The FTSE MIB fell over 1% to around 40,000 on Friday, extending its pullback from 2007 highs and moving in line with regional peers, as rising trade tensions weighed on investor sentiment. President Trump signaled that the European Union will soon receive a letter outlining the specific tariff rates it will face, suggesting the EU’s efforts to secure a trade deal before the August 1 deadline may be faltering. He also announced plans to impose broad-based tariffs of 15% to 20% on most trading partners, casting doubt on earlier expectations of a 10% baseline rate. Most major stocks traded in negative territory, with notable losses in Moncler (-2.7%), Stellantis (-2.6%), Banco BPM (-2.1%), Amplifon (-2.2%), Iveco Group (-2.1%), UniCredit (-1.6%), and Intesa Sanpaolo (-1.2%). Despite the decline, the benchmark index is set for a weekly gain.