意大利10年期英国国债收益率徘徊在3.5%左右，略低于法国总理辞职扰乱市场后的3.6%的高点，因为投资者在欧洲进一步的政治行动中保持谨慎。市场正密切关注法国总统马克龙准备任命新总理，这标志着他任期内政府领导层的第六次更迭。标准普尔全球将于周五审查意大利的信用评级，市场预计在增长疲软抵消财政进展的情况下，“BBB+”评级和稳定前景将得以维持。在宏观方面，欧洲央行表示有意保持利率稳定，并表示目前的政策足以将中期通胀目标锚定在2%。

The yield on Italy’s 10-year BTP hovered around 3.5%, holding slightly below the high of 3.6% after the French prime minister’s resignation rattled markets, as investors remained cautious amid further political moves in Europe. Markets are closely watching French President Macron as he prepares to appoint a new prime minister, marking the sixth change of government leadership during his tenure. S&P Global is set to review Italy’s credit rating on Friday, with markets expecting the “BBB+” rating and stable outlook to be maintained amid weak growth offsetting fiscal progress. On the macro front, the European Central Bank signaled its intention to keep interest rates steady, stating that current policy is sufficient to anchor the medium-term inflation target at 2%.

周五早盘，米兰富时MIB指数上涨0.4%，收于43000点，部分弥补了前一交易日1.6%的跌幅，因为汽车股在近期暴跌后反弹。法拉利在前一天暴跌超过15%后上涨了1%以上，当时其修订后的全年和2030年指导低于市场预期，并包括削减其电动汽车销售目标。同行汽车制造商Stellantis上涨超过2%，而大多数银行股也上涨。不利方面，国防公司Leonardo下跌约2.6%，受美国破坏的和平协议在中东站稳脚跟的迹象影响。在数据方面，意大利8月份工业活动同比下降2.7%，这是自去年12月以来的最大跌幅，与0.5%的增长预测相悖。

Milan’s FTSE MIB rose 0.4% toward 43,000 in early trading on Friday, trimming part of the 1.6% loss from the previous session as auto stocks rebounded after a recent slump. Ferrari gained more than 1% after plunging over 15% the day before, when its revised full-year and 2030 guidance fell short of market expectations and included a cut to its EV sales targets. Peer automaker Stellantis jumped over 2%, while most banking stocks also traded higher. On the downside, defense firm Leonardo dropped around 2.6%, pressured by signs that a US-brokered peace deal is taking hold in the Middle East. On the data front, Italy’s industrial activity fell 2.7% year-on-year in August, marking the sharpest decline since last December and defying forecasts of a 0.5% gain.

2025年8月，意大利工业生产环比下降2.4%，比市场预测的下降0.4%更糟糕，扭转了7月份0.4%的增长。这是自2024年12月以来的最大跌幅，受所有主要行业产出下降的拖累，即能源（-0.6%）、消费品（-1.2%）、中间产品（-1.2%”）和资本品（-2.2%”）。按年度计算，8月份工业生产下降2.7%，而市场预测为增长0.5%，前一个月增长0.9%。电力、天然气、蒸汽和空气供应的年度跌幅最大，暴跌了13.5%。

Italy’s industrial production decreased by 2.4% month-on-month in August 2025, worse than market forecasts of a 0.4% fall and reversing a 0.4% increase in July. This was the sharpest drop since December 2024, dragged by lower output across all major sectors, namely energy (-0.6%), consumer goods (-1.2%), intermediate goods (-1.2%), and capital goods (-2.2%). On a yearly basis, industrial production declined by 2.7% in August, against market forecasts of a 0.5% rise and following a 0.9% gain in the previous month. The biggest annual decline was seen in the supply of electricity, gas, steam, and air, which plunged by 13.5%.

意大利8月份工业产出年环比为-2.7%，低于预期（0.5%）。意大利8月份工业产出年环比为-2.7%，低于预期（0.5%）

Italy Industrial Output w.d.a (YoY) registered at -2.7%, below expectations (0.5%) in August.Italy Industrial Output w.d.a (YoY) registered at -2.7%, below expectations (0.5%) in August