Red bags with Trump letters

European stock markets are still decidedly weak as they await real developments in negotiations with the United States on the tariff front. And with Wall Street closed for Independence Day, Washington will begin sending letters with unilateral tariffs to trading partners from today. The tariffs should start on August 1st. Milan falls 0.7%, the worst performer is Madrid which loses almost a point and a half despite industrial production in Spain growing by 1.7% in May. Among the sectors, the most pronounced sales are in Automotive and Luxury. All the banks are also down, on the banking risk front there is the news that Monte dei Paschi is aiming to reach 66.7% of Mediobanca, but the minimum target, considered sufficient, is set at 35%, while Bper has increased the equivalent of the offer for Popolare di Sondrio. On the currency markets, the dollar's recovery against the euro has already stopped, which today returns to a step away from the 1.18 threshold.