The FTSE MIB fell 0.7% to around 39,990 in early trading on Monday, starting the week on a cautious note as investors monitored trade negotiations and digested a fresh round of corporate earnings. US Commerce Secretary Howard Lutnick expressed confidence that an agreement with the EU can be reached, while the bloc is reportedly preparing a list of US goods for retaliatory tariffs ahead of the August 1 deadline. Meanwhile, the European Central Bank is expected to leave interest rates unchanged for the first time in nearly a year, amid persistent concerns about the possible impact of higher US tariffs on the eurozone economy. On the corporate front, Stellantis shares dropped nearly 2% after the auto giant reported a first-half net loss based on preliminary figures. Other notable decliners included Enel (-3.3%), Banco BPM (-2.2%), and Leonardo (-1.6%).