Milan Stocks Drop Ahead of EU-US Trade Talks

The FTSE MIB index fell 0.4% to close at 39,762 on Wednesday as investors monitored escalating trade tensions between the EU and the US. EU trade chief Maros Sefcovic traveled to Washington for talks after US President Trump threatened a 30% tariff on EU imports starting August 1—a rate Europe says would effectively halt normal trade between the two economies.

The European Commission has prepared countermeasures targeting €72 billion in US goods, should talks fail.

Confindustria President Emanuele Orsini emphasized that only zero tariffs would be acceptable, citing the euro’s appreciation as another pressure point for European exporters.

On the corporate front, auto-related stocks led losses: Stellantis, which owns Citroen and Peugeot, dropped 6.2% after a weak auto industry forecast in France by Renault drove it's shares down 18%, and Iveco Group (-3.4%), tracked broader weakness in EU carmakers facing steep US tariffs.

In contrast, Ferrari gained 2.1%.