意大利3个月期国债 (Italy3M) 加自选

周一，意大利股市下跌0.3%，收于40461点，投资者正在等待伦敦美中贸易谈判的进展，这加剧了不确定性。市场焦点也从周五强劲的美国就业报告转向本周公布的关键通胀数据，这可能为美联储的下一步行动提供更明确的指导。在企业方面，依维柯集团（-2.48%）、忠利（-2.15%）和赫拉（-1.7%）的跌幅最大。与此同时，意法半导体（+2.87%）继续上涨，紧随其后的是Campari（+2.19%）和Diasorin（+1.93%），均为当日表现最佳的公司。

The Italian stock market fell 0.3% to close at 40,461 on Monday, as investors await developments from the US-China trade talks in London, fueling uncertainty. Market focus also shifts from Friday’s strong US jobs report to key inflation data due this week, which could offer clearer guidance on the Fed’s next move. On the corporate front, Iveco Group (-2.48%), Generali (-2.15%), and Hera (-1.7%) posted the steepest losses. Meanwhile, STMicroelectronics (+2.87%) extended its gains, followed by Campari (+2.19%) and Diasorin (+1.93%) among the session’s top performers.

意大利10年期英国国债收益率跌至3.45%，反映了欧洲债券市场的下跌，触及2月7日以来的最低水平。下跌之际，投资者密切关注美中贸易谈判，并等待欧洲央行官员就政策前景发出新信号。在特朗普总统和Xi最近通话后，美国和中国的谈判代表今天在伦敦举行会议，在上个月在日内瓦达成的初步协议的基础上再接再厉。在货币方面，欧洲央行上周将利率下调了25个基点，使借贷成本降至2022年11月以来的最低水平，并下调了2025年和2026年的通胀预测。然而，该行也暗示，当前的宽松周期可能即将结束，与早些时候的市场预期相反。

Italy’s 10-year BTP yield fell toward 3.45%, mirroring declines across European bond markets and hitting its lowest level since February 7. The drop came as investors closely watched US-China trade talks and awaited fresh signals from European Central Bank officials on the policy outlook. US and Chinese negotiators are meeting in London today to build on the preliminary agreement reached last month in Geneva, following a recent phone call between Presidents Trump and Xi Jinping. On the monetary front, the ECB cut interest rates by 25 basis points last week—bringing borrowing costs to their lowest since November 2022—and downgraded its inflation forecasts for 2025 and 2026. However, the bank also hinted that the current easing cycle may be nearing its end, countering earlier market expectations.

富时MIB指数周一早盘下跌0.4%，至40410点左右，本周开盘走低，反映了大多数欧洲市场的下跌。投资者情绪受到中国令人失望的经济数据的抑制，5月份中国消费者和生产者价格均有所下降，而贸易数据显示出口增长低于预期，进口持续下降。然而，在当天晚些时候在伦敦举行的美中贸易谈判之前，一些乐观情绪依然存在，投资者希望这可能会缓解世界两大经济体之间的紧张局势。在企业方面，Leonardo（-1.3%）、Hera（-1.1%）和Bper Banca（-1.0%）出现了显著亏损。

The FTSE MIB index fell by 0.4% to around 40,410 in early trading on Monday, kicking off the week on a lower note and mirroring losses across most European markets. Investor sentiment was dampened by disappointing economic data from China, where both consumer and producer prices declined in May, while trade figures showed weaker-than-expected export growth and a continued decline in imports. However, some optimism lingered ahead of US-China trade talks in London later in the day, which investors hope might ease tensions between the world’s two largest economies. On the corporate side, notable losses were seen in Leonardo (-1.3%), Hera (-1.1%), and Bper Banca (-1.0%).

在米兰，富时MIB指数周五上涨223点，涨幅0.55%。领涨的是Recordati（3.78%）、Unipol Gruppo（1.59%）和Bper Banca（1.33%）。跌幅最大的是Leonardo SpA（-2.80%）、MFE MediaForEurope（-1.32%）和意法半导体（-0.77%）。

In Milan, the FTSE MIB Index rose 223 points or 0.55 percent on Friday. Leading the gains are Recordati (3.78%), Unipol Gruppo (1.59%) and Bper Banca (1.33%). Top losers were Leonardo SpA (-2.80%), MFE-MediaForEurope (-1.32%) and STMicroelectronics (-0.77%).