Italian Stocks Extend Losses

The FTSE MIB index closed 0.3% lower at 24,550 on Monday, slightly extending losses from the prior week as investors digested fresh PMI data and assessed commodity prices amid the start of the EU’s oil embargo.

Private sector activity in Italy contracted for a fifth month according to PMI data, although at a slower pace than expected.

Elsewhere, the EU agreed to place a price ceiling of $60/barrel for the use of European tankers and insurance services, below current market prices according to the Urals oil benchmark.

Tech and banking stocks led the losses in Milan, with Nexi shares dropping 4% as investors continued to monitor the Italian government’s debate over allowing merchants to refuse payment in card for transactions under EUR 60.

Also, energy stocks erased mid-day gains and closed in the red.