意大利6个月期国债 (Italy6M) 加自选

周三，富时MIB指数小幅下跌不到0.1%，收于40180点附近，投资者消化了美中贸易协定的初步内容。尽管双方都表示取得了进展，但特朗普总统和Xi总统的最终批准仍悬而未决，缺乏具体细节使市场情绪保持谨慎。与此同时，美国5月份的通胀数据略低于预期，表明关税尚未影响消费者价格，这增加了人们对未来利率政策举措的猜测，因为温和的通胀为鸽派立场开辟了空间。在企业方面，Azimut（+2.5%）、A2a（+1.9%）、FinecoBank（+1.7%）和Italgas（+1.4%）领涨。不利的一面是，Nexi（-2.5%）、Saipem（-2.1%）、Banca Monte dei Paschi di Siena（-1.4%）和Stellantis（-1.3%）是当天表现最差的银行之一。

The FTSE MIB edged down by less than less than 0.1% on Wednesday to close near 40,180, as investors digested the tentative US-China trade agreement. Although both sides signaled progress, final approval by Presidents Trump and Xi is still pending, and the lack of specifics kept market sentiment cautious. Meanwhile, US inflation data for May came in just below expectations, suggesting tariffs had not yet impacted consumer prices—adding to speculation about future policy moves regarding interest rates, as the soft inflation opens space for a dovish stance. On the corporate front, Azimut (+2.5%), A2a (+1.9%), FinecoBank (+1.7%), and Italgas (+1.4%) led gains. On the downside, Nexi (-2.5%), Saipem (-2.1%), Banca Monte dei Paschi di Siena (-1.4%), and Stellantis (-1.3%) were among the session's worst performers.

意大利10年期英国国债收益率回升至3.45%以上，从6月9日达到的四个月低点3.43%反弹，投资者评估了欧洲央行官员最近的评论，并等待美中贸易谈判的进展。欧洲央行管理委员会成员François Villeroy de Galhau重申，尽管连续八次降息，但央行仍准备在必要时迅速采取利率行动，他说这一系列降息使货币政策“正常化”。尽管最近的降息达到了预期，但欧洲央行行长克里斯蒂娜·拉加德表示，宽松周期可能即将结束。在2025年5月欧元区通货膨胀率降至1.9%之后，存款便利率目前为2%。与此同时，欧元区经济在2025年第一季度增长了0.6%，这是自2022年第三季度以来最强劲的季度增长。

Italy’s 10-year BTP yield climbed back above 3.45%, rebounding from a four-month low of 3.43% reached on June 9, as investors assessed recent commentary from European Central Bank officials and awaited developments in US-China trade negotiations. ECB Governing Council member François Villeroy de Galhau reaffirmed the central bank’s readiness to act swiftly on interest rates if necessary, despite eight consecutive rate cuts—a sequence he said had "normalized" monetary policy. While the latest rate cut met expectations, ECB President Christine Lagarde suggested that the easing cycle may be nearing its end. The deposit facility rate now stands at 2%, following a decline in Eurozone inflation to 1.9% in May 2025. Meanwhile, the Eurozone economy expanded by 0.6% in the first quarter of 2025, marking the strongest quarterly growth since Q3 2022.

由于美中贸易协定未能提振市场情绪，富时MIB指数周三跌至4万左右，连续第三次下跌。两国官员宣布了一个实施日内瓦共识的框架，尽管双方在推进之前仍在寻求领导人的批准。与此同时，欧盟表示，其与美国的贸易谈判可能会延长到7月9日的最后期限之后。投资者也在等待即将公布的美国通胀数据，以了解美联储的政策方向。在整个交易所，大多数主要股票的交易量都有所下降，包括法拉利（-0.9%）、Banco BPM（-1%）、Nexi（-1.8%）和Saipem（1.8%）。从好的方面来看，Stellantis领涨，上涨近5%。

The FTSE MIB fell to around 40,000 on Wednesday, marking its third consecutive decline, as the US-China trade agreement failed to lift market sentiment. Officials from both countries announced a framework to implement their Geneva consensus, though both sides are still seeking leaders’ approval before moving forward. Meanwhile, the EU signaled that its trade negotiations with the US could extend beyond the July 9 deadline. Investors are also awaiting upcoming US inflation data for clues on the Federal Reserve’s policy direction. Across the bourse, most major stocks traded lower, including Ferrari (-0.9%), Banco BPM (-1%), Nexi (-1.8%), and Saipem (-1.8%). On the upside, Stellantis led gains, rising nearly 5%.

在米兰，富时MIB指数周二下跌254点，跌幅0.63%。Leonardo SpA（-6.15%）、Bper Banca（-3.13%）和Unipol Gruppo（-2.69%）领跌。抵消跌幅，涨幅最大的是Saipem（2.90%）、Tenaris（2.46%）和Stellantis N.V.（2.44%）。

In Milan, the FTSE MIB Index dropped 254 points or 0.63 percent on Tuesday. Losses were led by Leonardo SpA (-6.15%), Bper Banca (-3.13%) and Unipol Gruppo (-2.69%). Offsetting the fall, top gainers were Saipem (2.90%), Tenaris (2.46%) and Stellantis N.V. (2.44%).