The Milan stock exchange shot 3 percent higher in midday trading on Wednesday on expectations that former ECB chief Mario Draghi will be appointed Italy's prime minister.

Former head of the BCE (European Central Bank) Mario Draghi looks on as he arrives at the Quirinal palace, to attend a meeting with the Italian president, in Rome, on February 3, 2021. (Photo: AFP)

Milan's FTSE-Mib index jumped as Draghi was received by President Sergio Mattarella, who was expected to charge him with forming a unity government to help the country exit its political crisis, and overcome the ongoing coronavirus emergency and a punishing recession.