Italian Stocks Set to Close Week Flat

The FTSE MIB index hovered below the flatline at 24,630 on Friday, set to close the week flat as investors refrained from taking large bets ahead of the US jobs report release, while monitoring EU talks regarding a price ceiling on Russian seaborne oil services ahead of the start of the embargo on Monday.

Oil stocks led the losses in Milan, with Tenaris and Eni both down 2%.

On the other hand, heavy-weighing banks traded on the green, with Banca Mediolanum and Banca Generali adding 1%.

UniCredit underperformed the sector to hover at the flatline after announcing some higher labor costs in line with its accord signed with unions this week.