European Stocks Fall for the Week; Milan Leads Losses

European stock markets closed lower on the final trading day of a broadly negative week, with Milan down 0.6% and Frankfurt falling 1%, while Wall Street also opened in the red. Milan has dropped 3.5% since Monday, making it the worst-performing European index this week. The Dow lost 1% at the open, while the Nasdaq slipped slightly after its worst day since June. Energy prices surged, with oil above $115 a barrel, up over 4% from last Friday, and gas rising 4% to over 93 euros per MWh. Piazza Affari saw renewed selling in the tech sector amid growing concerns over excessive financial exposure to AI. Eni jumped as the best performer after beating quarterly earnings expectations. The spread between Italian and German bonds narrowed slightly.