Italy’s shares, among the most-loved in Europe last year, are so far turning out to be the big losers of 2016.

While equities around the world have been roiled amid global-growth concerns and an oil rout, the FTSE MIB Index fared worse than major western-European peers. Worries about swelling bad debt at Italian banks dragged down their shares -- and lenders comprise more than a quarter of the benchmark. The measure lost 13 percent this year through Thursday, while in 2015 it jumped just about as much on optimism the government’s overhauls would spur a domestic economic revival.

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