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The FTSE MIB climbed to around 38,277 in early trading on Friday, recouping previous session losses but remaining on track for a second consecutive weekly decline as traders assessed trade tensions and geopolitical developments.

President Donald Trump threatened a 200% tariff on EU alcoholic beverages after the bloc imposed a 50% tax on American whiskey exports.

Meanwhile, Russian President Vladimir Putin expressed skepticism over a US-brokered ceasefire with Ukraine.

On the corporate front, Brunello Cucinelli gained over 1% after reporting strong Q4 2024 results, with revenue up 12.2% to €1.278 billion, EBIT at €211.7 million, and net profit rising 19.5% to €128 million.

Other notable gainers included Leonardo (+3%), Telecom Italia (+2.7%), Moncler (+2.5%), and Prysmian (+1%).

The FTSE MIB climbed to around 38,277 in early trading on Friday, recouping previous session losses but remaining on track for a second consecutive weekly decline as traders assessed trade tensions and geopolitical developments.

President Donald Trump threatened a 200% tariff on EU alcoholic beverages after the bloc imposed a 50% tax on American whiskey exports.

Meanwhile, Russian President Vladimir Putin expressed skepticism over a US-brokered ceasefire with Ukraine.

On the corporate front, Brunello Cucinelli gained over 1% after reporting strong Q4 2024 results, with revenue up 12.2% to €1.278 billion, EBIT at €211.7 million, and net profit rising 19.5% to €128 million.

Other notable gainers included Leonardo (+3%), Telecom Italia (+2.7%), Moncler (+2.5%), and Prysmian (+1%).

The CAC 40 rose 0.5% to 7,981 on Friday, buoyed by strong gains in the luxury sector.

L’Oréal led the index, surging 3.4%, while LVMH gained 1.8% and Hermes advanced 1.6%.

Moreover, Thales supported the index’s lift, with shares climbing 3%, along with Danone (1.4%) and ArcelorMittal (1.1%).

However, Kering, another key player in the luxury space, dropped 12.8% to a two-month low following the appointment of Demna as Gucci’s new artistic director.

Vivendi also saw a significant decline, falling 4.1% to hit a one-month low.

Meanwhile,investors were closely monitoring growing global trade tensions, with U.S. President Donald Trump threatening a 200% tariff on wine and other alcoholic beverages imported from the EU in retaliation for the bloc’s newly imposed countermeasures.

On the geopolitical front, Russian President Vladimir Putin cast doubt on the prospects of a U.S.-brokered ceasefire in the ongoing Ukraine conflict.

Over the week, the index is on track for a sharp weekly decline.

Hong Kong stocks rebounded from a five-day losing streak to close the week on a positive note after a renewed interest in tech stocks ignited an investor buying spree.

The Hang Seng Index surged 2.12%, or 497.33 points, to end at 23,959.98. The Hang Seng China Enterprises Index added 2.75%, or 237.38 points, to 8,877.99.

Tech giants, which have enjoyed the AI-driven optimism spurred by the global success of Deepseek, led the rally on Friday.

Meituan surged over 5% on Friday, with Alibaba Group and Tencent rising 3% each and Xiaomi following close behind with a boost of 2%.

Global lenders including Citigroup and Goldman Sachs have turned more optimistic about Chinese stocks amid a downturn in US stocks due to uncertainty arising from Donald Trump's economic policies, according to an SCMP report.

In corporate news, shares of port conglomerate CK Hutchison slid over 6% after a deal to sell a stake in Panama Port operators to a consortium led by US firm BlackRock drew backlash from China.

China's Hong Kong and Macau Affairs Office (HKMAO) reposted a commentary condemning the agreement and branding it as a betrayal of China.

The FTSE 100 edged higher on Friday but remains on track for its second consecutive weekly decline—the first time this year.

UK GDP unexpectedly fell by 0.1% in January, missing forecasts for 0.1% growth, driven by weakness in the production sector.

The softer economic data slightly increased market expectations for Bank of England rate cuts, pushing the pound lower.

Miners tracked gains in copper, with Anglo American, Antofagasta, and Glencore rising between 1.9% and 2.1%, while Rio Tinto added 1.6%.

Airline stocks also advanced, with International Airlines Group up 1.9% and EasyJet climbing 2.8%.

Among large-cap stocks, Rolls-Royce gained about 1.5%.

More broadly, Recruiter Hays jumped around 6% after an upgrade from BNP Paribas Exane.

On the downside, Vanquis Banking tumbled 20% after delaying its return targets by a year, while Bodycote fell 11% as challenging market conditions are expected to weigh on future estimates despite showing some improvements.

Frankfurt's DAX hovered around the flatline on Friday, in cautious trading, as traders continued to monitor escalating trade tensions, geopolitical vents, and corporate news.

President Trump on Thursday threatened to slap a 200% tariff on European Union exports of wine, champagne and other alcoholic beverages in retaliation for the trading bloc's hiking of duties on American whiskey to 50%.

The EU announced the measures in response to U.S. tariffs on foreign steel and aluminum taking effect on Wednesday.

On the corporate front, Daimler Truck led the gains with a rise of more than 3%, after the German truckmaker reported Q4 earnings that surpassed expectations and provided a robust outlook for this year.

On the other hand, shares in BMW fell as much as 4%, placing the company at the bottom of the index, after the carmaker reported a more than one-third decline in net profits for 2024 and projected a 5-7% earnings margin for its cars in 2025, lower than some of its competitors.