Milan Stock Exchange Experiences Significant Decline Amid Tariff Turmoil

Milan: The Milan stock exchange’s FTSE Mib index continued its downward trajectory, suffering a 7.4% drop following the opening of business on Monday. This decline is part of a broader pattern of instability in the money markets, instigated by tariffs announced by US President Donald Trump last week.

According to Ansa News Agency, the turbulence led to a delay in the opening of trading for certain shares, notably those of the defence-and-aerospace firm Leonardo, due to heightened pressure. The financial sector bore a significant brunt of the downturn, with shares of BPER plummeting by 11%, while Popolare di Sondrio, Unipol, and MPS each fell by 10%.

The FTSE Mib’s recent performance underscores a challenging period for the market. It had already experienced a 6.53% loss on Friday, following a 3.6% decrease on Thursday. These declines were triggered by Trump’s announcement on Wednesday, which included a 20% increase in duties on EU imports.