The Trump administration's threat of additional 10% tariffs on Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and Great Britain from February 1st (rising to 25% in June) if no agreement is reached over the Arctic island has triggered a risk-off movement, prompting profit-taking after recent market gains.
According to Equita, the direct economic impact of the tariffs is not the central issue, also because Trump does not always turn words into action: the real concern is geopolitical, a theme that "will remain one of the main risk factors for markets in 2026," the broker notes.
While EU leaders deliberate on how to respond to the US president, around 12:30 p.m. the FTSE Mib index had fallen by 1.8%, with trading volumes around 1.5 billion euros—not insignificant, considering Wall Street is closed for Martin Luther King Day.
Among the standout stocks:
** Amid a sea of red, LEONARDO stands out with a 3% gain, the only significant rise among blue chips, thanks to heightened investor interest in the defense sector during periods of increased geopolitical tension.
** Among the few other risers (between +0.1% and +0.7%): HERA, INWIT, MFE
** Banks were hit hard (-1.7% for both the Italian and European indices), although MPS showed slightly more resilience, holding steady. The asset management sector was particularly weak, with B.GENERALI down 3% after Kepler Cheuvreux downgraded it to 'hold' from 'buy' (it had risen 25% since mid-October), while B.MEDIOLANUM and FINECOBANK both fell 2%.
** The automotive sector, always highly sensitive to potential tariff hikes, also declined, with STELLANTIS down 2% and FERRARI down 2.5%.
** STM lost over 4%, CAMPARI dropped 1.75%, and the entire luxury sector suffered.
** AMPLIFON fell 4% after Intermonte released slightly lower-than-consensus revenue estimates for 2026-27.
** FERRETTI was little changed (-0.2% at 3.64 euros), after Kkcg launched a partial voluntary takeover bid at 3.5 euros per share, aiming to increase its stake from 14.5% to 29.9% of the capital.
(Claudia Cristoferi, editing by Andrea Mandalà)
