Milan Bourse Closes 1.94% Down Following Trump’s Tariff Threat

Milan: The Milan bourse closed 1.94% down Friday with the FTSE-Mib index falling to 39,475 points after Donald Trump said he would hike tariffs on EU goods to 50% from June 1. London closed 0.24% down, Paris 1.65% down and Frankfurt 1.54% down after Trump’s threat.

According to Ansa News Agency, the UK signed a trade deal with the US on May 8. In New York, the Dow Jones was 0.66% down and the Nasdaq 1% off. Back in Milan, Piazza Affari closed in sharp decline on the day of the threat of the new tariffs on the EU by US President Donald Trump starting from June 1st. The FTSE Mb index lost 1.94% to 39,475 points at the tail end of other European markets, amidst a river of trading for over 4.7 billion euros in value.

The spread between BTPs and German Bunds was little changed at 101.6 points, against the 101 recorded at the opening, with the Italian annual yield down 6.8 points to 3.58% and the German one down 7.6 points to 2.56%. Stellantis (-4.62%), Stm (-4.18%) and Ferrari (-3.58%) were under pressure, particularly exposed to US duties. The banking sector was also in difficulty, on fears of a recession triggered by tariffs that for the EU would reach up to 50% starting from June 1st.

Popolare Sondrio lost 3.57%, Intesa 3.49%, Unicredit 2.97%, Bper 2.88%, MPS 2.82%, Banco BPM 2.15% and Mediobanca 1.12%. Luxury stocks were also hit with Cucinelli (U-3.25%), Moncler (-1.17%) and Ferragamo (-2.55%), while Eni was little moved (-0.5%) with crude oil fluctuating around parity. Among the few increases, Iveco stood out (+3.36%), favored by the various offers received for the defense division (Idv). Among these, the joint offer of Leonardo (+0.27%) together with Rheinmetall (+0.76% in Frankfurt), that of Indra Sistemas (+3.4% in Madrid), to which is added the purchase proposal of the Czech Czechoslovak Group.