Piazza Affari started the day on a downward trend, mirroring other European stock markets, rattled by the latest statements from the U.S. President regarding tariffs and fading hopes for a swift and positive agreement with the European Union.
Yesterday, Trump announced a 35% tax on imports from Canada and signaled plans for broad-based tariffs of 15% or 20% on the majority of trading partners.
Around 9:30 a.m., the FTSE MIB index was down 0.7%, weighed by banks (-0.9% for the sector index) and automotive stocks (-1.1%). The energy sector held steady, while utilities and defense stocks performed well, with Leonardo up 0.7% and Fincantieri gaining 0.5%.
The sharpest declines within the index came from Moncler and Stellantis, both down around 3%, and Campari (-2.7%), all key players in sectors highly exposed to U.S. trade policies.
In the luxury sector, Ferragamo also slipped (-1.8%), while Cucinelli fared slightly better (-0.3% after an initial 1% rise), following last night's announcement of rising half-year revenues and plans to increase prices in the U.S. to offset the impact of tariffs.
(Reporting by Claudia Cristoferi; editing by Stefano Bernabei)
