意大利20年期国债 (Italy20Y) 加自选

2025年10月，意大利制造业信心指数攀升至88.3，超过市场预期的87.5，高于上个月向上修正的87.4。最新数据标志着2024年5月以来的最高水平，反映出对订单（3比9月的0.7）、产量（1.9比-0.1）和流动性状况（29.6比29.3）的预期有所改善。此外，市场对销售价格（6.3比5.1）和成品库存（2.3比2.7）的前景保持乐观。然而，制造商对更广泛的经济前景仍持谨慎态度（-12比-14.3），对就业前景的信心略有下滑（1.3比1.6）。

Italy’s manufacturing confidence index climbed to 88.3 in October 2025, beating market expectations of 87.5 and up from an upwardly revised 87.4 in the previous month. The latest reading marked the highest level since May 2024, reflecting improved expectations for orders (3 vs 0.7 in September), production (1.9 vs -0.1), and liquidity conditions (29.6 vs 29.3). Additionally, sentiment remained positive over the outlook for selling prices (6.3 vs 5.1) and stocks of finished goods (2.3 vs 2.7). However, manufacturers remained cautious about the broader economic outlook (-12 vs -14.3), and confidence in employment prospects slipped modestly (1.3 vs 1.6).

意大利消费者信心指数从前一个月的96.8升至2025年10月的97.6，为2月以来的最高水平。这也是消费者士气连续第二个改善时期，受对总体经济形势预期增强的支撑，经济景气指数从9月的98.8上升到10月的99.0。个人情绪也从96.0上升到97.0，未来情绪从92.6上升到94.1，当前气候指数从99.9上升到100.2。此外，对储蓄机会和购买耐用品的可取性的评估也显示出进一步的改善。

The Italian consumer confidence index rose to 97.6 in October 2025 from 96.8 in the previous month, marking the highest level since February. This was also the second consecutive period of improvement in consumer morale, supported by stronger expectations for the general economic situation, with the economic sentiment index increasing from 98.8 in September to 99.0 in October. Personal sentiment also rose from 96.0 to 97.0, future sentiment from 92.6 to 94.1, and the current climate index from 99.9 to 100.2. In addition, assessments of saving opportunities and the advisability of purchasing durable goods also showed further improvement.

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The FTSE MIB hovered around 42,900 in early trading on Tuesday following a three-day advance, as investors shifted focus to corporate earnings and upcoming central bank decisions. The Federal Reserve is widely expected to cut rates by 25bps, while the ECB is seen likely to keep policy rates unchanged. At the same time, traders continue to track progress in US-China trade deal, with President Trump and President Xi set to meet at a summit on Thursday after negotiators cleared a path toward a potential agreement. Shares of Eni dropped 1.2% after HSBC downgraded its rating on the company from “Buy” to “Hold”. This was partly offset by gains in STMicroelectronics (+1.8%) and Banca Monte dei Paschi di Siena (+1.3%).

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The FTSE MIB hovered around 42,900 in early trading on Tuesday following a three-day advance, as investors shifted focus to corporate earnings and upcoming central bank decisions. The Federal Reserve is widely expected to cut rates by 25bps, while the ECB is seen likely to keep policy rates unchanged. At the same time, traders continue to track progress in US-China trade deal, with President Trump and President Xi set to meet at a summit on Thursday after negotiators cleared a path toward a potential agreement. Shares of Eni dropped 1.2% after HSBC downgraded its rating on the company from “Buy” to “Hold”. This was partly offset by gains in STMicroelectronics (+1.8%) and Banca Monte dei Paschi di Siena (+1.3%).