Stock market, Greenland scares but Milan (-1.3%) closes without shocks. Record gold

(Il Sole 24 Ore Radiocor)- A difficult session ended in the red for the European stock exchanges, which felt the brunt of Trump's new tariffs threats against countries opposingUS plans on Greenland. The lists, orphaned by the beacon of Wall Street (closed for holidays, but with futures also negative here), all ended with a minus sign, with Milan down 1.3%, without excessive shocks, also considering that Italy is not part of Trump's new 'black list'. Over the weekend, the tycoon threatened the introduction of customs tariffs of 10% - which could rise to 25% in the future - against the eight countries that have sent troops to the Arctic island, "effectively reopening the trade war between the US and the EU", noted the economists at Ing. And today he pressed on: "I no longer feel obliged to think exclusively about peace" given that I was denied the Nobel Prize "for stopping eight more wars".

European leaders will meet in an extraordinary summit in Brussels on Thursday, but are already considering counter measures. "The direct economic impact of tariffs is not the central element," note Equita analysts. "The risk is rather of a geopolitical nature, at a time when markets are coming off a strong performance and are therefore more susceptible to profit-taking. In response, European countries are talking of a 'dangerous downward spiral' and, according to rumours, are considering $93 billion measures against the US. In this context, investors are abandoning riskier assets and taking refuge in safe havens such as precious metals, which continue to set new records.

All other European stock markets were also negative: Frankfurt closed at -1.2%, Paris at -1.8%, London at -0.4%, Madrid -0.1% and Amsterdam at -1.7%. In macro terms, it will be a week packed with data including, on Thursday, the US November Pce, the Federal Reserve's preferred indicator for measuring inflation. Friday, however, will be the turn of the Pmi indices of the major economies.

Few stocks were in the green at Piazza Affari, including Leonardo (+1.6%), on the back of European defence sector gains. Purchases were made on Inwit (+1.2%) and Diasorin (+1.1%), while Mps (+0.9%) also closed on a positive note, bucking the banking sector trend after the Caltagirone Group rejected press reports of a clash with CEO Luigi Lovaglio. The bank pointed out that the board of the Siena-based institution is currently undergoing an internal discussion on the issues related to the industrial plan required by the ECB, in addition to the list of the board of directors for renewal. Technology suffered with St (-4.7%), with sales hitting Amplifon (-6.2%) and Brunello Cucinelli (-3.4%) in particular.

Outside the main basket, eyes were on Ferretti (-0.3%) after Kkcg Maritime announced the launch of a voluntary partial tender offer for up to 52,132,861 Ferretti shares, with the aim of increasing its stake from 14.5% to 29.9% of the company's share capital.