The FTSE MIB fell 0.4% to close at 40,166 on Monday, in line with losses across major European markets, as investors monitored second-quarter earnings amid trade tensions between the US and EU. Reports suggest President Trump is pushing for blanket 30% tariffs on EU imports from August 1, complicating ongoing negotiations. In response, several EU states are considering invoking the Anti-Coercion Instrument, which would allow broader retaliation beyond tariffs if talks fail. Market sentiment remained cautious ahead of Thursday’s ECB meeting, where rates are expected to remain unchanged following June’s cut, as policymakers adopt a wait-and-see stance. On the corporate front, Diasorin (-1.66%), Banco BPM (-1.6%), and Campari (-1.4%) led losses. STMicroelectronics added 1.5%, while Stellantis rose at a similar pace as markets assessed whether its earnings release this month will be as pessimistic as feared following its preliminary report.