意大利3个月期国债 (Italy3M) 加自选

周一，富时MIB指数下跌0.2%，收于43228点，因美联储主席杰罗姆·鲍威尔发出9月可能降息的信号引发上周的反弹，投资者获利回吐。欧洲股市在接近历史高点后下跌，因对美国货币宽松政策持乐观态度。在企业方面，联合信贷银行（-0.4%）将其部分德国商业银行股份转换为股票，将投票权提高到约26%，预计总持股比例将达到29%。联合圣保罗银行（-0.1%）和忠利银行（-0.6%）下跌，而BCA Pop Sondrio（+1%）、锡耶纳银行（+0.9%）和莱昂纳多银行（+2.3%）上涨。

The FTSE MIB lost 0.2% to close at 43,228 on Monday, as investors took profits after last week’s rally sparked by Fed Chair Jerome Powell’s signal of a possible September rate cut. European shares retreated after approaching all-time highs on optimism over US monetary easing. On the corporate front, UniCredit (-0.4%) converted part of its Commerzbank stake into shares, raising voting rights to about 26%, with total holdings expected to reach 29%. Intesa Sanpaolo (-0.1%) and Generali (-0.6%) posted losses, while BCA Pop Sondrio (+1%), Banca Monte dei Paschi di Siena (+0.9%), and Leonardo (+2.3%) gained.

随着投资者重新考虑大西洋两岸的政策前景，意大利10年期债券收益率小幅高于3.62%，与其他欧洲市场同步。这一增长是在美联储主席杰罗姆·鲍威尔在杰克逊霍尔研讨会上暗示可能降息之后出现的，该研讨会上周短暂提振了全球市场。然而，随着投资者意识到欧洲央行已经比美联储更积极地放松，使欧元区在当前的降息周期中进一步领先，这种乐观情绪逐渐消退。欧洲央行在8次降息后于7月结束了降息周期，但如果美国关税开始对欧元区经济造成压力，市场仍认为有进一步降息的空间。尽管欧洲央行行长克里斯蒂娜·拉加德（Christine Lagarde）没有发出任何新的政策举措的信号，但其他官员表示，他们倾向于现在暂停——这突显了市场对利率方向的持续不确定性。现在的焦点转向即将于8月29日公布的意大利通胀数据。

Italy’s 10-year bond yield edged above 3.62%, moving in step with other European markets, as investors reconsidered policy outlooks from both sides of the Atlantic. The uptick followed Fed Chair Jerome Powell’s hint at possible rate cuts during the Jackson Hole symposium, which briefly boosted global markets last week. However, that optimism faded as investors realized the ECB has already eased more aggressively than the Fed, putting the eurozone further ahead in the current rate-cutting cycle. The ECB wrapped up its rate-cut cycle in July after eight cuts, yet markets still see room for additional cuts if US tariffs begin to pressure the eurozone economy. While ECB President Christine Lagarde stopped short of signaling any new policy moves, other officials have indicated a preference to pause for now—highlighting the market’s ongoing uncertainty over the direction of rates. The focus now turns to upcoming Italian inflation figures due on August 29.

在米兰，富时MIB指数周五上涨297点，涨幅0.69%。STMicroelectronics（4.38%）、Banca Generali（3.55%）和Azimut Holding（2.97%）领涨。跌幅最大的是Finecobank（-0.31%）、Italgas（-0.26%）和Enel（-0.18%）。

In Milan, the FTSE MIB Index gained 297 points or 0.69 percent on Friday. Gains were led by STMicroelectronics (4.38%), Banca Generali (3.55%) and Azimut Holding (2.97%). Biggest losers were Finecobank (-0.31%), Italgas (-0.26%) and Enel (-0.18%).

富时MIB指数上涨0.7%，收于43310点，再次创下18年来的新高，这得益于美联储主席杰罗姆·鲍威尔在9月份表示，由于美国劳动力状况疲软，可能会降息，这通常会缓解全球金融市场。在意大利，Mediobanca首席执行官Alberto Nagel失去了股东投票，阻止了他对Banca Generali的收购（-0.1%），为Banca Monte dei Paschi di Siena（+2.1%）留下了机会。在该指数中，意法半导体（+4.7%）领涨，紧随其后的是Stellantis（+4.2%）、Azimut（+3%）和Prysmian（+2.6%），而Terna和Finecobank均下跌0.3%。

The FTSE MIB rose 0.7% to close at 43,310, renewing a 18-year high, boosted by optimism after US Federal Reserve Chair Jerome Powell signaled a possible rate cut in September amid softening US labor conditions, which typically eases global financial markets. In Italy, the Mediobanca CEO Alberto Nagel lost a shareholder vote blocking his bid for Banca Generali (-0.1%), leaving the way open for Banca Monte dei Paschi di Siena (+2.1%). On the index, STMicroelectronics (+4.7%) led gains, followed by Stellantis (+4.2%), Azimut (+3%), and Prysmian (+2.6%), while Terna and Finecobank both slipped 0.3%.