Italy: FTSE MIB Slides Amid Weak European Earnings.

The FTSE MIB fell 1% to close at 42,210 on Wednesday, dragged down by losses in the banking sector as markets parsed through key earnings results. Shares of UniCredit dropped 2.3% after lower-than-expected net interest income and fees trimmed the optimism for the rest of the year, as the lender's earnings beat was supported by trading gains. CEO Orcel also noted that M&A may still be an option in the near term following the bank's failed attempt at acquiring Banco BPM, while stakes in Commerzbank and Alpha are uncertain. Banca Popolare di Sondrio tumbled 4.3% and Banca BPER slid 2.8% with investors still digesting their synergies. The luxury sector also weighed on the index, with Moncler down 2.5% and Brunello Cucinelli 2.6%, as weak results from France’s L’Oreal and Hermes hurt sentiment across Europe. On the upside, Eni gained 1.5% and Tenaris 2% amid higher oil prices, while Diasorin rose 2.6%.