The credit institution sector is up 65.7 per cent at Piazza Affari. The dollar is heading for its worst year since 2017. Rally for gold and silver, Bitcoin (-5.1%) not enough of the Trump effect

by Martina Soligo and Giorgia Colucci

30 December 2025

La Borsa, gli indici del 30 dicembre 2025

5' min read

Translated by AI

Versione italiana

5' min read

Translated by AI

Versione italiana

(Il Sole 24 Ore Radiocor)- Milan's Ftse Mib posted a record 2025. Milan's main index posted a 31.5% year-on-year rise, marking the second best performance in the Old Continent after Madrid's Ibex, which advanced 50.4% in the calendar year. Driving the gains in Milan was the banking sector, with the sector index up 65.7%. The other European indices also posted positive annual results: Frankfurt's Dax won the bronze medal with a 23% gain, followed by London's Ftse 100 at +22.4%. At the tail end, but still more than positive, was the Paris Cac, which ended 2025 at +11.9%.

A 2025 in the sign of defence and banking, Fincantieri the pink jersey in Milan

Banks and defence stocks in the front row in Piazza Affari's record year. Driving the Milan stock market, which closed 2025 at twelve-month highs, updating its top since January 2001, were the stocks most exposed to the main macro issues that catalysed investors' attention, from the war in Ukraine to the central banks' easing of monetary policy. Among blue chips, the pink jersey went to Fincantieri (+141%), but Leonardo (+89.6%) and Iveco (+101%) also stood out. Among banks, the acquisition by Bper (+89.11%) gave wings to Banca Popolare di Sondrio (+104.5%), which is preparing to leave the list following its merger with Modena. It was also a brilliant year for UniCredit, which despite the halt to the merger with Banco Bpm (+66.67%) and the stalemate in Germany over Commerzbank posted a +84.09% and led the list in terms of capitalisation at over EUR 110 billion. Above EUR 100 billion also Intesa Sanpaolo (at 105), which is up 53.27% over the 12 months. Among other stocks, Tim (+108.4%) also more than doubled its value. By contrast, the Trump administration's trade war and the impact of tariffs weighed on the auto sector, with Stellantis down 24.9% and Ferrari -22.7%. Health-related stocks also suffered, with Amplifon down 44.7% and Diasorin down 31.1%. Similar trends were also recorded at the European level, where the 2025 ranking of the Eurostoxx 50 saw Rheinmetall (154%) in the lead, followed by Siemens Energy (+139%), Santander (+130.9%), Bbva (+114.5%) and Deutsche Bank (+99%). On the other hand, Wolters Kluwer (-44%), Adidas (-28.6%), Ferrari (-22.7%), Sap (-11.8%) and Sanofi (-10.8%) were in the red.

Gold and silver rally, Trump effect not enough for Bitcoin

The year 2025 was a record year for commodities, thanks mainly to the escalation of trade tensions (stemming from US tariffs) and geopolitical tensions, as conflicts in the Middle East and Ukraine developed. In particular, gold continued to set records, rising 67.6% year-on-year in the spot contract - the fastest growth since 1979 - and 66.8% in the futures contract. The price of silver also surged, hitting an all-time high of $82.67 an ounce on 29 December, and rising more than 144% for the year as a whole. Bitcoin, on the other hand, ended a roller-coaster 2025 in the red, in which the euphoria surrounding the election in the US of a president considered pro-cryptocurrency like Donald Trump led to repeated rallies that were, however, followed by as many slips. The overall performance for the 12 months is thus a drop of 5.1%. 2025 also fell on the energy front. The North Sea Brent ended the year down 16.7%, while the Wti lost 19.3%

Milan closes +1.4% in last session of the year

The BEuropean stocks end the year in the best possible way, with Milan's Ftse Mib closing the session with gains of 1.14% and returning to the highest level since January 2001 thanks to the good performance of the banking sector. Meanwhile, anticipation is growing for the verbals of the latest Fed meeting, due out this evening, which will provide more insights into future monetary policy moves and the positions of the various members of the US central bank. Unemployment benefits are also expected from the US on 31 January. Looking ahead to 2026, markets expect firm rates next month but uncertainty prevails about the Fed's moves in March. In the background are geopolitical issues with the setback on the Ukraine peace talks and US President Donald Trump's statements on a possible another major attack on Iran.

Le Borse oggi, 30 dicembre 2025

Wall Street closes down, DJ -0.20%, Nasdaq -0.24%

Wall Street closed negative. The Dow Jones lost 0.20 per cent to 48,367.06 points, the Nasdaq gave up 0.24 per cent to 23,419.08 points, and the S&P 500 dropped 0.14 per cent to 6,896.26 points.

On the macroeconomic level, the Case-Shiller price index recorded a monthly decline of 0.16% in October, while on the annual level prices rose again by 1.36%. The Chicago PMI index also rose, although still contracting, to 43.5 points in December.

Banks in Milan, focus on Mps

Protagonists of the last session of the year were the banks, which supported the Milanese list. Leading the rises was in particular Banca Mps (+2.6%) with the ECB reportedly ready to authorise the statutory amendments made by Siena (on 24 December) to introduce the board of directors' list for the renewal of the governing body and to remove the three-term limit for board members. Also doing well were Unicredit (+2.3%) and Mediobanca (+2.1%). Geopolitical uncertainty pushed Leonardo (+1.4%) and Fincantieri (+0.9%) to recover after the declines on the eve. Outside the main basket, all eyes were on Webuild (+2.1%) after winning a contract in consortium for a total of around EUR 660 million as part of work on the construction of the new Line 10 of the Naples metro. Finally, the spotlight was on Mondadori (+1.7%) in the wake of the agreement to acquire 58.84% of Edilportale.com for €31.2 million.

Borsa a metà seduta

Precious metals stable, oil rises. Spread at 69 points

After strong fluctuations on the eve of the event, gold and silver returned towards a stabilisation. On the currency, the euro/dollar is little moved above 1.175. Noteworthy, for the first time in two and a half years, the onshore Chinese yuan consolidated above the psychological threshold of7 dollars, driven by the general weakness of the US dollar and rising demand for Chinese currency. Rising was the oil, with President Donald Trump's threat to launch another attack on Iran if the country attempts to rebuild its ballistic missile programme or resume its nuclear programme. Stable was the spread between BTp and Bund. The yield spread between the benchmark ten-year BTp and the German Bund stood at 69 basis points, little changed from the 67 points of the previous benchmark. Slightly higher was the yield of the benchmark ten-year BTp.

Dollar heading for worst performance in 10 years

The US dollar is set to close 2025 with the steepest annual decline since 2017. However, US banks expect the greenback to weaken further next year as the Federal Reserve continues with interest rate cuts. In detail, the dollar has lost 9.5 per cent against the basket of major currencies this year, with the trade war triggered by US President Donald Trump raising fears for the world's largest economy and casting doubt on the dollar's traditional status as a safe haven asset for investors. The euro, on the other hand, posted the biggest gain among major currencies against the dollar, rising almost 14 per cent to over $1.17, a level last reached in 2021. According to analysts, the prospect of the Fed cutting rates again next year, while other central banks, including the European Central Bank, maintain or even increase borrowing costs, could put further pressure on the dollar.

La Borsa in un minuto