Italian stocks reversed gains and fell Wednesday, denting a broader European equity benchmark, as European Central Bank officials indicated policy makers will begin to focus on ending the central bank's bond-buying program.

Italian stocks turned lower, pulling the FTSE MIB index down 1.2% to 21,498.17. Italian bond prices also fell, pushing the country’s 2-year bond yield up by 40 basis points to 1.31%, according to Tradeweb. Yields rise when bond prices fall.