The FTSE MIB fell 0.4% to close at 42,865 on Wednesday, retreating from a 18-year high as European stocks slipped. On the economic front, earnings forecasts for European companies softened, with Q2 growth now expected at 4.6%, down from 4.8% last week, according to LSEG I/B/E/S. In geopolitical news, ECB President Christine Lagarde noted the recent US-EU trade deal aligns with the central bank’s baseline outlook, though uncertainty remains in key sectors such as pharmaceuticals and semiconductors. The EU’s acceptance of 15% tariffs avoided a trade war but is expected to weigh on growth. Meanwhile, US President Donald Trump said Washington might provide air support to Ukraine as part of a peace deal but ruled out deploying ground troops. Among stocks, Prysmian (-4.3%), Unicredit (-1%), Intesa Sanpaolo (-0.6%), Ferrari (-0.6%), and Stellantis (-1.8%) declined, while Leonardo (+1.3%), Enel (+0.8%), Generali (+0.5%), FinecoBank (+2.4%), Snam (+1.9%), and Eni (+0.6%) advanced.