(Alliance News) – By midday Friday, European stock markets remained in negative territory, weighed down by ongoing uncertainty over US tariffs. While trading in the US is paused for Independence Day, attention in Europe is firmly on July 9, the deadline for the full implementation of Trump-era tariffs–a date pushing leaders to seek a swift agreement.

In June, the Eurozone construction sector struggled, with declining demand and rising costs, according to the latest Purchasing Managers’ Index survey conducted by S&P Global and released on Friday.

On the Milan Stock Exchange, the FTSE Mib slipped 0.8% to 39,634.37 points. The Mid-Cap index was also down at 53,852.33, while the Small-Cap edged up slightly to 32,068.77. The Italy Growth index hovered just below parity at 8,228.84.

Across European markets, Paris’s CAC 40 fell 1.2%, Frankfurt’s DAX 40 dropped 0.9%, and London’s FTSE 100 lost 0.3%.

On Piazza Affari, Amplifon led the main index, up 1.1% at EUR20.50 per share.

The banking sector was the main driver of market activity on Friday.

Banca Popolare di Sondrio gained 0.9% to EUR11.84 per share after BPER Banca–down 1.7%–increased its offer in the ongoing voluntary Public Exchange Offer, adding a cash component of EUR1.00 for each share tendered.

Elsewhere in banking M&A, UniCredit fell 1.1% as it awaited a decision on golden power regulations regarding its Public Exchange Offer for Banco BPM, which slipped 0.6%.

Piazza Gae Aulenti has challenged the government decree before the Lazio Regional Administrative Court, waiving its request for a suspension to expedite a ruling on the merits, expected on July 9.

Among blue chips, only six managed positive performances. Poste Italiane rose 0.2% after Barclays raised its target price to EUR18 from EUR17.50.

Stellantis was the worst performer, down 1.8% at EUR8.586 per share.

On the Mid-Cap index, Ascopiave topped the board with a 1.7% gain, following an agreement with A2A to acquire AP Reti Gas Northl.

Alerion extended its rally for a second session, rising 0.7%.

Carel Industries, which led the index on Thursday, fell to the bottom with a 4.0% drop.

Fincantieri, which announced the delivery of the first of two MPCS/PPA class naval units for the Indonesian Navy, hovered just below parity at EUR16.17 per share.

OVS’s acquisition of 100% of Goldenpoint failed to spark buying interest; shares slipped 1.3% to EUR3.578 per share.

On the Small-Cap index, Mondo TV continued its upward momentum after topping the previous session, advancing more than 9.6%.

Class Editori led gains, jumping over 10% to EUR0.15 per share, with over 1 million shares changing hands.

Among banking M&A plays, Illimity Bank posted a 0.5% gain.

EPH remained at the bottom, down 3.2%.

Among SMEs, GEL led with an 8.9% increase.

Innovatec rebounded after a month of modest declines and a first half marked by a 56% loss. The stock gained 4.6% on Friday.

Haiki+ also delivered positive results, up 4.0%, following the announcement of its EUR22.9 million acquisition of Ecobat Resources.

4AIM Sicaf closed down 12%.

US markets are closed for Independence Day celebrations.

In New York on Thursday evening–where Wall Street closed early at 1900 CEST for the holiday–the Dow rose 0.8% to 44,828.53, the Nasdaq climbed 1.0% to 20,601.10, and the S&P 500 advanced 0.8% to 6,279.35.

In Asia, the Nikkei closed up 0.1%, the Shanghai Composite gained 0.3%, while the Hang Seng slipped 0.6%.

In currency markets, the euro traded at USD1.1780, up from USD1.1756 at Thursday’s close, while the pound was at USD1.3657 versus USD1.3647 last night.

Among commodities, Brent crude traded at USD67.85, down from USD68.36 per barrel previously, while gold was valued at USD3,338.81 an ounce, up from USD3,328.36 an ounce the previous evening.

The US holiday slowed economic releases on Friday’s calendar.

By Michele Cirulli, Alliance News Reporter

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