Italian Shares Hover Flat

The FTSE MIB index hovered close to the flatline at the 24,200 mark on Friday, tracking the muted sentiment in Europe as investors continued to weigh on expectations of tighter policy and the start of quantitative tightening in Europe against the reopening of the Chinese economy.

Energy shares continued to underperform the broader sector as oil prices saw a sharp retreat on the week.

Tenaris led the losses, dropping nearly 1%.

On the other hand, Milan’s heavyweight financial sector led the gains, carried by a near 1% jump for UniCredit.

In the meantime, defense manufacturer Leonardo was 0.6% higher following news that Italy will collaborate with the UK and Japan on the production of a new fighter jet.

On the week, Italy's benchmark stock index is set to drop 1.5%.