周五早盘，富时MIB指数几乎持平，约为43000点，表明由于市场情绪保持谨慎，每周表现疲软。投资者在消化新一轮企业盈利的同时，正在权衡对科技行业高估值的持续担忧。普睿司曼领跌指数，跌幅超过1%，但这被锡耶纳银行的收益所抵消，该银行第三季度利润意外增长，并宣布在收购竞争对手Mediobanca后，将于明年初公布新战略。这家意大利银行上涨了近4%，而Mediobanca上涨了2%以上。其他值得注意的上涨股包括Bper Banca（+2.1%）、Moncler（+2.6%）和Banca Generali（+2.1%.）。

The FTSE MIB remained nearly flat at around 43,000 in early trading on Friday, pointing to a muted weekly performance as market sentiment stayed cautious. Investors were weighing ongoing concerns over high valuations in the tech sector while digesting a fresh round of corporate earnings. Prysmian led the index lower, falling more than 1%, but this was offset by gains from Banca Monte dei Paschi di Siena, which posted a surprise rise in Q3 profit and announced it would unveil a new strategy early next year following its acquisition of rival Mediobanca. The Italian lender climbed nearly 4%, while Mediobanca added more than 2%. Other notable gainers included Bper Banca (+2.1%), Moncler (+2.6%), and Banca Generali (+2.1%).

周四，富时MIB指数下跌0.8%，收于43069点，结束了为期三天的反弹，并因投资者关注收益而追随地区跌幅。Diasorin在第三季度收入同比下降并下调全年前景后暴跌19%。在金融类股中，Mediobanca在利润下降11.8%后下跌3.4%，受Banca Monte dei Paschi收购要约相关成本（-2.3%）的影响，而BPER Banca下跌0.4%，尽管利润较高，但净利息收入下降3.6%。在2018年合并的税务调查中，金巴利股价下跌5.4%，并表示将缩小品牌重点，并在通胀和消费者行为转变的压力下进行地域扩张。尽管在线业绩强劲，但Lottomatica股价下跌6.1%，原因是其严格的并购立场。Leonardo在收入和订单强劲但现金流为负后下跌1.7%，TIM在支持电信行业整合后也下跌1.7%。

The FTSE MIB fell 0.8% to close at 43,069 on Thursday, snapping a three-day rally and tracking regional losses as investors focused on earnings. Diasorin plunged 19% after a yearly drop in Q3 revenue and a cut to its full-year outlook. Among financials, Mediobanca slid 3.4% after an 11.8% profit fall, weighed by costs tied to Banca Monte dei Paschi’s (-2.3%) takeover bid, while BPER Banca slipped 0.4% as net interest income fell 3.6% despite higher profit. Campari dropped 5.4% amid a tax probe over its 2018 merger and said it will narrow brand focus and expand geographically on pressure from inflation and shifting consumer behaviour. Lottomatica declined 6.1% despite strong online results, citing a disciplined M&A stance. Leonardo lost 1.7% after strong revenues and orders but negative cash flow, and TIM also fell 1.7% after backing telecom sector consolidation.

在米兰，富时MIB指数周四下跌370点，跌幅0.85%。Diasorin（-18.02%）、Davide Campari Milano（-5.23%）和Buzzi Unicenter（-3.61%）领跌。抵消跌幅，涨幅最大的是Azimut Holding（5.17%）、Banca Mediolanum（2.49%）和Infrastructurture Wire（1.22%）。

In Milan, the FTSE MIB Index dropped 370 points or 0.85 percent on Thursday. Losses were led by Diasorin (-18.02%), Davide Campari-Milano (-5.23%) and Buzzi Unicem (-3.61%). Offsetting the fall, top gainers were Azimut Holding (5.17%), Banca Mediolanum (2.49%) and Infrastrutture Wire (1.22%).

意大利10年期英国国债收益率徘徊在3.4%的四周高点附近，因为投资者在穆迪计划于周五对该国信用评级进行审查之前保持谨慎。意大利目前的评级为Baa3，前景稳定，仅比非投资级高一个档次，市场认为降级为垃圾级的风险很小。欧洲央行似乎已经结束了降息周期，这表明在保持未来利率选择权的同时，对通货膨胀保持警惕。在美国，挑战者数据显示，10月份裁员人数飙升至20年来的最高水平，削弱了周三强于预期的ADP就业和ISM服务报告的乐观情绪，因此对12月美联储降息的预期增强。

Yields on Italy’s 10-year BTPs hovered near a four-week high of 3.4%, as investors remained cautious ahead of Moody’s scheduled review of the country’s credit rating on Friday. Italy is currently rated Baa3 with a stable outlook, just one notch above non-investment grade, and the market sees minimal risk of a downgrade to junk status. The European Central Bank appears to have ended its rate-cutting cycle, signaling vigilance on inflation while keeping future interest rate options open. In the US, expectations for a December Fed rate cut strengthened after Challenger data showed layoffs surged to the highest October level in 20 years, tempering optimism from Wednesday’s stronger-than-expected ADP employment and ISM services reports.