意大利10年期英国国债收益率微跌至3.69%，但仍接近4月中旬以来的最高水平，因为投资者对美中贸易谈判和周四美国关键数据发布的态度变得更加谨慎，这可能为美联储的下一步政策举措提供线索。尽管华盛顿和北京已同意为期90天的关税休战，以寻求更广泛的协议，但关税仍然很高，美国对中国商品的平均关税仍在40%左右，而此前为20%。在欧元区，货币市场目前预计欧洲央行的存款便利率将在年底前达到1.79%，高于周五的1.67%。投资者认为6月份降息的可能性为95%，7月份再次降息的可能性约为10%。欧洲央行政策制定者François Villeroy de Galhau强调了这一温和的前景，他表示，到夏天，还有再次降息的空间，而他的同事Joachim Nagel表示，他相信通货膨胀可能会向欧洲央行2%的目标趋同。

The yield on Italy’s 10-year BTP edged lower to 3.69%, but remained close to its highest level since mid-April, as investor sentiment grew more cautious over US-China trade negotiations and ahead of key US data releases on Thursday, which could offer clues about the Fed’s next policy moves. Although Washington and Beijing have agreed to a 90-day tariff truce in pursuit of a broader deal, tariffs remain high, with the average US tariff on Chinese goods still around 40%, compared to 20% previously. In the eurozone, money markets now project the ECB’s deposit facility rate to reach 1.79% by year-end, up from 1.67% on Friday. Investors are assigning a 95% probability to a rate cut in June, with a roughly 10% chance of a second rate cut in July. Reinforcing this dovish outlook, ECB policymaker François Villeroy de Galhau stated there is room for another rate cut by summer, while his colleague Joachim Nagel expressed confidence that inflation would likely converge toward the ECB’s 2% target.

富时MIB指数周三攀升至40290点左右，连续第五个交易日上涨，达到2007年11月以来的最高水平。该指数的表现也优于大多数地区同行，全球贸易紧张局势的缓解支撑了长期反弹，这缓解了投资者对长期争端对经济影响的担忧。在国内，投资者仍然关注企业盈利报告，同时等待本周晚些时候公布的4月和3月贸易平衡数据的消费者通胀最终读数。在表现最好的公司中，Stellantis跃升超过4%，其次是A2A（+1.3%）、意大利电信（+2%）和联合信贷银行（+1%）。在不利方面，明显落后的包括意法半导体（-1.5%）、Moncler（-1%）和Buzzi Unicem（-2.2%）。

The FTSE MIB climbed to around 40,290 on Wednesday, advancing for the fifth straight session to reach its highest level since November 2007. The index also outperformed most of its regional peers, with the extended rally supported by easing global trade tensions, which provided relief to investors worried about the economic fallout from prolonged disputes. Domestically, investors remained focused on corporate earnings reports while awaiting the release of the final reading of consumer inflation for April and March trade balance figures, both due later in the week. Among the top performers, Stellantis jumped over 4%, followed by A2A (+1.3%), Telecom Italia (+2%), and UniCredit (+1%). On the downside, notable laggards included STMicroelectronics (-1.5%), Moncler (-1%), and Buzzi Unicem (-2.2%).

富时MIB指数周二上涨0.8%，收于40230点，连续第四个交易日上涨，徘徊在2007年11月以来的最高水平附近。美国和中国宣布了一项为期90天的协议，取消对彼此的高额关税，为担心长期贸易摩擦对经济影响的投资者提供了暂时的缓解，缓解了全球贸易紧张局势，提振了市场情绪。与此同时，投资者消化了4月份美国通胀数据，该数据低于预期，表明现有关税的全部影响尚未渗透到消费者价格中。这引发了人们的猜测，即美联储可能会采取行动来抵消潜在的不利因素，交易员现在预计到年底将降息约55个基点。在企业方面，该指数因锡耶纳银行（上涨4.2%）、依维柯（3.9%）、普睿司曼（3.4%）和Stellantis（2.8%）的强劲表现而上涨。

The FTSE MIB rose 0.8% to close at 40,230 on Tuesday, marking its fourth consecutive session of gains and hovering near its highest level since November 2007. Market sentiment was buoyed by easing global trade tensions after the United States and China announced a 90-day agreement to roll back steep tariffs on each other, offering temporary relief to investors concerned about the economic fallout of prolonged trade frictions. Meanwhile, investors digested April US inflation data, which came in softer than expected—suggesting that the full impact of existing tariffs has yet to filter through to consumer prices. This fueled speculation that the Federal Reserve may act to counterbalance potential headwinds, with traders now pricing in roughly 55 basis points of rate cuts by year-end. On the corporate front, the index was lifted by strong performances from Banca Monte dei Paschi di Siena (up 4.2%), Iveco (3.9%), Prysmian (3.4%), and Stellantis (2.8%).

富时MIB指数周二早盘上涨0.6%，至40100点以上，连续第四个交易日上涨，徘徊在2007年11月以来的最高水平。在美国和中国宣布达成协议，在90天内降低对彼此的高额关税后，全球贸易紧张局势的缓解支撑了市场情绪。与此同时，投资者正将注意力转向今天晚些时候公布的美国消费者通胀数据，寻求美联储利率轨迹的线索。在企业方面，Stellantis（6.8%）、Banca Monte dei Paschi di Siena（3.9%）、普睿司曼（2.5%）和Mediobanca（1.5%）的涨幅显著。

The FTSE MIB rose 0.6% to above 40,100 in early trading on Tuesday, marking its fourth consecutive session of gains and hovering at its highest level since November 2007. Market sentiment was supported by easing global trade tensions, following the announcement of a deal between the U.S. and China to reduce steep tariffs on each other for 90 days. Meanwhile investors are turning their focus to U.S. consumer inflation data due later today, seeking clues on the Federal Reserve’s interest rate trajectory. On the corporate front, notable gains were seen from Stellantis (6.8%), Banca Monte dei Paschi di Siena (3.9%), Prysmian (2.5%), and Mediobanca (1.5%).