Italian Stocks Extend Losses

The FTSE MIB index was 0.5% down to hover at the 24,560 mark on Friday, set to decline by the same extent on the week as stronger-than-expected US payroll data added more room for the Federal Reserve to remain hawkish and pressured world equities.

Energy shares led the losses in Milan as investors continued to monitor talks between EU states regarding a price ceiling on Russian seaborne oil services ahead of the start of the embargo on Monday.

Tenaris drove the losses for the sector with a near 3% decline.

Policy-sensitive consumer discretionary brands also extended their losses during the session, with Moncler down more than 3%.

On the other hand, heavy-weighing banks traded on the green, with Finecobank adding 1.5%.

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.