意大利的年通货膨胀率从前两个月的1.3%上升到2025年1月的1.5%，与初步估计一致。这标志着自2023年10月以来消费者价格的最大涨幅，主要是受监管能源成本的大幅上涨（27.5%对12月的12.7%），此前由于俄罗斯停止向欧洲输送天然气，导致部分欧洲国家的电价上涨，从而引发了液化天然气价格的飙升。与此同时，非监管能源价格的下降速度放缓（-3%对-4.2%）。娱乐、文化和个人护理服务的价格上涨速度更快（3.3%对3.1%），尽管这在一定程度上被交通相关服务成本的缓慢增长（2.5%对3.6%）所抵消。与此同时，1月份的年度核心通胀率稳定在1.8%。按月计算，CPI上涨了0.6%，这是自2022年10月以来的最大涨幅，比12月的0.1%有所加速。

The annual inflation rate in Italy rose to 1.5% in January 2025, up from 1.3% in the previous two months, in line with preliminary estimates. This marked the sharpest increase in consumer prices since October 2023, largely driven by a sharp rise in regulated energy costs (27.5% vs. 12.7% in December), following higher power prices across select European countries due to the halt in Russian gas flows to Europe, which triggered a surge in LNG prices. At the same time, the decline in non-regulated energy prices slowed (-3% vs. -4.2%). Prices for recreational, cultural, and personal care services rose at a faster pace (3.3% vs. 3.1%), though this was partly offset by a slower increase in transport-related service costs (2.5% vs. 3.6%). Meanwhile, annual core inflation remained stable at 1.8% in January. On a monthly basis, the CPI jumped 0.6%, marking the largest increase since October 2022, accelerating from a 0.1% rise in December.

富时MIB指数周五早盘微涨至38344点左右，在经历了两个低迷的交易日后略有反弹，反映了欧洲同行的交易区间狭窄。投资者仍然关注即将公布的企业盈利和经济数据。Leonardo SpA股价上涨近2%，此前其电话财报会议公布了强劲的财务业绩，年收入增长11%，达到178亿欧元。其他主要股票也上涨，Davide Campari Milano和意法半导体飙升超过3%，而Stellantis、泰纳瑞斯、普睿司曼和Moncler上涨了1%至2%。在数据方面，意大利1月份的最终通胀读数与初步估计一致，从前两个月的1.3%上升到1.5%，标志着自2023年10月以来消费者价格的最大涨幅。本周，该指数将迎来第四周的上涨。

The FTSE MIB edged higher to around 38,344 in early trading on Friday, rebounding slightly after two subdued sessions and mirroring the tight trading range of its European peers. Investors remained focused on upcoming corporate earnings and economic data. Leonardo SpA rose nearly 2% after reporting strong financial performance in its earnings call, with annual revenue growth of 11% to EUR 17.8 billion. Other major stocks also advanced, with Davide Campari-Milano and STMicroelectronics surging over 3%, while Stellantis, Tenaris, Prysmian, and Moncler gained between 1% and 2%. On the data front, Italy’s final January inflation reading aligned with preliminary estimates, rising to 1.5% from 1.3% in the previous two months, marking the sharpest increase in consumer prices since October 2023. For the week, the index is poised for its fourth weekly advance.

周四，富时MIB指数下跌约0.3%，收于38249点，这是连续第二天下跌，与大多数欧洲同行持平。市场参与者消化了新一轮企业盈利，以及对贸易关税和解决俄乌冲突的挫折的担忧。在经济数据方面，意大利12月建筑业产出同比下降0.6%，为四个月来首次下降。在个股中，A2a（-3.2%）和Leonardo（-3.1%）落后，尽管季度业绩良好。泰纳瑞斯在公布2024年业绩后下跌2.7%，净利润下降48%，至20.7亿美元，尽管仍超过预期。另一方面，意法半导体（+5.7%）脱颖而出，受益于杰富瑞的一份非常有利的报告。

The FTSE MIB lost ground to close about 0.3% down at 38,249 on Thursday, marking the second day of losses, in line with most of its European peers. Market participants digest a new round of corporate earnings, along with concerns over trade tariffs and setbacks in the resolution of the Russia-Ukraine conflict. On the economic data front, construction output in Italy fell 0.6% year-on-year in December, the first decline in four months. Among individual stocks, A2a (-3.2%) and Leonardo (-3.1%) lagged, despite the positive quarterly results. Tenaris dropped 2.7% after releasing its 2024 results, with net profit falling 48% to 2.07 billion dollars, although still exceeding estimates. On the flip side, STMicroelectronics (+5.7%) stood out, benefiting from a highly favorable report by Jefferies.

2024年12月，意大利建筑业产出同比下降0.6%，扭转了上个月下调后的3.3%的增长。这标志着建筑活动在四个时期内首次下降。考虑到季节性调整，12月建筑产量环比下降1.7%。全年建筑活动比去年增加了5%。

Construction output in Italy fell 0.6% year-on-year in December 2024, reversing a downwardly revised 3.3% increase in the previous month. This marked the first decline in construction activity in four periods. On a monthly basis, construction output decreased by 1.7% in December when accounting for seasonal adjustments. For the entire year, construction activity was 5% higher compared last year.