Piazza Affari deepened its early-morning losses, mirroring the downturn across other European stock exchanges, as negative sentiment from U.S. index futures weighed on markets. Investors remain jittery, anxiously awaiting President Trump's decisions regarding tariffs on the European Union.
Recently, investors had placed hope in a positive negotiated resolution to the trade dispute triggered in April by the U.S. President. However, Trump's latest statements—including the possibility of a formal letter to the EU today, after announcing a 35% tariff on Canada yesterday—have reignited fears of a more pessimistic scenario.
Around noon, the Ftse Mib index was entirely in negative territory, down 1.5% overall. Trading volumes remained subdued, below the one billion euro mark.
Among the stocks in focus:
Banks suffered the most in Milan, as in other European markets, hit by concerns over the global economic impact of Trump's policies. The sector index dropped 2.1%, with Intesa Sanpaolo down 1.7% and Banco Bpm falling 3.2%. UniCredit lost 2.4%, while Pop Emilia slid nearly 3% on the final day of its offer for Pop Sondrio, which itself dropped 2.3%.
The automotive sector also struggled, with Stellantis dropping 3.8% and Iveco down 3%.
Companies exposed to the U.S. market saw declines as well, with Campari down 2.6% and Moncler falling 2.8%. Cucinelli also slipped 1.7% after a strong start fueled by positive half-year results.
(Reporting by Claudia Cristoferi, editing by Antonella Cinelli)
