The FTSE MIB fell 0.4% to around 39,620 on Thursday, reversing some of the previous session’s gains and underperforming its European peers, weighed down by losses in financial stocks. Investors remained focused on trade developments, supported by news that the US lifted certain chip design export restrictions on China—another sign of easing tensions and a possible trade truce. On the bourse, declines were led by UniCredit and Banca Monte dei Paschi di Siena, both down around 1%, followed by Intesa Sanpaolo (-0.5%), Bper Banca (-0.7%), and Banca Mediolanum (-0.4%). These losses were partly offset by gains in the semiconductor sector, with STMicroelectronics advancing more than 1%. On the data front, a fresh PMI survey showed that both the Italian private sector and services sector expanded at their weakest pace since March.