Italian Stocks Pare Gains and Drop for 4th Session

The FTSE MIB index pared earlier gains and closed below the flatline at 24,240 on Wednesday, dropping less than other European bourses as investors weighed on additional signs that the Chinese economy could be reopening against expectations of tighter monetary policy in Europe.

Losses were concentrated among energy producers as recession fears pressured crude oil prices to hover near a one-year low, with Saipem and Tenaris dropping 2.7% and 3.7%, respectively.

On the other hand, gains for utility providers offset a sharper decline for the index, with Hera closing more than 2% higher.

On the data front, retail sales for October contracted by 0.4% on the month in October, below expectations of a sharper 0.6% drop.