European stock markets remain positive, but defense is weak

European stock markets closed higher on the day the Trump administration's tariffs on US imports went into effect. Milan rose 0.93%, Paris followed suit, and Frankfurt rose more than a percentage point.

London was the exception, falling 0.69% despite the Bank of England's decision to cut interest rates by 25 basis points. This decision was widely expected, but it has come to pass, and perhaps this is what worries market participants, given the narrow majority of 5 to 4 on the governing council.

Returning to the Milan Stock Exchange, industrial stocks performed well today, led by valve manufacturer Interpump, which gained more than 8% after its quarterly results. Leonardo, on the other hand, suffered a significant slide, falling 6.14% below the main index on a negative day for the entire defense sector, amid skirmishes with the United States over the F-35s and disappointing results for German giant Rheinmetall.

Wall Street was mixed: the Dow Jones Industrial Average fell slightly, while the Nasdaq rose after worse-than-expected unemployment benefits figures and amid a wait for clearer indications on the future of the Federal Reserve's leadership, just over a year after Jerome Powell's term as chairman ends.