意大利3个月期国债 (Italy3M) 加自选

意大利在2025年4月录得24.82亿欧元的贸易顺差，低于市场预期的27.5亿欧元，低于去年同期48.29亿欧元的顺差。这是自2025年1月贸易逆差以来的最小顺差。进口额同比增长5.4%，达到504.26亿欧元，与欧盟国家（0.8%）相比，非欧盟国家的采购额大幅增长（11.5%）。进口增长主要受药品、药用化学品和植物产品（76.9%）以及电力、天然气、蒸汽和空调供应（25.5%）的推动。与此同时，出口温和增长0.4%，达到529.08亿欧元，这得益于对欧盟市场的销售额增加（2.1%），而对非欧盟市场的出口下降（-1.4%）。在产品中，药品、药用化学品和植物产品（30.1%）以及基本金属和金属制品（5.5%）的出口增长最为强劲。

Italy recorded a trade surplus of EUR 2.482 billion in April 2025, below market expectations of EUR 2.75 billion and down from a surplus of EUR 4.829 billion in the same month of the previous year. This marked the smallest surplus since the trade deficit recorded in January 2025. Imports rose by 5.4% year-on-year to EUR 50.426 billion, with purchases from non-EU countries increasing significantly (11.5%) compared to those from EU countries (0.8%). The growth in imports was primarily driven by pharmaceutical, medicinal chemical, and botanical products (76.9%) and electricity, gas, steam, and air conditioning supply (25.5%). Meanwhile, exports grew by a modest 0.4% to EUR 52.908 billion, supported by higher sales to EU markets (2.1%), while exports to non-EU markets declined (-1.4%). Among products, export growth was strongest in pharmaceutical, medicinal chemical, and botanical products (30.1%) and basic metals and metal products (5.5%).

意大利10年期英国国债收益率小幅升至3.45%，此前曾短暂触及3.398%，为12月18日以来的最低水平，因为市场正在努力应对地缘政治和贸易紧张局势的加剧。以色列对伊朗发动了隔夜袭击，目标是核设施和高级官员，称这次行动对于应对生存威胁至关重要。伊朗以数百架无人机作为回应，并暗示了进一步报复的可能性。与此同时，在美国总统唐纳德·特朗普宣布计划致函主要贸易伙伴，概述新的单边关税提案后，贸易战的担忧再次浮出水面。在政策方面，欧洲央行官员最近的言论增强了人们的预期，即该行可能会暂停其宽松周期，以评估美国潜在关税的经济影响。

Italy’s 10-year BTP yield edged up to 3.45%, after briefly touching 3.398%—its lowest level since December 18—as markets grappled with rising geopolitical and trade tensions. Israel launched overnight strikes on Iran, targeting nuclear facilities and senior officials, calling the operation essential to counter an existential threat. Iran responded with hundreds of drones and signaled the potential for further retaliation. Meanwhile, renewed trade war fears resurfaced after US President Donald Trump announced plans to send letters to key trading partners outlining new unilateral tariff proposals. On the policy front, recent remarks from European Central Bank officials reinforced expectations that the bank may pause its easing cycle to assess the economic impact of potential US tariffs.

周五，富时MIB指数跌至39200左右，触及三周多来的最低水平，追随中东紧张局势加剧导致的全球抛售。以色列对伊朗的空袭标志着地区冲突的显著升级，以色列宣布进入紧急状态，引发了人们对伊朗即将进行报复的担忧。与此同时，投资者也在关注贸易发展，美中框架的细节仍悬而未决，因为特朗普总统计划在未来几周内为贸易伙伴设定关税税率。在整个交易所，主要股票大幅下跌，包括联合信贷银行（-2.6%）、联合圣保罗银行（-1.6%）、意大利国家电力公司（-1%）、法拉利（-2.1%）和忠利银行（-1.9%）。从好的方面来看，能源公司埃尼集团上涨1.6%，受供应中断担忧导致油价上涨的支撑，而国防集团莱昂纳多上涨1.5%。本周，该指数将创下自3月下旬以来的最差表现。

The FTSE MIB fell to around 39,200 on Friday, hitting its lowest level in over three weeks, tracking a global sell-off amid rising Middle East tensions. Israeli airstrikes on Iran marked a significant escalation in regional conflict, with Israel declaring a state of emergency, raising fears of imminent Iranian retaliation. Meanwhile, investors are also monitoring trade developments, with details on the US-China framework still pending, as President Trump plans to set tariff rates for trading partners in the coming weeks. Across the bourse, major stocks posted sharp losses, including UniCredit (-2.6%), Intesa Sanpaolo (-1.6%), Enel (-1%), Ferrari (-2.1%), and Generali (-1.9%). On the upside, energy company Eni rose 1.6%, supported by rising oil prices amid supply disruption fears, while defense group Leonardo gained 1.5%. For the week, the index is poised for its worst performance since late March.

在米兰，富时MIB指数周四下跌232点，跌幅0.58%。Stellantis N.V.（-3.08%）、Ferrari NV（-2.71%）和意法半导体（-2.32%）领跌。涨幅最大的是埃尼集团（1.52%）、塞佩姆集团（1.10%）和赫拉集团（1.07%）。

In Milan, the FTSE MIB Index decreased 232 points or 0.58 percent on Thursday. Losses were driven by Stellantis N.V. (-3.08%), Ferrari NV (-2.71%) and STMicroelectronics (-2.32%). Biggest rises came from Eni (1.52%), Saipem (1.10%) and Hera (1.07%).