周三，富时MIB指数上涨0.6%，至43300点左右，扭转了前一交易日的跌势，受意大利主要股票上涨的推动。普睿司曼领涨，在瑞银上调目标价同时保持买入评级后上涨近3%。权重金融股也走高，包括联合信贷银行（+1.2%）、联合圣保罗银行（+1%）、锡耶纳银行（+0.3%）、Bper Banca（+1.4%）和BPM银行（+1%）。其他显著上涨的股票包括莱昂纳多（+2%）、泰纳瑞斯（+0.3%）和塞彭（+1.2%）。与此同时，尽管意大利的汽车产量在2025年前九个月下降了32%，但Stellantis小幅上涨0.3%，这表明全年将出现类似规模的收缩。投资者还关注企业最新消息，同时关注法国的政治僵局和正在进行的美国政府关门谈判。

The FTSE MIB rose 0.6% to around 43,300 on Wednesday, reversing losses from the previous session, driven by gains in key Italian stocks. Prysmian led the advance, rising nearly 3% after UBS raised its price target while maintaining a Buy rating. Heavyweight financials also traded higher, including UniCredit (+1.2%), Intesa Sanpaolo (+1%), Banca Monte dei Paschi di Siena (+0.3%), Bper Banca (+1.4%), and Banco BPM (+1%). Other notable gainers included Leonardo (+2%), Tenaris (+0.3%), and Saipem (+1.2%). Meanwhile, Stellantis edged up 0.3% despite vehicle production in Italy falling 32% in the first nine months of 2025, signaling a full-year contraction of similar scale. Investors also focused on corporate updates while monitoring France’s political deadlock and ongoing US government shutdown talks.

周二，受金融和科技股疲软的压力，富时MIB指数下跌0.2%，收于43071点。金融类股大多下跌，MPS（-1.7%）、Banco BPM（-17%）、BPER Banca（-1.8%）、Mediobanca（-0.6%）、BP Sondrio（-1.5%）、Unicredit（-0.6%”）和Intesa Sanpaolo（-0.2%）均对该指数构成压力。Kepler Cheuvreux将BPER Banca的评级从“买入”下调至“持有”，理由是今年上涨近60%后涨幅有限，同时将其目标价上调至10.3欧元。与此同时，高盛披露其持有MPS 0.001%的股份，低于前一天的3.011%。并购猜测继续围绕着Mediobanca、Generali、Unicredit和Intesa Sanpaolo。在上涨股中，忠利（+0.5%）、Unipol（+2%）、Finecobank（+1.2%）和Azimut（+2.1%）上涨。意法半导体（-1.8%）领跌科技股，莱昂纳多下跌0.9%。从好的方面来看，奢侈品股表现优异，Moncler（+2.3%）和Brunello Cucinelli（+2.1%）因对新设计师发布和可负担性努力的乐观情绪而上涨。

The FTSE MIB fell 0.2% to close at 43,071 on Tuesday, pressured by weakness in finance and technology stocks. Financial shares traded mostly lower, with MPS (-1.7%), Banco BPM (-1.7%), BPER Banca (-1.8%), Mediobanca (-0.6%), BP Sondrio (-1.5%), Unicredit (-0.6%), and Intesa Sanpaolo (-0.2%) all weighing on the index. Kepler Cheuvreux downgraded BPER Banca to “hold” from “buy,” citing limited upside after a nearly 60% rally this year, while raising its target price to €10.3. Meanwhile, Goldman Sachs disclosed a 0.001% stake in MPS, down from 3.011% a day earlier. M&A speculation continued to surround Mediobanca, Generali, Unicredit, and Intesa Sanpaolo. Among gainers, Generali (+0.5%), Unipol (+2%), Finecobank (+1.2%), and Azimut (+2.1%) advanced. STMicroelectronics (-1.8%) led tech losses, while Leonardo slipped 0.9%. On the upside, luxury stocks outperformed, with Moncler (+2.3%) and Brunello Cucinelli (+2.1%) rallying on optimism over new designer launches and affordability efforts.

意大利10年期英国国债收益率徘徊在3.59%左右，接近一周高点，因为法国的政治不确定性在欧洲债券市场引起反响。法国总统埃马纽埃尔·马克龙委托即将离任的总理塞巴斯蒂安·莱科尔努领导与议会政党的最后谈判，以解决周一意外辞职后的政治僵局。在国内，总理Giorgia Meloni再次推动宪法改革，允许总理直接选举，这加剧了投资者对意大利财政前景和银行业稳定的担忧。与此同时，意大利已正式呼吁美国重新考虑其对意大利面进口征收107%关税的提议，并警告称该措施可能会对该国的一个主要出口行业产生重大影响。

The yield on Italy’s 10-year BTP hovered around 3.59%, nearing a one-week high, as political uncertainty in France reverberated across European bond markets. French President Emmanuel Macron tasked outgoing Prime Minister Sébastien Lecornu with leading final negotiations with parliamentary parties to resolve the political stalemate following his unexpected resignation on Monday. Domestically, Prime Minister Giorgia Meloni’s renewed push for constitutional reform to allow direct elections of the prime minister has added to investor concerns about Italy’s fiscal outlook and banking sector stability. Meanwhile, Italy has formally appealed to the United States to reconsider its proposed 107% tariff on pasta imports, warning that the measure could significantly impact one of the country’s key export industries.

富时MIB指数周二早盘下跌0.3%，至约43000点，连续第二个交易日下跌，受银行业疲软的拖累。主要下跌股包括Bper Banca（-1.8%）、Banco BPM（-1.7%）、Mediobanca（-1.4%）、UniCredit（-1.0%）和Banca Monte dei Paschi di Siena（-1.2%）。此外，意法半导体股价下跌1.4%，尽管有消息称AMD和OpenAI之间达成了数十亿美元的芯片供应协议。在全球方面，法国持续的政治不确定性和对美国政府长期停摆的担忧抑制了市场情绪。

The FTSE MIB fell 0.3% to around 43,000 in early trading on Tuesday, marking its second consecutive session of losses, weighed down by weakness in the banking sector. Major decliners included Bper Banca (-1.8%), Banco BPM (-1.7%), Mediobanca (-1.4%), UniCredit (-1.0%), and Banca Monte dei Paschi di Siena (-1.2%). Also, STMicroelectronics dropped 1.4%, despite news of a multi-billion-dollar chip supply agreement between AMD and OpenAI. On the global front, sentiment was dampened by ongoing political uncertainty in France and concerns over a prolonged US government shutdown.