The FTSE MIB fell 0.8% to close at 39,622 on Friday as renewed US trade tensions ahead of the July?9th tariff deadline rattled Italy’s export-dependent sectors, President Trump’s letters warning of duties up to 70% cast a shadow over machinery, luxury and automotive stocks. At home, a surprise 0.4% decline in May retail sales, reversing April’s 0.7% gain, and stagnant industrial output highlighted weakening consumer demand and production headwinds. Banking names such as BPER Banca (-2.0%) underperformed amidst intensified scrutiny of digital tax disputes and fiscal sustainability debates in Rome, while heavyweight autos and tech names, Stellantis, STMicroelectronics and Ferrari, each slid between 1.0% and 2.2% on softer global vehicle shipments and chip orders. With no fresh fiscal stimulus from Rome or progress on an EU-US trade pact, only defensive utilities and select energy stocks provided limited support, leaving the MIB with a modest 0.2% weekly loss.