The FTSE MIB slipped 0.7% to around 39,640 in early trading on Friday, ending two consecutive sessions of gains, as investors turned cautious ahead of the looming July 9 tariff pause deadline. President Donald Trump said on Thursday that he would begin sending letters to countries on Friday outlining the tariff rates they will face on imports to the US. European Commission president Ursula von der Leyen also said on Thursday that a final EU-US trade deal is impossible before the deadline, so the two sides are aiming for a less detailed “agreement in principle”. In domestic news, Italy’s retail sales fell 0.4% month-on-month in May, reversing a 0.7% rise in April and missing market expectations of a 0.5% growth. On the corporate front, several heavyweight stocks dragged the index lower, including BPER Banca (-1.9%), Stellantis (-1.5%), STMicroelectronics (-1.4%), and Ferrari (-1.2%). The index is on track for a modest weekly loss.