Italian Stocks Halt 5-Day Decline

The FTSE MIB index closed a choppy session 0.3% higher at 24,280, halting five consecutive sessions of decline and tracking the broad advance for European equities with support from tech shares, banks, and resource-backed stocks.

STMicroelectronics closed 1.3% higher to lead the gains for the policy-sensitive technology sector as investors continued to monitor expectations for the remainder of the ECB’s rate-tightening path and the start of quantitative tightening.

Milan’s heavyweight banking sector also closed in the green, led by a 1% jump for Banca Generali.

On the other hand, UniCredit erased early gains to close 0.2% down amid the prospect that it faces higher ECB capital requirements.

Also, defense manufacturer Leonardo dropped 1.7% 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 fell 1.4%.