European markets shrugged off new U.S. tariff threats from President Donald Trump and opened higher. Milan’s FTSE MIB rose 0.54%, led by banks, with gains also in Paris (+0.55%), Frankfurt (+0.59%), Amsterdam (+0.3%), Madrid (+0.26%) and London (+0.29%).
Trade tensions remain in focus as the EU and Washington finalize a joint statement on their trade deal, with tariffs set to take effect tomorrow. Trump warned of a 35% levy on Europe if promised investments fall short, and hinted at new duties of up to 250% on semiconductors and pharmaceuticals “within the next week or so.”
In Milan, earnings drove movements. BPER gained 1.94% after record H1 net profit of €903.5M and upgraded 2025 guidance. MPS climbed 1.9% on better-than-expected profits, Banco BPM rose 1.22% with record H1 profit of €1.21B (+61.9%), and Popolare di Sondrio advanced 1.24% after reporting €336.2M profit growth. TIM fell 1.23%, despite narrowing its H1 loss to €132M from €646M in 2024 and confirming guidance.
On currencies, the euro held firm at $1.1574 and ¥170.87, with the dollar at ¥147.66. In commodities, oil rebounded on U.S.-India tensions over Russian crude: WTI futures +0.72% at $65.63, Brent +0.81% at $68.19. Natural gas slipped 0.7% to €34.15/MWh in Amsterdam.