49,972FTSE MIB · Oct. 7 close · −2.51%

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1.1177EUR/USD · Oct. 7, evening · −0.7%
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, WED., OCT. 7, 2026No. 3 · 6:00 p.m. CEST6 p.m. CEST
FTSE MIB49,972.00▼2.51%10/7EUR/USD1.1177▼0.73%10/7S&P 5007,818.93▲0.58%10/6WTI$89.44▲0.01%10/6Gold$4,187.10▲0.73%10/6
Economy · MarketsPress ✓ 3 outlets · closing figures attributed to ANSA · spread level not confirmed

Storm over stock markets and government bonds. Piazza Affari loses 2.51% and falls below 50,000

Selling in shares, bonds and the euro across Europe. Milan is the worst market and wipes out Monday’s and Tuesday’s gains in a single session. ANSA reports a warning from the International Monetary Fund on debt.

On Wednesday the FTSE MIB closed down 2.51%, at 49,972 points, below the psychological threshold of 50,000 and back at June levels, according to ANSA. Already at midday La Stampa spoke of a “storm on bonds,” with the spread rising and Piazza Affari down 2.5%. In a single session Milan erased Monday’s gains (+0.66%) and Tuesday’s (+0.87%), when the index had topped 51,000 and the spread between BTPs and Bunds had fallen to 105.3 points. The rest of Europe lost less: Paris closed at −1.22%, ANSA reports. What weighs on Milan is its large share of banks, which hold a lot of government bonds on their balance sheets and suffer when their prices fall.

In the evening the agency describes “stocks, bonds and euro plunging” and a warning from the International Monetary Fund on public debt. The details of the IMF’s warning have not yet been confirmed by other sources: we will report them when they are public. The euro fell toward 1.118 dollars, after climbing back above 1.125 on Tuesday evening. The closing level of the spread is not confirmed by two sources; all we know is that it rose throughout the day.

The backdrop is a Europe that has to finance a lot of debt at a time of high interest rates. Il Sole 24 Ore notes that in 2026 European governments will place a record 1,440 billion in government bonds. La Repubblica analyzes the “three options for the ECB” in the face of the debt crisis, with France at the center of concerns; in Paris, Marine Le Pen has presented her own counter-budget with retirement at 62 and lower taxes, Corriere recounts. European gas rose above 78 euros per megawatt-hour according to ANSA, and oil stocks are doing well with the rise in crude, Il Sole writes. For anyone with a variable-rate mortgage or government bonds in their portfolio, the question for the coming days is just one: whether Wednesday’s flare-up stays an episode or becomes a trend.

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By the numbers
−2.51%the FTSE MIB’s fall, to 49,972 points (ANSA)
1,440 bnthe record issuance of European government bonds in 2026 (Il Sole 24 Ore)
105.3points of BTP-Bund spread on Tuesday evening, before the storm (ANSA)
Justice · QuirinalePress ✓ 6 outlets · decrees signed by the President of the Republic

Mattarella signs three pardons. Among those pardoned, the jeweler Guido Gianni, who killed two robbers in 2008

President of the Republic Sergio Mattarella has signed three pardon decrees, report ANSA, Corriere della Sera, la Repubblica, Il Sole 24 Ore, Il Post and RaiNews. Among the beneficiaries is Guido Gianni, the jeweler who in 2008 killed two robbers during a robbery in his shop and had been convicted. According to RaiNews his wife had launched a petition asking for the pardon; she told ANSA: “He is my hero, he saved my life.” A pardon cancels or reduces the sentence, but does not annul the conviction and does not change the judges’ assessment of the facts. The case reopens the debate on self-defense. The other two measures were not described in detail by the outlets.

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Word of the day
PardonLaw

Power of the President of the Republic, provided for by Article 87 of the Constitution, to forgive in whole or in part the sentence of a single convicted person. It does not erase the crime or the judgment. On Wednesday Mattarella granted it to three people.

Economy · FuelPress ✓ 4 outlets · statements by the Prime Minister

Diesel rises again. Meloni: “We are considering sliding excise duties, but I hope the price cap fully returns”

At the Med9 summit in Split, Giorgia Meloni said the government is considering sliding excise duties and hopes the companies’ price cap will be fully restored, report ANSA and RaiNews. Corriere della Sera headlines that the price ceiling has collapsed and that Meloni is “ready to cut excise duties”; ANSA writes that diesel is rising again.

La Repubblica reports, however, that Eni has lowered the price of diesel to 2.21 euros: list prices change from day to day and should be checked at the pump. The decree on sliding excise duties, which on Tuesday was not in the Gazzetta Ufficiale, did not yet appear to be published in the evening.

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Politics · ParliamentPress ✓ 4 outlets · votes attributed to the Chamber

Electoral law: third confidence vote passes too. Final secret vote tomorrow

The Chamber of Deputies approved the confidence vote on article 3 and, Il Post reports, all the articles still under discussion: now only the final vote is missing, on Thursday, by secret ballot. ANSA published an explainer on how the reform works, from the majority bonus to preference votes.

Il Post warns that the “Stabilicum” risks bringing political instability. La Repubblica writes that the Constitutional Court could rule as early as February, if the law comes before it. At lunch at the Chamber, Giuseppe Conte, Angelo Bonelli and Nicola Fratoianni were seen together, ANSA notes.

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World · Middle EastPress ✓ 5 outlets

Three years since October 7. Mattarella: “A warning against hatred, but do not forget Gaza”

On the third anniversary of Hamas’s attacks, Sergio Mattarella called October 7 a “warning against ethnic and religious hatred” and recalled the “human devastation” of Gaza, ANSA reports. Commemorations were held in Israel in a divided country, Il Post and ANSA write; Netanyahu promised to “settle accounts with all the murderers.”

In Gaza, ANSA reports five dead in Israeli raids on the day of the anniversary. In Rome, the ceremony at the synagogue, Corriere della Sera recounts.

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In brief
  • 2021 assault on the CGIL: convictions of Fiore and Castellino upheld on appealla Repubblica · ANSA · Il Post
  • Rome, actor Davide Iacopini attacked while riding a kick scooter: he is in serious condition, attempted murder under investigationANSA · Corriere della Sera · la Repubblica · RaiNews
  • France, government suspends use of stun grenades against demonstrations; Lecornu: “Decisions at the end of October”Il Post · ANSA
  • Spain, Maricarmen, the face of the protests against evictions, has diedIl Post · ANSA · la Repubblica
  • Garlasco: a never-filed 2007 RIS document on male DNA on Stasi’s bicycle comes to lightCorriere della Sera · la Repubblica · RaiNews
  • Investigation into the Pegaso online university: relations with newspapers also under investigationCorriere della Sera · Il Post
  • Messi’s last match with Argentina, with a goalCorriere della Sera · Il Post
Seven minutes every evening, one front page — see About

Unverified — what we could not confirm

“There is a second case of plague in Russia.” The WHO director spoke of a “maybe,” the Kremlin denies it (la Repubblica, Il Sole 24 Ore). No laboratory confirmation has been made public.
“The plague in Russia is a biological weapon.” It is the question Trump answered: “We don’t think it’s a biological weapon” (ANSA, Il Sole 24 Ore). There is no evidence of this.
“The price cap will be fully back from tomorrow.” Meloni said she hopes so, not that it is decided (ANSA, RaiNews). Each company sets its own ceiling.
Glossary · dotted words — economics, law, security and science terms explained in the context of the story. The list grows every day.
INSIDEStorm over stock markets and government bonds. Piazza Affari loses 2.51% and falls below 50,000Economy · MarketsMattarella signs three pardons. Among those pardoned, the jeweler Guido Gianni, who killed two robbers in 2008Justice · QuirinaleDiesel rises again. Meloni: “We are considering sliding excise duties, but I hope the price cap fully returns”Economy · FuelElectoral law: third confidence vote passes too. Final secret vote tomorrowPolitics · ParliamentThree years since October 7. Mattarella: “A warning against hatred, but do not forget Gaza”World · Middle East