The FTSE MIB edged down 0.2% to close at 40,600 as markets assessed the outlook for European trade, the ECB's policy, and pessimistic earnings results. The ECB held its rates unchanged as expected and President Lagarde noted that the Eurozone's economy remains resilient, driving markets to pare bets of rate cuts this year. pausing its easing cycle for the first time in over a year. In the meantime, two EU diplomats said Wednesday that trade talks with the US are converging toward a 15% tariff, mirroring the US-Japan framework and reducing the threats of 30% tariffs from earlier. On the corporate front, STMicroelectronics plunged over 16% after posting its first quarterly loss in more than a decade. Moncler dropped nearly 6% as sales declined by 2%, hurt by weaker tourist activity, especially in EMEA and Japan.