The FTSE MIB fell 1.4% to close at 45,154 on Monday, retreating from recent highs as renewed trade tensions between the US and Europe triggered a broad risk-off move. President Donald Trump threatened tariffs of 10% on imports from several European countries starting in February, potentially rising to 25% by June unless Washington is allowed to acquire Greenland, prompting EU officials to discuss possible retaliatory measures. Losses were broad-based, with utilities and cyclicals under pressure as Enel (-1.3%), Interpump Group (-3.1%), and Prysmian (-2.1%) underperformed. Technology stocks lagged sharply, with STMicroelectronics (-4.7%) extending recent weakness amid concerns over global demand. Financials were also weaker, including UniCredit (-1.5%) and Banca Generali (-1.9%), reflecting the broader derisking tone, while defense name Leonardo (+1.7%) stood out as one of the few gainers.