Italy may soon be fined €3 billion over debts and deficits the country is going through in violation of EU rules.

European markets have been up slightly amid limited gains for nationalists and euro-skeptic parties in France, Poland, Italy, and the UK. Snap elections are expected in Greece, and the current political turmoil in Austria has tempered this optimism, to an extent. The current dispute between Italian and European leadership over budget concerns may turn more aggressive from either side, or even both sides.

The pan-European STOXX 600 was down 0.06% on Monday, and high-grade Eurozone bond yields were down across the board. In the US, the Dow Jones was up 66.29 points (0.26%), while the S&P 500 was up 6.24 points. The Nasdaq Composite added 33.72 points (0.44%), while auto stocks were up across the board amid the discussions of a merger going on at Chrysler Fiat and Renault.

While Italy’s budget is the major concern in the Eurozone at the moment, the trade war between the US and China looms on. US President Donald Trump said on Monday that Washington is currently unready for a deal, but that a deal can be expected in the future. Amid the full-blown trade war with China, Trump also called upon Japanese Prime Minister Shinzo Abe to reduce the trade imbalance between their two countries. Trade imbalances and protectionist measures are disruptive to economies on their own, but should trade disputes start being truly disruptive to global supply chains, the markets will feel it on a global level.