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Italy’s Stocks Go From Laggards to Winners, Leaving Spain Behind

  • FTSE MIB is up 20% this year, small cap index up 48%
  • Draghi’s policies brought political stability, economic growth
Italy's Stock Exchange, the Borsa Italiana.
Photographer: Camilla Cerea/Bloomberg

In this year’s race between two peripheral European stock markets, Italy has left Spain in the dust mostly thanks to Mario Draghi’s reforms. Fund managers and strategists see the gap between the two bourses widening further in 2022.

After trailing the Stoxx Europe 600 during last year’s recovery rally, Italy’s FTSE MIB Index has surged 20% in 2021, while Spain’s IBEX 35 benchmark has barely risen. Even more impressive is the performance of the country’s small companies: the FTSE Italia Small Cap Index has jumped 48% this year.